Opening a Bank Account in Singapore
A primary financial hub, Singapore is one of the most developed cities in the Asia-Pacific. It hosts both local and foreign financial institutions. Due to its pro-business environment and legal framework regulating the banking sector, Singapore has become home to the biggest Southeastern Asian Banks like DBS, OCBC, and the United Overseas Bank. Investors who intend to open a company in Singapore will definitely need to open a corporate bank account as a part of the business formation process.
Most of the banks in Singapore offer attractive features like multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and many more. Opening a corporate bank account in Singapore is a relatively simple and straightforward procedure. However, it is important to compare the corporate account’s features of the various banks in order to select the bank that comes closest to meeting the particular needs of your company.
How to Open a Bank Account in Singapore?
Banks in Singapore have specific requirements for opening bank accounts and charge different fees. One of the first steps of company registration in Singapore is opening a corporate bank account where the share capital will be deposited. Most of the Singapore banks will require for the company director or other representatives to open a bank account, which is one of the most important aspects to consider when registering a company in Singapore. The steps to open a bank account in Singapore are as follows:
- Select the bank you want open an accounting into depending upon your requirements and the offers provided by the bank
- You can fill an online form or go in person to the bank to fill the form
- Submit all the necessary documents with a minimum deposit
- The concerned bank will go through your documents
- Upon reviewing they will approve your form and open a bank account for you
Documents Required to Open a Bank Account in Singapore
- Duly completed application form provided by the bank
- A Resolution passed by the management of the company which will state the opening of the account as well as who will operate it
- A certified copy of the Resolution mentioned above
- A certified copy of the Company’s certificate of registration
- A certified copy of the Company’s business profile
- A certified copy of the Company’s statutory documents
- Certified copies of the directors and shareholders
- Address proof of the resident director of Singapore
Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Foreign people can open a bank account in Singapore without being physically present by submitting an online application. And if you are one of the individuals who not live in Singapore but want to open a bank account, you can do so by opening a savings bank account with certain banks, while foreign investors may be allowed to open trading or investment bank accounts in Singapore.
Learning about the banking system in a new country can be a little daunting, and you might require assistance from an advisor to ease up the process. Business Setup Worldwide will help you open a bank account in Singapore. Our advisors in Singapore will understand all your requirements and help you chose your ideal bank. Right from choosing your Singapore bank account to gathering all the documents and submitting them, we will be with you. If you are wondering where to start, contact us today – we’d be glad to assist.