Bank

Apr 10 2019

Open Corporate Bank Account – EnterSingapore Business

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Open Corporate Bank Account

Singapore is a politically and economically stable country. An attractive tax framework make the city-state a preferred location for companies and investors. Singapore is well-established as a premier financial hub, offering a robust banking infrastructure that supports Singapore’s position as an international financial centre.

More than 700 financial institutions are represented in Singapore, offering the whole range of financial products and services. Most foreign banks in Singapore are licensed as wholesale or offshore banks. They concentrate on the areas of corporate and private banking, but are not engaged in retail banking.

Corporate Banking

  • Select a Bank
  • Opening Procedure

Select a Bank

Before opening a corporate account with a Singapore bank the particular needs of the company have to be evaluated and checked against the bank account features offered. You can either select one of the following types of banks:

  • A Singapore bank
  • A foreign bank incorporated in Singapore
  • An offshore bank

Below are some banking features that you should consider when selecting your bank:

  • Currency. Singapore currency, foreign currency, multi-currency account
  • Amount of opening deposit:
  • Minimum monthly balances
  • Fall-below fee when account balance drops below minimum threshold
  • Daily ATM withdrawal limit
  • Internet online banking
  • Credit card or Debit Card
  • Cheque book
  • Trade finance services
  • Freedom to move funds across countries
  • Treasury and Market services
  • Liquidity Management services
  • Business loans
  • Accounts payable services
  • Business insurance

Opening Procedure

Ideally you are physically in Singapore to sign the necessary documents when opening a bank account, however some banks offer alternatives such as

  • document signing at an overseas branch
  • document signing in front of a Notary Public

Some banks request account signatories to attend an additional interview.

Documents required:

  • Complete and signed Corporate Account Opening Forms
  • Proof of residential addresses of Directors, Signatories, and Ultimate Beneficiary Owners
  • Certified Copy of Certificate of Incorporation
  • Certified Copy of Company s Business Profile from ACRA
  • Board of Directors Resolution sanctioning the opening of the account and the signatories to the account
  • Certified Copy of Company s Memorandum and Articles of Association (MAA)
  • Certified Copies of Passport (or Singapore IC)
  • Certificate of Incumbency (offshore accounts only)
  • Certificate of Good Standing (offshore accounts only)

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