Having a Corporate Account in a Bank in Singapore is Very Easy
For a business looking to open a corporate bank account in Singapore, they have a lot of options. The process is straightforward, and you could do it in any bank of your choice. Anyway, you should be comparing the various service ranges that different banks provide so that you could choose the right package for your business. Here are the steps that you need to follow to open a corporate account in Singapore.
Choose a Bank
Choose the right bank, actually. There are about 125 commercial banks in Singapore, out of which five are local, and the remaining are foreign banks. And out of the 120 foreign banks, 28 are full foreign banks, 37 are offshore, and 55 are wholesale banks. The central bank of Singapore is the Monetary Authority Bank of Singapore, and it regulates all the other financial institutions in the city-state. So, you have a lot of banks to choose from, so go with one which you think will be better for your business company long term.
Things You Will Need
Whichever bank you choose to go with, you will still need all the necessary documents before you could open a corporate account. Generally, these are the documents that you need to present along with the application for opening the corporate bank account.
- The certificate proof of the company’s incorporation
- A Copy of your company’s business profile
- A Resolution from the Company’s Board of Directors, this is to be prepared by the secretary of the company.
- A Copy of your company’s Memorandum and Articles of Association(MAA)
- A copy of Singapore National Identification Cards or Passports of all members of the board of directors.
- Proof of residential addresses of the members of the Board of Directors and also the beneficial owners of the company.
Note that all of these documents should be “Certified True” by the secretary or one of the directors. In some instances, the bank might also ask you to provide the original copy of these documents for more verification.
Some banks also require that the account signatories and directors be physically present for signing the official documentation. This is not the same everywhere, while some may accept the signed documents. Also, there could be different conditions on different banks providing business credit card, keep an eye on it.
The documents checking system in the banks of Singapore is strict. So, expect that there might be a lot of analysis and investigation before your business is granted a corporate account.
Depending on the bank you open your account, there might be a wide range of banking fees that you could expect to pay. The minimum balances in the banks might range from S$5000 to S$10000, while the fall-below fees which could be up to S$50. Also, there might be account fees, which could be charged annually, or even monthly. Also, remember that if you are a foreigner doing business in Singapore, there are foreign transfer fees and it depends on the bank you choose.
Concluding, opening a corporate account in Singapore is not a very difficult process, all you need to have is a company and a proper knowledge of the banks. I hope this helped you.