After incorporating your company, you can consider opening a Singapore Bank Account. Opening a corporate bank account in Singapore is a simple and quick procedure. The important thing is that you have to choose the bank which offer corporate accounts features can fulfil the banking needs of your company.
Requirements for Opening a Corporate Bank Account
The following documents are required to open a corporate account in Singapore banks:
Singapore banks may ask you to produce additional documents depending on the case. Generally, the majority of the banks require that the account signatories and majority directors be physically present in Singapore for signatures at the time of opening the company bank account.
However, some banks will accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Opening the Bank Account in Singapore
There is no need to fly down to Singapore for bank account opening if you are unable to be away from your business overseas.
For foreign incorporated companies, the following documents are required:
1. When drilling down to the ultimate beneficial owner if shareholders are corporate entities, documentary proof includes:
2. Unless the signatories have signed in the presence of our bank staff, all signatures have to be verified by (a) An external authorised signatory of our overseas branch or correspondent bank, or (b) A Notary Public, or (c) High Commissioner of Singapore.
3. All documents submitted must be in English. It is the duty of company to ensure that all non-English documents are translated into English language by an official translator, and certified correct by the directors of the company (by signing on every page of such documents).
4. All original documents required should be physically produced for the Bank’s inspection. If unavailable, such documents could be certified true copies by one of these individuals:
- Company Director
- Company Secretary
- Notary Public
- Chartered Accountant
- Lawyer (in jurisdiction of a Financial Action Task Force Country (FATF) or EU members’ countries).
The party certifying the Identity Card or Passport cannot be the Identity Card or Passport holder himself or herself.
5. Customer is to produce original passport of Authorised Signers, Directors, and Ultimate Beneficial Owners to bank staff for verification. If not, it must be certified as True Copy by a Company Director or Company Secretary or Notary Public or High Commissioner of Singapore or Chartered Accountant or Lawyer (in jurisdiction of FATF countries or EU members’ countries). The party certifying the Identity Card or Passport cannot be the Identity Card or Passport holder himself or herself.
For a full guide for successful corporate bank account opening in Singapore, you can read our Singapore guide here.
