Opening a corporate account in any of the Banks in Singapore is a relatively simple and straightforward procedure. However, it is important to take into account that the requirements for opening bank accounts and the conditions for servicing accounts are different for different banks. Priority in opening corporate bank accounts is given to legal entities officially registered in Singapore. It is about them that we will talk today.
What factors significantly increase the chances of opening a bank account:
- the presence of a similar business in other countries,
- proven experience of directors and shareholders in the company’s field of activity,
- competent resume in business English of directors and shareholders of the company,
- company website availability,
- availability of contracts / agreements of intent with potential clients and partners,
- availability of invoices and confirmation of payment (for existing businesses in other countries)
- availability of business clients / partners in Singapore
How long does it take to open a bank account in Singapore
Opening a corporate bank account can take from 2 weeks to 2 months, depending on the chosen bank. Also, it will take another 2-3 weeks to issue and send bank tokens, checkbook, debit card and passwords to it.
For foreigners wishing to open a business in Singapore, the form of a Private Limited Company is optimal.
List of required documents for opening a bank account:
- Business profile of the company (BizFile): must be certified by the company secretary or one of the directors.
- Company Constitution: Must be certified by the company secretary or one of the directors.
- Personal presence of the local director and his Singapore Resident Identity (IC)
- Personal presence of the foreign director / directors, beneficiary / s and all signatories on the bank account with passports.
- Certified proof of address of residence of all directors / directors, beneficiary / s, and all signatories to the bank account.
- A signed resolution of the Board of Directors giving permission to open an account. (Prepared by the company secretary)
- Check for making the minimum deposit for opening an account (varies from bank to bank, usually starting at 1,000 SGD or 740 USD)
All these documents must be carried with you before going to the bank, because The absence of at least this document can lead to a refusal to open an account. The package of documents for opening an account is usually prepared by your registrar company.