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Opening Company Bank Account in Singapore

  • Requirements for Opening a Corporate Bank Account
  • Bank Account Opening if the client is not in Singapore
  • BVI Bank Account Opening
  • Bank Account Opening in Singapore for USA Citizen

Once your company is incorporated, you have to think of opening a corporate bank account with one of the local or international banks in Singapore.

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 offers corporate accounts features which can fulfill the banking needs of your company.

Requirements for Opening a Corporate Bank Account

The following are the required documents to open a corporate account in Singapore banks:
  • Completed Corporate Account Opening Forms
  • Board of Directors Resolution approving the opening of the account and the signatories to the account
  • Certified True Copy of Company’s Business Profile from Company Registrar (Bizfile)
  • Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
  • Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.

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.

Bank Account Opening if the client is not in Singapore

There isn’t a 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:

  • Certificate of Incorporation
  • Certificate of Incumbency
  • Memorandum & Articles of Association

 

  1. When drilling down to the ultimate beneficial owner if shareholders are corporate entities, documentary proof includes:

− Company Incorporated in Tax Haven Countries: Certificate of Incumbency (must be less than 1 year old)

− Company Incorporated in other jurisdictions (e.g. USA/UK/Indonesia): Official document from Government / Registrar of Companies

  1. 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

 

  1. 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).

 

  1. All original documents required should be physically produced for the Bank’s inspection. If unavailable, such documents could be certified true copies by a Company Director or Company Secretary or Notary Public or Chartered Accountant or 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.

 

  1. 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.

BVI Bank Account Opening

We usually recommend OCBC or DBS for BVI Bank Account opening , it will take them 3 working days to 14 days due to due diligence.

Enquires with following banks and the outcome are:-

  1. HSBC: Required a physical office address and also company have to be incorporated 3 years or more and a SGD 3,000 administrative fees.
  2. Citibank: Do not open corporate bank account for newly setup BVI company.
  3. UOB: Required  the director to pay a fee of 600 – 800 USD (non-refundable if company is being rejected) and to do a searcher as company is not incorporated in Singapore. The period can take up to 2 months time depending on how fast they can get the response from the British Virgin Islands side. Upon approval, the banker will then arrange for an interview with the director to sign the bank specimens.
  4. Standard Chartered: Need to wait for a RM (Relationship Manager) to get back to us for opening a corporate bank account
  5. Maybank: Do not open corporate account for British Virgin Islands (BVI).
  6.  DBS: Personal Banker can meet you at your location in Singapore for account opening. However, there will be a SGD500 account opening fees when meet up with the banker but if you go down personally to the branch, you do not need to pay for the SGD 500. You need to deposit 50,000 balance (Currency SGD or USD depends on you) to maintain for the main operating account.
  7. OCBC: Personal Banker can meet you at your location in Singapore for account opening. However, there are conditions for the director that is to have a 30,000 (Currency SGD or USD depends on you) balance for initial deposit & some balance to maintain.
  8. ANZ: They are able to arrange for the account opening.

 

Bank Account Opening in Singapore for USA Citizen

Being a US citizen opening a bank account is more complicated than others due to US regulation – Foreign Account Tax Compliance Act, thought it is a corporate account having a USA  director and shareholder, it will face extra compliance steps by the bank.

See detail as below link:

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

However, in Singapore we have been working with some local and international banks , we will help you make arrangement and can open a bank account and you don’t even need to be in Singapore. However, each bank has its won compliance regulations which our client still to pass.

Once your company is incorporated, you have to think to open a corporate bank account with any of the local and international banks in Singapore. 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 fulfill the banking needs of your company.

Requirements for Opening a Corporate Bank Account

Basically, the followings are the required documents to open a corporate account in Singapore banks:

  • Completed Corporate Account Opening Forms
  • Board of Directors Resolution approving the opening of the account and the signatories to the account
  • Certified True Copy of Company’s Business Profile from Company Registrar (Bizfile)
  • Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
  • Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners.If you are in Singapore, just bring the originals and the bank will make a copy.

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.

38 comments
Sheri Charles says:

What is the average time taken to open a company bank account in Singapore?

Regards,
Sheri Charles

Paul Hype Page says:

Dear Sheri,

It takes about 3 working days to a week depending on individual foreigner requirements.

Should you take up our incorporation package, we have it (incl opening of bank account) all follow up and cover for you as well.

Hope to hear from you.

Cheers
Paul

Elvis Nwachukwu says:

I am a foreign national and will like to register a company/open an account in Singapore.

Nandakkumar says:

Want to form a Offshore company and a corporate bank account in Singapore, please suggest me the best and easiest way, iam from India

Paul Hype Page says:

Dear Nanadakkumar

Our recommended solution – Incorporation with employment pass maybe the best option to proceed with. We will need to understand more information about your business as well as working experience to be able to further advise you. My consultant will email you with more details soon

Paul

npb says:

I have a Marshall Islands international business corporation with certificates of incumbency and good standing. I would like to open a bank account in singapore for the company, with good internet banking. Is this possible and if so what are the requirements and costs? Thank you.

Jack says:

Hi there
We are based in Australia where providing a training services for Asian client and we would like to open an offshore company with a Singapore business bank account.
Please advise that if available to help us with that.
Many thanks.
Jack Ma

Paul Hype Page says:

Dear Jack,

It is our speciality to incorporate and setup an offshore company for foreign setups. My Colleagues will email you. Do contact us soon.

Best Regards
Paul

CHRISTOPHER ANTHONY says:

My business is registered in Malaysia and dealing with Singapore customer, due to this how can I open a current account in Singapore. Basically need the account for Customer pay in Cheque payments monthly. Please advise me what documents do we have to prepare and which bank shall I proceed normally we receive cheques from OCBC and DBS. Thanks in advance.

Paul Hype Page says:

Dear Christopher,

A foreign company will have difficulty in fulfilling the bank’s compliance check list hence bank account is not successfully open. Therefore, it is advisable to register a Singapore company.
Do contact us for more information. We also have a sales office in KL, Malaysia.
Paul

Federico says:

Hi, I have a Delaware company with no bank account and I want to open a bank account in Singapore. My partner and I we both are Argentinean no US person and the company director it is my partner so no US person involved in the company.
Do you think it is possible to open an account or we should look for other countries?
Best regards

Fiona says:

My company is registered in Hong Kong and dealing with Canada customers, Company want to open an offshore current account in Singapore. Kindly advise what documents need to prepare and which bank do you prefer, Thanks in advance.

Paul Hype Page says:

Dear Fiona
Singapore’s banking system is among the strongest in the world.
Below are some (Singapore) Major local banks you can consider
DBS (Development Bank of Singapore)
OCBC (Oversea Chinese Banking Corporation)
UOB (United Overseas Bank)
We can also arrange a banker to meet you at the comfort of our office so you don’t have to queue.

You will need a valid passport, a study or work visa, address proof like a utility bill or an official letter from your school or employer, and a reference letter from your current bank if you are a foreigner.

All banks in Singapore need you to maintain a minimum balance in your account at all times. These minimum balances vary from bank to bank, but if your account falls below a certain specified sum, some banks levy charges for not maintaining the balance.

If you wish to open a corporate bank account in Singapore, most banks will require the authorized signatories and directors to be physically present during the account opening. They will require paperwork as well, including memorandum of articles and resolution of board of directors among others.

Contact us so we can assist you thru the whole procedures and arrange all necessary paperwork for you all in one go.

Paul

Eddy Alamsyah Putra says:

Dear Sir / Madam

Greetings from Medan ,Indonesia,I am Eddy Alamsyah Putra As a Director Represent from CV.UNIVERSAL SEJATI JAYA PERKASA ,may I get Your Assistance how for Me can Open a Bank Account at Bank in Singapore?

Many Thanks and Appreciated for Your Upfront promft and Reply..

Warm Regards
Eddy

Paul Hype Page says:

Dear Eddy,

Absolutely, we can assist you with opening up the corporate bank accounts in Singapore.

Singapore is one of the safest place to manage your funds.

Our specialist will get in touch with you shortly.

Paul

Narinder says:

Hi,
We are a Indian owned coy setup in Nigeria. We are into exports of agricultural commodities to Vietnam/India and Metal Exports to Korea, need to setup offshore company bank account in Singapore. Pls let us know most economical and easy method of doing so.
Thanks

Paul Hype Page says:

Dear Narinder,

We can assist you to set up a company bank account in Singapore.

Please let our representative get in touch with you shortly.

Paul

Hello,

I would like to open a bank account in Singapore for our HK consultancy firm. Can you assist us with it?

Kind regards

Edwards

Paul Hype Page says:

Dear Edwards,

Yes, we can assist you with opening up a corporate bank account in Singapore.

Below is a few list of major Singapore banks.

DBS (Development Bank of Singapore)
OCBC (Oversea Chinese Banking Corporation)
UOB (United Overseas Bank)

Please let us introduce our representative to you. You will be in touch shortly.

Paul

john says:

Hi There
We are a UK registered company with a tax free mutual trading association status. All of our Directors (4 no.) are non UK residents, they hail from USA, Mexico, Philippines and Malaysia. As the General Manager I am a UK citizen but currently do not live there.
We are urgently searching for a bank account that we can open without all of our Directors having to visit the bank due to the logistics and costs involved in arranging such a visit. Our present bank acct location is in HSBC in Kuala Lumpur and so we are seeking for a new company bank account, preferably with online facility. I look forward to hearing from you at your earliest convenience.
thanks, john

Paul Hype Page says:

Dear John,

We can help you with bank account opening without making a trip to Singapore, but it may take longer in the process, depending on the complexity of company’s structure.

Singapore’s banking system is among the strongest in the world.
Below are some (Singapore) Major local banks you can consider
DBS (Development Bank of Singapore)
OCBC (Oversea Chinese Banking Corporation)
UOB (United Overseas Bank)

Contact us so we can assist you thru the whole procedures and arrange all necessary paperwork for you all in one go.

Paul

john says:

Hi Paul

Would it make the process any faster if we could have 2 Directors out of the total of four to attend personally at the bank in SG? We would be able to arrange for the Directors form Malaysia and Philippines to visit in the bank personally, together with myself and all three of us would be the signatories. Obviously we would be able to provide a Notarised Board resolution etc to support this.

We are keen to open the SG bank account by the fastest possible means.

Thanks
john

Jason says:

We are Malaysia registered company and supply transport service for Singapore customer.
Our customer wish GIRO to our company account in Singapore.
Please kindly help to advise how can I open a current account in Singapore?

Paul Hype Page says:

Hi Jason,

First, we advise you visit Singapore to open your account.

Singapore’s banking system is among the strongest in the world.

Below are some (Singapore) Major local banks you can consider
DBS (Development Bank of Singapore)
OCBC (Oversea Chinese Banking Corporation)
UOB (United Overseas Bank)

We can also arrange a banker to meet you at the comfort of our office so you don’t have to queue.

You will need a valid passport, a study or work visa, address proof like a utility bill or an official letter from your school or employer, and a reference letter from your current bank if you are a foreigner.

All banks in Singapore need you to maintain a minimum balance in your account at all times. These minimum balances vary from bank to bank, but if your account falls below a certain specified sum, some banks levy charges for not maintaining the balance.

Contact us so we can assist you thru the whole procedures and arrange all necessary paperwork for you all in one go.

Thank you,

Paul

Letizia miotto says:

My company was recently incorporated in Singapore but I am finding it hard to open a bank account as most banks I have spoken to require to either be incorporated more than 2 years ago or would only consider to open if the company already owns a bank account, is this a recent requirement and how can a new company then expect to be able to operate?

Paul Hype Page says:

Dear Letizia,

I am not sure how your company is incorporated as different form of setup of your business will affect the operational mode as well as opening of bank account. Should you need our corporate specialist services, pls fill up the contact form on our site and we will contact you shortly.
Paul

Bruce Fukuda says:

HI There

We are basically located in tokyo, Japan to operate the retail business, but we would like to open the corporate account in Singapore with our BVI.

BR

Bruce

Paul Hype Page says:

HI Bruce,

Our Corporate Specialist will drop you an email with more details
Paul

Mark says:

Hi Paul,
for new registered offshore company, such as Hongkong or Marshall Seychelles, is it easy to open a bank acount in Singapore? I have Chinese company which operated more than five years. but i also want to make a new company. you know, it’s diffiuclt to open new account in Hongkong now.
thank you very much.
Mark

Paul Hype Page says:

Dear Mark,

Yes it is possible. We will email you for more information to be able to advise you better.

Paul

Amit Mahendrasing says:

Hi Paul;

I am based in Mozambique and have a BVI which was incorporated in Hong Kong. Is it possible to open an account in Singapore with the same BVI or do I have to incorporate a new one? If so, please send me an email

Thks
A

Paul Hype Page says:

Dear Amit

Yes, it is possible to open a bank account in Singapore with the existing BVI company. The fees will be SGD$1,200. My colleague will drop you an email shortly.

Cheers
Paul

Chris says:

Hi there
We are based in Indonesia and have incorporated companies in Hong Kong and The UK but no bank account for these companies. Can we just set up a bank account for these companies or would we have to open an offshore company with a Singapore business bank account.
Please advise that if available to help us with that.
Many thanks.
Chris T.

Paul Hype Page says:

Dear Chris

Yes, it is possible to set up a Singapore bank account with your current HK and UK company. No need to set up an offshore company in Singapore.
We will drop you an email with more information today.

Cheers
Paul

Nasir says:

Hello, i belong to Pakistan and i am selling on Amazon website in clothing category so i need company and business bank account for my Amazon Seller Account.Can you help me and i am Pakistani citizen.how much cost for opening company and bank account in Singapore and If i visit in Singapore on visit visa then can i complete this process or i need any other visa for set up my company and business bank account please Guide me as soon as possible also send me detail on my email address. Thanks

n_loveable@hotmail.com

Paul Hype Page says:

Dear Nasir,

Thank you for getting in touch! We will be glad to assist with your company incorporation and setup. We are also able to assist you with the opening of a corporate bank account. We will email you soon about information on how to get started soon.

Best Regards,
Paul

naing win than says:

my company is Hong Kong based company .We would like to find expert service provider for offshore account opening in Singapore.

Our business is international trading .
Could u support to get our company bank account in Singapore.

Paul Hype Page says:

Dear Naing,

We would recommend our Incorporation with nominee director solution, which is an all in one package that includes bank account opening as well. We would also need more details about business to better advise you.

Do drop us an email at paulhypepage@php-cpa.com.sg for more details and to set up an appointment with us.

Best Regards,
Paul

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