When a Certificate of Incumbency in Singapore Can Be Used
A non-exhaustive list of common occurrences a Certificate of Incumbency is used in Singapore:
May also be used for verification purposes with government authorities of countries other than Singapore. In such cases, the certificate will usually have to first be either legalised or notarised.
By third parties to conduct a background check opposite parties in a commercial transaction.
In applying for any additional licenses or permits required by the business.
Certificates of Incumbency are particularly useful for those who plan to open a Singapore corporate bank account from abroad and are either unable or unwilling to personally go to Singapore in order to open such an account.
Other documents required for a bank account opening:
In most cases, the company’s signatories are to have signed an official document from either the Registrar of Companies or the government in the presence of the bank’s staff members before the bank account can be opened.
If such did not happen, all signatures are to be duly approved by a notary public, a High Commissioner or Ambassador of Singapore, or an external authorised signatory of one of the bank’s branches in a country other than Singapore.
Certificates of Incumbency and Offshore Bank Accounts
Many look to Singapore for offshore company registration and bank accounts for the management of their finances which may be kept in bank accounts spanning multiple countries. However, in order to ensure that the person who is opening the offshore bank account is not doing so for any illicit purposes, the authorities require certain documents to be presented. One such document is the Certificate of Incumbency.
Another important document to be submitted for the opening of an offshore bank account is the Certificate of Good Standing. The Certificate of Good Standing provides the authorities with ample verification that a particular company has been authorized to conduct business activities and has been legally incorporated in a particular jurisdiction.
When used and submitted in conjunction with a Certificate of Incumbency, it is possible for the owner of a company based in Singapore to open an offshore bank account without facing any notable difficulties. Thus, Certificates of Incumbency assist in the opening of bank accounts of all types.
Of course, before anyone can make use of or even possess a Certificate of Incumbency, a company will first have to be incorporated. If you would like to have a Singapore company of your own incorporated, we at Paul Hype Page & Co are able to make it so that such will be done.
Our incorporation experts will work with you throughout the entire process of Singapore company incorporation. Should your company be in need of a nominee director, a company secretary, or both, we will also select a person who is suitable for each necessary role in order to fulfil the requirements specified by Singapore’s company laws.