Opening a Singapore bank account
Singapore is an island country in South-east Asia, and has been considered as one of the best places to do business in for the past several years. It is very important for people who want to conduct business or work in Singapore to open a company bank account there.
There are various options to consider, and while it is a good thing to have such diversity, it can end up confusing an individual too. Banks offer various services to corporations and you should look at features like credit cards, trade financing and multi-currency accounts when deciding which bank to choose from. Weigh the benefits with the costs. For example, some banks waive bank charges for certain processes for a limited duration. It is greatly advised that you do your research thoroughly before you reach a decision.
One important facility that you should keep in mind is the internet banking facility. Not only are these secure and you don’t have to fear getting hack or losing your passwords, but they also you to perform transactions without having to go to the bank itself every single time. It allows you transfer funds between banks, pay utility bills and make credit card payments online. The only thing you need is an internet connection and you will be able to perform all your transactions.
When opening a company bank account in Singapore, you should also consider if the banks has the feature of overseas cash withdrawal. This is very important if your company is not restricted only to Singapore or an emergency situation arises where you immediately need cash from an external source.
Inward and outward remittance features are crucial because it allows inflow and outflow of money that every company needs. You should be vary of the different limits that banks impose on the remittances. Ask them about it before you choose to open a company bank account with them.
There are a few basic requirements that an applicant has to meet in order to qualify for opening a bank account in Singapore. While each bank has different requirement, the following are the general documents you need to if you want to open your corporate bank account in Singapore:
- Corporate account opening form. This needs to be completed and signed by authorized signatories from your company.
- A Board of Directors Resolution since it shows that the company has been given the approval from the board of directors to proceed with opening a bank account. Since most of the banks already have a formatted form for this, you only require it to be signed by authorized signatories from your company.
- A certified true copy of certificate of Incorporation is required to prove the true incorporation of your company. This should be certified by either the company secretary or any one of the directors.
- A certified true copy of company’s business profile is required from the company registrar. This should also be certified by either the company secretary or any one of the directors.
- Also needed is a certified true copy of company’s memorandum and articles of association.
- Certified true copy of passport/Singapore IC
- Residential address proof of directors
Some banks also required the signatories to be present when opening the account. Talk to each bank personally to find out their specifications by speaking to the customer service officer there. Alternatively, there are multiple forums and sites that will provide you with information on the bank’s requirements. Hopefully, this guide will be able to aid you on your search for a good bank to service your needs.
You should also consider the amount of time it takes to open a bank account in Singapore. Generally, if you have provided them with a full list of documentation, then it should not take more than 4 weeks. Consider the fees and initial deposits required by each bank, and then number of accounts you want to open in different branches. The initial deposit range varies from Singaporean $1,000 to $100,000. Like any other bank, if the deposit falls below the minimum, then additional fees will be charged on the amount.