Open a Company Bank Account in Singapore

Once you’ve made the decision to get company incorporation in Singapore, you can begin to build your business there one step at a time. The move to an international registration of your company offers plenty of benefits including reduced operating costs, improved tax benefits, and even an easy time getting around complex regulations in place domestically. However, before you make the move, you should consider how it can impact every step in the process of operating your business.

You Have Plenty of Options

One of the best things about opening a business overseas like this is that you gain treatment and access to banking and other features in that country just like any other company operating in it. In Singapore, you’ll have access to numerous options for banking. This includes corporate bank accounts that are highly affordable and easy to use. Some of the features you can count on finding here include:

  • Credit card access
  • Trade financing
  • Multi-currency accounts
  • Internet banking options
  • Free ability to move funds across borders
  • Lucrative account investment options

You will find that these banks offer the variety of bank accounts you need to manage your business’s finances successfully.

Want to Start business in Singapore
Want to Start business in Singapore

What You Need to Know to Open a Singapore Bank Account?

Like most countries, there are several steps you’ll need to take to ensure you can open a corporate bank account properly. Here’s what to consider.

  • You may have to be present to open documents depending on the type of account needed. You may be able to avoid this if you open at a bank that offers a local branch or work with a third party in establishing the account.
  • You’ll need to have all of the necessary account opening forms in place. This will include outlines of the account, the company’s ownership, allowable representatives from the company that can access and make deposits on the account, and other information.
  • There are likely some fees involved. However, there are many account options available to you and finding one that offers affordability is often necessary.

Overall, you’ll find that opening an account in Singapore is a matter of process. Each bank offers various requirements, but corporate accounts for businesses registered in the country are not necessarily hard to get, use, or maintain long term. In nearly all cases, you’ll find that these modern tools and features are widely available to ensure you can operate your business efficiency anywhere you want to do so.

When it comes to opening a company bank account in Singapore, you’ll have a few key things working for you. Most international banks are present in the country, allowing you easy access to your funds and overall easy establishment of your business’s finances. You’ll be able to find both affordable and modern banking features that allow you the flexibility that you need. You can handle the entire set up process on your own or work with a third party provider to get started.