STEP 4: Open Company Bank Account
Once your company is incorporated, you must open a corporate bank account with any of the local and international banks in Singapore.
It is a lot of work to open a corporate bank account in Singapore. If you prefer a hassle-free bank account opening experience, please refer below for our preferred Neobank partner – Aspire.
The choice of a bank should depend on which one offers corporate accounts features that fulfill the banking needs of the company.
The following documents are required to open a corporate bank account in Singapore:
- Completed corporate account opening forms
- Board of directors’ resolution approving the opening of the account and the signatories to the account
- A certified true copy of the certificate of incorporation (must be certified by the company secretary or one of the directors)
- A certified true copy of the company’s business profile from the company registrar
- A certified true copy of the Company’s Memorandum and Articles of Association (MAA)
- Certified true copies of passport or Singapore IC
- Residential address proof of directors, signatories, and ultimate beneficiary owners
Those who are in Singapore only must bring the originals. The bank will make a copy of them. The Singapore bank may also ask for additional documents.
Generally, most banks require that the account signatories and majority directors be physically present in Singapore for signatures at the time of the opening of 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.
Paul Hype Page’s preferred Neobank partner
Paul Hype Page recommends you opening a corporate bank account with Aspire. It is hassle-free, and no minimum deposit is required, and can be opened entirely online with Paul Hype Page.
With Aspire, you can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. You can also enjoy cashback for your “online marketing” expenses. Aspire offers cashback for Facebook Advertising, LinkedIn Advertising, and Google Advertising as well as Software-As-A-Service (SaaS) like Google Suite and Mailchimp.
There are also no monthly fees, fall below fees, or FAST transfer fees. More features can be found on their website: www.aspireapp.com.
Required documents to open a corporate account
Anyway, 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.
We will assist you to prepare an arrangement for a meeting with a banker.
Step 5: Apply Employment Pass for staffs that will be relocate to Singapore
Please fill up the Employment Pass Questionnaire Link
Employment Pass Assessment Criteria:
- Current citizenship
- Specialist skills
- Applicant’s age
- Relevant work experience to EP Application
- Company paid up capital / background / industry reputation
- Applicant’s educational diploma or degree
We cannot guarantee a confirmed approval. However the success rate of applying via our company including appeal cases is approximately 75%.
Step 6: Start Your Business
After establishing the Singapore company and if you don’t wish to relocate to Singapore immediately, we can assist you in the initial stage when you don’t have any staff in Singapore. Our firm’s company management service it is a one-stop solution called build-operate-transfer (BOT).
In this model, your firm contracts with us to build a shared service to operate your overseas business for a fixed interim period. The logic behind the BOT model: the offshore partner can initiate operations and reach operating stability much faster than it can with our in-house effort.
A typical BOT is built and managed in three phases:
- Option to Transfer
Our Fees for Subsidiary Incorporation + 1 Year Nominee Director
Subsidiary Incorporation + 1 Year Nominee Director