Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

After incorporating your company, you will want to open a bank account to start receiving payments from customers or making payments to suppliers. You can open a corporate bank account either with a local bank or an international bank.

Requirements for Opening a Corporate Bank Account

Opening a corporate bank account in Singapore can be complex or easy, depending on your company’s requirements. You should prepare the following documents to open a corporate account in a Singapore bank:

  • All 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 company’s business profile from Company Registrar (Bizfile)
  • A certified true copy of the company’s memorandum and Articles of Association
  • A certified true copy of passport or Singapore IC
  • Residential address proof of directors, signatories, and ultimate beneficiary owners
Thumbnails-Opening Company Bank Account in Singapore

If you are physically in Singapore, you must bring the originals documents; the bank will make a copy of each document.

Generally, most banks will require 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 you are not physically present in Singapore

You do not have to travel to Singapore to open a bank account. If you own foreign companies, the following documents are required:

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

There will be further documentary proof required by the authorities. If you own a company that is incorporated in a tax haven country, a certificate of incumbency will be needed.

If you own a company that is incorporated in another country, an official document from the government or Registrar of Companies will be needed. Unless the signatories signed the document in the presence of bank staff, all signatures must be verified by an external authorized signatory of one of the bank’s overseas branches, a notary public, or a High Commissioner of Singapore.

All original documents required should be physically produced for the bank’s inspection. The party certifying any Identity Card or passport cannot be the same person as the Identity Card or passport holder.

The person opening the bank account is to produce the original passports of authorized signers, directors, and ultimate beneficial owners to the bank staff for verification. All copies of documents must be certified true copies as proven by a company director, company secretary, notary public, High Commissioner of Singapore, chartered accountant, or lawyer.

Citizens of the United States who open a bank account in Singapore must deal with the Foreign Account Tax Compliance Act. This act necessitates that US citizens who open Singapore bank accounts are to undergo additional compliance procedures when they do so.

A hassle-free corporate bank account opening option

If you want to make things simple, you can opt for Aspire, a Neobank that operates in Singapore, Indonesia, Vietnam, and Thailand. It is free to open an Aspire Business Account. Apart from that, there are no monthly fees, fall below fees, or FAST transfer fees. No minimum deposit is required as well.

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. The highlight of signing up for an Aspire business account is their cashback feature. You can get cashback for all your online marketing expenses (e.g. Facebook Advertising) and your expenditure on“software as a service” (e.g. Mailchimp).

If you are keen, you can open the account entirely online with Paul Hype Page. Check out more Aspire features on www.aspireapp.com

Opening Company Bank Account in Singapore FAQs

2021-06-03T16:46:47+08:00December 24, 2014|53 Comments

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53 Comments

  1. Al Kash January 14, 2020 at 4:30 pm - Reply

    Hello,
    We need to register a Corp in Singapore and open a bank account. We don’t have a local director, but we are interested to get permanent residency or work pass as well.

    Please send all the info and cost to:

    Kasheximusa@gmail.com

    Thank you.
    Al

    • Kumaran Tiwiyah January 23, 2020 at 10:20 am - Reply

      Hello Al Kash,

      If you are interested in registering a company in Singapore, you will require a local director before the company may be incorporated.

      We are willing to email you the details about our fees and packages.

      Thank you.
      Paul

  2. Himanshu September 10, 2019 at 3:07 pm - Reply

    Hello,
    I have registered a new business in Singapore and since i don’t reside in Singapore, I’m facing a lot of difficulty in opening up a bank account. Would you be able to help us with that?

    Also my business is into manufacturing and we require skilled labour which is difficult to find in Singapore. We need to hire atleast 10 people from India, how would you be able to help us with this?

    Thanks

    • Kumaran Tiwiyah September 13, 2019 at 1:27 am - Reply

      Hello Himanshu,

      We can assist you in opening a Singapore Company bank account without the need to travel to Singapore via RHB with a min deposit amt.
      To hire skilled employees from a foreign country to work in Singapore, an Employment Pass will be required. Those who fulfill all of the criteria required for approval will receive one.
      To find out more information regarding corporate bank accounts or the Employment Pass, contact us at any time. We will assist you with any problems or queries you may have.

      Thank you.
      Paul

  3. BARDOUIL Pascal August 15, 2019 at 4:23 am - Reply

    I am based in Indonesia and have incorporated my company in Hong Kong but I have no bank account for this company yet . Can I just set up a bank account for this company or would I have to open an offshore company with a Singapore business bank account.
    Your assistance is kindly appreciated

    • Kumaran Tiwiyah August 20, 2019 at 2:05 am - Reply

      Hello Pascal,

      Yes it is possible to open an offshore bank account in Singapore for your HK company. Those who plan to do so for foreign incorporated companies only need to submit the certificate of incorporation, certificate of incumbency, and memorandum and Articles of Association.
      We can arrange for our banker to meet you and also assist in following all paperwork.

      Thank you.
      Paul

  4. Jenny May 31, 2019 at 9:04 am - Reply

    I’m interested in setting up a BVI company with ANZ bank in Singapore for investment holding purpose. There will be single shareholder and single director (resident in Hong Kong with European passport). May I know the procedure and fee estimation?

    • Kumaran Tiwiyah July 17, 2019 at 9:39 am - Reply

      Hello Jenny,

      When you set up a foreign company in Singapore, you may set up one of the following: a subsidiary company, a branch office, or a representative office. As each has different functions, please select the option which you deem the most suitable for your business purposes.
      Please contact our incorporation specialists if you would like to know about our fees. We will also assist you with the setting up of your foreign company.

      Thank you.
      Paul

  5. Tanawat January 29, 2019 at 9:46 am - Reply

    BVI bank account open

  6. shawn ip September 23, 2018 at 2:45 pm - Reply

    Dear Sir/Madam,

    We are a HK-based international trading business. We are currently looking for the opening of a offshore bank account of our BVI company in Singapore. We wonder if the transaction in this offshore bank accounts will be subject to assessment by the Singapore Tax office?

    B.Rgds

    Shawn Ip

    • angela ng October 16, 2018 at 2:50 am - Reply

      Dear Shawn
      If you need to use the SG Company for tax treaty then COR is important and tax office is more stricter these days issuing.

      It may be not be cost effective to have full time staff and actual office . We will assist you to qualify the conditions .

      I will email you more information relating to Singapore Taxation and COR (Certificate of Resident).
      Thank you
      Paul

  7. Samuel O. Masebinu December 14, 2017 at 6:52 pm - Reply

    I am from Nigeria, I have a registered company in the state of Nevada, United States, can I open an account in Singapore or will I need to register another offshore company to enable to open an account?

    Or will I need to be present physically in Singapore before I can open the account?

    • Paul Hype Page December 19, 2017 at 8:38 am - Reply

      Dear Samuel,

      You can open a corporate bank account in Singapore as long as you meet the necessary requirements. You may still open a bank account even if you are not physically present in Singapore, you just need to be able to provide the necessary documents required. Hope this helps.

      Best Regards,
      Paul

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