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
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

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53 Discussions

  1. Edwards Carrasco September 5, 2016 at 9:25 am - Reply

    Hello,

    I would like to open a bank account in Singapore for our HK consultancy firm. Can you assist us with it?

    Kind regards

    Edwards

    • Paul Hype Page September 6, 2016 at 3:07 am - Reply

      Dear Edwards,

      Yes, we can assist you with opening up a corporate bank account in Singapore.

      Below is a few list of major Singapore banks.

      DBS (Development Bank of Singapore)
      OCBC (Oversea Chinese Banking Corporation)
      UOB (United Overseas Bank)

      Please let us introduce our representative to you. You will be in touch shortly.

      Paul

  2. Narinder September 2, 2016 at 9:21 pm - Reply

    Hi,
    We are a Indian owned coy setup in Nigeria. We are into exports of agricultural commodities to Vietnam/India and Metal Exports to Korea, need to setup offshore company bank account in Singapore. Pls let us know most economical and easy method of doing so.
    Thanks

    • Paul Hype Page September 6, 2016 at 3:16 am - Reply

      Dear Narinder,

      We can assist you to set up a company bank account in Singapore.

      Please let our representative get in touch with you shortly.

      Paul

  3. Fiona July 31, 2016 at 2:15 pm - Reply

    My company is registered in Hong Kong and dealing with Canada customers, Company want to open an offshore current account in Singapore. Kindly advise what documents need to prepare and which bank do you prefer, Thanks in advance.

    • Paul Hype Page August 1, 2016 at 3:13 am - Reply

      Dear Fiona
      Singapore’s banking system is among the strongest in the world.
      Below are some (Singapore) Major local banks you can consider
      DBS (Development Bank of Singapore)
      OCBC (Oversea Chinese Banking Corporation)
      UOB (United Overseas Bank)
      We can also arrange a banker to meet you at the comfort of our office so you don’t have to queue.

      You will need a valid passport, a study or work visa, address proof like a utility bill or an official letter from your school or employer, and a reference letter from your current bank if you are a foreigner.

      All banks in Singapore need you to maintain a minimum balance in your account at all times. These minimum balances vary from bank to bank, but if your account falls below a certain specified sum, some banks levy charges for not maintaining the balance.

      If you wish to open a corporate bank account in Singapore, most banks will require the authorized signatories and directors to be physically present during the account opening. They will require paperwork as well, including memorandum of articles and resolution of board of directors among others.

      Contact us so we can assist you thru the whole procedures and arrange all necessary paperwork for you all in one go.

      Paul

      • Eddy Alamsyah Putra September 1, 2016 at 8:31 am - Reply

        Dear Sir / Madam

        Greetings from Medan ,Indonesia,I am Eddy Alamsyah Putra As a Director Represent from CV.UNIVERSAL SEJATI JAYA PERKASA ,may I get Your Assistance how for Me can Open a Bank Account at Bank in Singapore?

        Many Thanks and Appreciated for Your Upfront promft and Reply..

        Warm Regards
        Eddy

        • Paul Hype Page September 6, 2016 at 3:19 am

          Dear Eddy,

          Absolutely, we can assist you with opening up the corporate bank accounts in Singapore.

          Singapore is one of the safest place to manage your funds.

          Our specialist will get in touch with you shortly.

          Paul

  4. Federico April 15, 2016 at 7:56 pm - Reply

    Hi, I have a Delaware company with no bank account and I want to open a bank account in Singapore. My partner and I we both are Argentinean no US person and the company director it is my partner so no US person involved in the company.
    Do you think it is possible to open an account or we should look for other countries?
    Best regards

  5. CHRISTOPHER ANTHONY April 15, 2016 at 12:42 pm - Reply

    My business is registered in Malaysia and dealing with Singapore customer, due to this how can I open a current account in Singapore. Basically need the account for Customer pay in Cheque payments monthly. Please advise me what documents do we have to prepare and which bank shall I proceed normally we receive cheques from OCBC and DBS. Thanks in advance.

    • Paul Hype Page April 26, 2016 at 10:02 am - Reply

      Dear Christopher,

      A foreign company will have difficulty in fulfilling the bank’s compliance check list hence bank account is not successfully open. Therefore, it is advisable to register a Singapore company.
      Do contact us for more information. We also have a sales office in KL, Malaysia.
      Paul

  6. Jack April 2, 2016 at 4:01 pm - Reply

    Hi there
    We are based in Australia where providing a training services for Asian client and we would like to open an offshore company with a Singapore business bank account.
    Please advise that if available to help us with that.
    Many thanks.
    Jack Ma

    • Paul Hype Page April 26, 2016 at 9:41 am - Reply

      Dear Jack,

      It is our speciality to incorporate and setup an offshore company for foreign setups. My Colleagues will email you. Do contact us soon.

      Best Regards
      Paul

  7. npb March 30, 2016 at 1:14 am - Reply

    I have a Marshall Islands international business corporation with certificates of incumbency and good standing. I would like to open a bank account in singapore for the company, with good internet banking. Is this possible and if so what are the requirements and costs? Thank you.

  8. Nandakkumar March 20, 2016 at 7:07 pm - Reply

    Want to form a Offshore company and a corporate bank account in Singapore, please suggest me the best and easiest way, iam from India

    • Paul Hype Page March 22, 2016 at 5:04 am - Reply

      Dear Nanadakkumar

      Our recommended solution – Incorporation with employment pass maybe the best option to proceed with. We will need to understand more information about your business as well as working experience to be able to further advise you. My consultant will email you with more details soon

      Paul

  9. Elvis Nwachukwu June 7, 2015 at 7:58 am - Reply

    I am a foreign national and will like to register a company/open an account in Singapore.

  10. Sheri Charles May 5, 2015 at 2:42 pm - Reply

    What is the average time taken to open a company bank account in Singapore?

    Regards,
    Sheri Charles

    • Paul Hype Page May 6, 2015 at 5:12 am - Reply

      Dear Sheri,

      It takes about 3 working days to a week depending on individual foreigner requirements.

      Should you take up our incorporation package, we have it (incl opening of bank account) all follow up and cover for you as well.

      Hope to hear from you.

      Cheers
      Paul

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