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