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. Choudhary Altaf Muhammad October 31, 2017 at 3:24 am - Reply

    I am a Pakistani citizen, and doing my business as a Financial Consultancy, all over the Globe, so I would like to establish Company in Singapore and to get open Corporate Account. I would request you to kindly guide me or help me in establishing a Company and to open the Bank Account.

    • Paul Hype Page October 31, 2017 at 7:41 am - Reply

      Hi Choudhary,

      Thank you for getting in touch. In order to be able to better advise you, we would need to have more details regarding the nature of your business the the type of company you wish to establish. Do make an appointment with us at paulhypepage@php-cpa.com.sg and let’s discuss further.

      We look forward to hearing from you.

      Best Regards,
      Paul

  2. naing win than August 1, 2017 at 2:46 pm - Reply

    my company is Hong Kong based company .We would like to find expert service provider for offshore account opening in Singapore.

    Our business is international trading .
    Could u support to get our company bank account in Singapore.

    • Paul Hype Page August 2, 2017 at 4:53 am - Reply

      Dear Naing,

      We would recommend our Incorporation with nominee director solution, which is an all in one package that includes bank account opening as well. We would also need more details about business to better advise you.

      Do drop us an email at paulhypepage@php-cpa.com.sg for more details and to set up an appointment with us.

      Best Regards,
      Paul

  3. Nasir June 29, 2017 at 1:56 pm - Reply

    Hello, i belong to Pakistan and i am selling on Amazon website in clothing category so i need company and business bank account for my Amazon Seller Account.Can you help me and i am Pakistani citizen.how much cost for opening company and bank account in Singapore and If i visit in Singapore on visit visa then can i complete this process or i need any other visa for set up my company and business bank account please Guide me as soon as possible also send me detail on my email address. Thanks

    n_loveable@hotmail.com

    • Paul Hype Page July 7, 2017 at 1:40 am - Reply

      Dear Nasir,

      Thank you for getting in touch! We will be glad to assist with your company incorporation and setup. We are also able to assist you with the opening of a corporate bank account. We will email you soon about information on how to get started soon.

      Best Regards,
      Paul

  4. Chris April 26, 2017 at 1:50 pm - Reply

    Hi there
    We are based in Indonesia and have incorporated companies in Hong Kong and The UK but no bank account for these companies. Can we just set up a bank account for these companies or would we have to open an offshore company with a Singapore business bank account.
    Please advise that if available to help us with that.
    Many thanks.
    Chris T.

    • Paul Hype Page April 27, 2017 at 2:57 am - Reply

      Dear Chris

      Yes, it is possible to set up a Singapore bank account with your current HK and UK company. No need to set up an offshore company in Singapore.
      We will drop you an email with more information today.

      Cheers
      Paul

  5. Amit Mahendrasing April 20, 2017 at 5:13 pm - Reply

    Hi Paul;

    I am based in Mozambique and have a BVI which was incorporated in Hong Kong. Is it possible to open an account in Singapore with the same BVI or do I have to incorporate a new one? If so, please send me an email

    Thks
    A

    • Paul Hype Page April 26, 2017 at 3:39 am - Reply

      Dear Amit

      Yes, it is possible to open a bank account in Singapore with the existing BVI company. The fees will be SGD$1,200. My colleague will drop you an email shortly.

      Cheers
      Paul

  6. Mark April 1, 2017 at 5:12 pm - Reply

    Hi Paul,
    for new registered offshore company, such as Hongkong or Marshall Seychelles, is it easy to open a bank acount in Singapore? I have Chinese company which operated more than five years. but i also want to make a new company. you know, it’s diffiuclt to open new account in Hongkong now.
    thank you very much.
    Mark

    • Paul Hype Page April 26, 2017 at 3:59 am - Reply

      Dear Mark,

      Yes it is possible. We will email you for more information to be able to advise you better.

      Paul

  7. Bruce Fukuda March 1, 2017 at 1:55 pm - Reply

    HI There

    We are basically located in tokyo, Japan to operate the retail business, but we would like to open the corporate account in Singapore with our BVI.

    BR

    Bruce

    • Paul Hype Page March 23, 2017 at 7:40 am - Reply

      HI Bruce,

      Our Corporate Specialist will drop you an email with more details
      Paul

  8. Letizia miotto December 15, 2016 at 11:45 pm - Reply

    My company was recently incorporated in Singapore but I am finding it hard to open a bank account as most banks I have spoken to require to either be incorporated more than 2 years ago or would only consider to open if the company already owns a bank account, is this a recent requirement and how can a new company then expect to be able to operate?

    • Paul Hype Page December 21, 2016 at 4:04 am - Reply

      Dear Letizia,

      I am not sure how your company is incorporated as different form of setup of your business will affect the operational mode as well as opening of bank account. Should you need our corporate specialist services, pls fill up the contact form on our site and we will contact you shortly.
      Paul

  9. Jason October 12, 2016 at 7:31 am - Reply

    We are Malaysia registered company and supply transport service for Singapore customer.
    Our customer wish GIRO to our company account in Singapore.
    Please kindly help to advise how can I open a current account in Singapore?

    • Paul Hype Page November 7, 2016 at 3:25 am - Reply

      Hi Jason,

      First, we advise you visit Singapore to open your account.

      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.

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

      Thank you,

      Paul

  10. john September 18, 2016 at 12:42 pm - Reply

    Hi There
    We are a UK registered company with a tax free mutual trading association status. All of our Directors (4 no.) are non UK residents, they hail from USA, Mexico, Philippines and Malaysia. As the General Manager I am a UK citizen but currently do not live there.
    We are urgently searching for a bank account that we can open without all of our Directors having to visit the bank due to the logistics and costs involved in arranging such a visit. Our present bank acct location is in HSBC in Kuala Lumpur and so we are seeking for a new company bank account, preferably with online facility. I look forward to hearing from you at your earliest convenience.
    thanks, john

    • Paul Hype Page September 21, 2016 at 1:38 am - Reply

      Dear John,

      We can help you with bank account opening without making a trip to Singapore, but it may take longer in the process, depending on the complexity of company’s structure.

      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)

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

      Paul

      • john October 6, 2016 at 1:12 pm - Reply

        Hi Paul

        Would it make the process any faster if we could have 2 Directors out of the total of four to attend personally at the bank in SG? We would be able to arrange for the Directors form Malaysia and Philippines to visit in the bank personally, together with myself and all three of us would be the signatories. Obviously we would be able to provide a Notarised Board resolution etc to support this.

        We are keen to open the SG bank account by the fastest possible means.

        Thanks
        john

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