Open a Business Bank Account

When it comes to economy, few countries in the world can pride more with their amazing way of coping with new businesses than Singapore can. This place is like a true Heaven on Earth for almost any kind of entrepreneur in the world. The easy incorporation process, as well as the many benefits given to those who choose to start a business in Singapore (even as foreigners) is among the things that attract entrepreneurs from all countries on Earth here. Everything from the bureaucratic system to the set of laws to govern businesses is created in a way that facilitates the access of the foreign investors and businessmen into the Singaporean economy. And if you have decided to set up a business there as well, then you probably know already how great they can be when it comes to annual taxes.

However, in order to incorporate a company in Singapore (either offshore or not), you will most likely have to open a business bank account as well. Same as everything business-related in Singapore, this can be extremely easy to do as long as you have all the paperwork in order. If you want to find out more about opening a company bank account in Singapore, then do read on.

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Singapore Business Bank Accounts and What You Will Have to Know about Them

Singapore is one of the most important business centers of the world, which automatically means that most of the important international banks will be present there as well. Thus, if you are worried about not finding a bank, then worry no more, because there area very wide variety of reliable banks available in Singapore.

Opening an offshore company in Singapore is considered to be one of the most advantageous things to do there. Basically, you will not even need any kind of visa in order to do it and as long as you do not want to relocate there, but only to visit your company when that is needed, this is a great choice. What you will need though is to prove that at least one of your shareholders, one of your directors and one of your secretaries are locals who have the right to live and work in Singapore.

In order to open a bank account in Singapore, you will need a few documents that will prove the bank that your company is completely valid. That being said, do get ready to gather up the bank’s corporate account opening form, a Board of Directors Resolution that agrees on opening the bank account and a Certified True Copy of it, a Certified True Copy of your company’s Certificate of Incorporation, a Certified True Copy of your company’s Business Profile taken from the Company Registrar, a Certified True Copy of MAA and Certified True Copies of the Passports and Proof of Addresses for every Director, beneficiary or signatory in the company you incorporated.

Many of you out there believe that it will be absolutely necessary for them to be present when the bank account is opened. This is true in the large majority of cases, but you may be able to sign up for a bank account even from afar with some banks. In the end, it all comes down to a particular bank’s policy. For example, some of the international banks in Singapore will ask of you to go to one of their offices in your country. Others may ask of you to sign all the documents in front of a Notary Public. Make sure you know exactly what policy a bank has, so that you avoid wasting time and get through this whole process faster and easier.

Furthermore, do make sure you acquire information on the various things banks will ask of you. For instance, find out what kind of minimum balance is required or how much should the first deposit be consisted of. Also, find out if you will receive an ATM card, a credit card, a cheque book or if you will have Internet Banking facilities (and if so, at what cost). If something is unclear, always ask your questions because this is precisely what will help you make the best choice when it comes to your bank account.

 
Need more professional help?

Paul Hype Page & Co. is an ACRA-certified business adviser, and our team of seasoned professionals can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too. Our all-in-one Incorporation with Employment Pass solution is well designed to help entrepreneurs quickly and efficiently start a business and open a bank account in Singapore with ease.