Singapore Corporate Bank Account Errors

Everyone who chooses to start a company based in Singapore is required to open a corporate bank account in the country. This is a task which must never be taken lightly because the selection of an appropriate corporate bank account will provide many benefits to the business owner as well as the business itself. For this reason, it is important for a person who is to open a Singapore corporate bank account to ensure that no common mistakes are made when doing so. There are several errors which many have made when attempting to open a Singapore corporate bank account.

 

It is exceptionally important that a person who is opening a corporate bank account in Singapore supplies the bank with all necessary legal documents. Such legal documents are required by every bank in Singapore for the purposes of verification. Several such documents include a certificate of incorporation, a corporate account opening form, and a board of directors’ resolution as well as several others. Without any legal documents, there is no way for a bank to ensure that the person who is opening the account is genuine and does not have any illegal or unethical motives. Singapore prides itself on the high level of security of its banks; thus, opening a bank account without any due method by which verification can be conducted is deemed to be unacceptable.

 

Failure to Interact with Important People

When one opens a corporate bank account in Singapore, it is important to find people who are directly involved with the opening of such an account whether they be bank officials, government figures, or any other such person. The person who should be selected for the purposes of assistance and information regarding the opening of a Singapore corporate bank account ought to be a citizen or permanent resident of Singapore. Anyone who does not interact with any such people may nevertheless open a corporate bank account in Singapore; however, doing so will be exponentially more difficult.

 

Selection of an Unsuitable Bank

Every bank in Singapore has its own unique qualities and features with regard to the opening of a corporate bank account. Therefore, the bank to be selected ought to depend on the business needs of the business owner. There are also certain benefits offered to those who open corporate bank accounts in certain banks; these benefits must therefore be taken into thorough consideration. If the business owner opens a corporate bank account in a Singapore bank which is not suitable for the needs of the business, many troubles and difficulties will be faced by the business as well as its owner. Therefore, anyone who opens a Singapore corporate bank account must carefully decide between all of the banks in the country before deciding which bank is the most suitable for the opening of the corporate bank account.

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Failure to Follow Due Procedures

There are certain procedures to be followed before anyone may open a corporate bank account in Singapore. This fact holds true for locals and foreigners alike. These procedures must be followed in order for the high banking standards of Singapore to be preserved and upheld. One such procedure involves the identity of those who open the corporate bank account. According to Singapore’s current banking laws, only business owners, company directors, and authorized signatories are granted the privilege of opening a corporate bank account. There are also certain other criteria which anyone who plans to open a corporate bank account in Singapore must fulfill before doing so.

  • It is evident that there are certain mistakes which must not be made by anyone who plans to open a corporate bank account in Singapore. Therefore, we at Paul Hype Page & Co will be willing to assist you with the opening of a Singapore corporate bank account. We will ensure that none of the mistakes which have been mentioned will take place as we work with you throughout the entire process.