Business owners in Singapore are advised to open a company bank account. Such an account grants many advantages to its owner and its owner's company. It is not difficult to open a company bank account in Singapore, so anyone who can should go ahead and do so to help their company.
For many business owners, there are many incentives and reasons to make the move to Singapore. If you are planning to open a company bank account in Singapore, it makes sense to spend a few minutes talking to an expert about your unique situation. You need the hands on, personal information about how this move would impact your company. However, the good news is that opening this type of account does not have to be hard to do. It can be fast, easy, and one of the most beneficial financial decisions you make for your company in the short and long term.
Meet The Opening Requirements
Overall, opening a company bank account in Singapore is not hard to do. However, there are specific steps you need to take to make that possible. Here are a few things you need to take into consideration:
You will need have all corporate account opening forms completed. These are available through our service and through the bank themselves.
You will then need to have the board of director resolution signed that approves the opening of the account. It will also establish a signatories to the account based on what your unique needs are.
You will then need to have several certified documents including a true copy of the company’s business profile from the company registrar, the true copy of the company’s memorandum and articles of association, and true copies of a passport or residential address proof of directors, signatories and ultimate beneficiary owners.
Determine What Your Needs Are
It is also important for you to consider the benefits of opening this type of account. The lower corporate taxes and better financial protection make this move a good one. Before you do open the account, though, it is important to consider your specific needs. Who will be on the account? What will the account hold? What bank will you use? Talk to our professionals about this process. This ensures that all of your needs are met.
Meet The Bank’s Requirements
It is possible for some misconceptions to be present during the process. You will need to ensure that your business’s provides all information requested by the bank that you plan to open your account in. That means providing documentation of your business’s establishment and its owners. This is a step in the right direction – it ensures that you are making this move with the legal ability to do so. When you work with the bank, it will provide you with all of the information and resources that you need.
Opening a corporate bank account in Singapore does not have to take a long time. It also does not have to be expensive, hard to do, or overall limiting. The process is generally straightforward when you are working hand in hand with an experienced, trusted team of professionals. Talk to us about your goals and needs for the account and let us help you to choose the right location.