After registering a company in Singapore process completely, opening a corporate bank account in Singapore is an essential step because Singapore is indeed considered as the top financial center and business hub in Asia. In general, most of banks in Singapore give bank authorities attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, etc. Especially, a procedure for opening the bank account is simple and prompt which lasts approximately 2 weeks to receive a bank account number, bank token and pin code.
The article aims to provide readers the requirements of documents to open a bank account, important notes and how we can assist you in opening a bank account in Singapore.
Requirements for opening a corporate bank account in Singapore
To open a bank account for a company in Singapore, most of banks in Singapore have requirements as follows:
1. A major director and bank authority need to present physically in a bank in Singapore for signing required documents.
2. Submitting completely the required documents for opening the bank account from the banks. Here are documents required for the procedure of opening bank account:
- Corporate account opening forms
- Certified of true copies of Certificate of Incorporation, Company’s Business Profile from ACRA and Company’s Memorandum and Articles of Association (MAA)
- Certified of true copies of Passport and Proof of address of the directors, bank authorities, and beneficiary owners.
- Additional documents which are required by banks in some special cases
Important notes for a corporate bank account in Singapore
- Initial deposit required
It is depended on your approached bank, the initial deposit required may be range from S$500 to S$3,000 SGD.
In order to top up the amount of deposit to your corporate bank account, a cheque deposit is required. The cash deposit is not accepted.
- Minimum balance
To maintain your corporate bank account, the minimum balance is one of the most essential factors.
As the initial deposit required, the amount of minimum balance is still dependent on the bank which you choose to open the bank account.
Kindly note that you will be charged an additional fee if the bank account is failed below the required minimum balance amount.
USA, SGD, AUD, EUR and more are popular currencies that banks in Singapore allow you to choose for your corporate bank account. In general, a bank account can hold multiple currencies. Thus, depending on your demands, you can choose multi-currencies to your account.
- Cheque book
The bank authorities will receive a cheque book after opening the corporate bank account successfully.
- Internet banking
A bank token which helps you to transfer money online easily, and manages transactions wherever and whenever you stay.
With an innovation banking system, excellent banking infrastructure and a network of highly skilled finance professionals, owning a corporate bank account in Singapore is one of the most essential factors that helps your business to capitalise on Singapore’s distinctive financial competence.
If you need assistance in opening a bank account in Singapore, kindly contact us for more information.