Steps To Opening A Business Bank Account In Singapore: How Can You Open Singapore Business Bank Account
Another step to registering your business in Singapore is opening a corporate bank account for your company. Opening a bank account in Singapore is not at all hard; the process is simple, and you have many options to choose from.
Anyway, with many options comes confusion, so the first thing you need to do while opening a business bank account in Singapore is to look for the bank which offers every service you need.
Choosing The Right Bank For Opening A Corporate Bank Account In Singapore
The Monetary Authority Bank of Singapore, as the central bank, regulates all the banking activities in the city-state. Among the 125 commercially operating banks in Singapore, 120 are foreign banks, 28 foreign-full banks, 37 offshore banks and 55 wholesale banks. Also, you have a choice of opening a corporate account in the five local banks, namely The Bank of Singapore, DBS Bank Limited, Oversea-Chinese Banking Corporation Limited, and United Overseas Bank Limited (UOB).
While choosing for a bank, don’t go after the name. Look out for the specific service which you would need, such as trade financing, multi-currency accounts, e.t.c. Choosing the right bank is all up to, and also consider the financial provisions in the financial houses before opening an account.
Things You Will Need
Of course, the application processes for every bank aren’t going to be entirely same, however, here are the document that you generally need for opening a business bank account in Singapore.
- Certificate of your company’s incorporation.
- A Copy of the company’s business profile
- A Resolution from the Company’s Board of Directors. This has to be prepared by the acting secretary of the company.
- A Copy of the Memorandum and Articles of Association (MAA)
- A copy of the Singapore’s National Identification Cards or Passports, whichever is available, of the director(s).
- Residential address proof of the director(s) and the company owners.
Keep on mind that some businesses require the directors, or the signatories to be physically present while the application is being processed. Anyway, we recommend that the company director to be present while opening the bank account, for it will avoid delays. In some cases, the bank might ask you to produce the original copies of these documents for further verification.
There is some cost that you will need to pay while opening a bank account in Singapore. They come in the form of deposits, minimum balance, fall-below fees, e.t.c. Generally, the minimum balance in Singapore banks is between S$5000 and S$10000 for corporate bodies. The fall below fees in most of the banks are S$50. Also, you might also need to pay account fees charged annually or even monthly in some cases. For foreigners doing business, there are international transfer fees, become clear about it before opening a corporate bank account.
Still got confusions about opening a business bank account in Singapore? Contact us; we can help you. Also, if you need services such as business incorporation, company registration, or accounting and secretariat services for your company, know more about our services here.