How to open a corporate bank account in Singapore?

Opening a corporate bank account in Singapore is pretty straightforward, provided one pays due attention to minute details and adheres to specific procedures. Here's a step-by-step guide on how to open a corporate bank account in Singapore:

1. Choosing the Right Bank: First, know which bank can suit your needs best. Various banks, local and international, offer different types of corporate banking services in Singapore. You should look at things such as the facilities available with regard to banking, online banking services, charges, and service fees, along with other facilities that may prove useful to you.
2. Preparation of Necessary Documents: Generally speaking, you need the following:
   • Resolution by the Board of Directors sanctioning the opening of the account- either provided by the bank or prepared by the customer.
   • Certified true copies of the company's Business Profile from ACRA.
   • Certified true copies of the Company's Constitution (formerly known as Articles of Association).
   • Copies of passports or Singapore NRIC of the company's directors, signatories, and beneficial owners.
   • Proof of residential address of the directors and signatories, when those persons are not citizens or permanent residents of Singapore.
3. Additional Requirements Review and Comply: The additional requirements may be issued depending on the bank and type of your business, such as a detailed business plan, description of the nature of your business activities, and proof of contracts or invoices.
4. Apply Online: Once all the documents are ready, you can make the application. Most banks in Singapore have online applications, but for some, especially foreign companies, it may be necessary to visit the branch for verification purposes.
5. Attend a Face-to-Face Meeting: At times, some banks may need to conduct a meeting with the company directors or the signatory personnel face-to-face. This is sometimes unavoidable for the bank to satisfy the Know Your Customer policies.
6. Account Activation: After this meeting and verification of all documents, the bank will process your application. If your application gets approved, your corporate account will be activated, and you can finally use it for your business transactions.

We advise you to consult with the respective specific requirements and procedures for each bank, since these vary, or seek help from a local service provider or consultant dealing in corporate services in Singapore to make it easier on you by ensuring all regulatory requirements are met.

See more: Open Offshore Bank Account In Singapore