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How to open company bank account in Singapore

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Once a Singapore company is incorporated, it will be advisable to open a corporate bank account in order to smoothly carry out business operations.here you may check the post that is intended to provide information on requirements for opening corporate/company bank account in Singapore. For more information read this link: – PowerPoint PPT presentation

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Title: How to open company bank account in Singapore


1
Once a Singapore company is incorporated, it will
be advisable to open a corporate bank account in
order to smoothly carry out business
operations.Companies have several options for
opening a corporate bank account in Singapore.
Different banks in Singapore have attractive
benefits such as multi-currency accounts,
internet banking, credit cards, trade financing,
the freedom to move funds across countries and so
on.
  • How to open company bank account in Singapore

2
While the procedure for opening a corporate bank
account in Singapore is relatively simple and
straight-forward, having questions about required
documents, available banks and which bank to
choose must be carefully considered. This post
is intended to provide information on
requirements for opening corporate bank account
in Singapore, corporate bank account opening
features of popular banks and the overview of
procedure that needs to be followed through the
means of answering key questions so that you can
take an informed decision based on your specific
needs, requirements and nature of business.
3
What is the procedure for opening company bank
account in Singapore?
Depending on your interest, you can choose the
bank in which you want to open the account. Once
you have chosen the bank, the general procedure
is to fill in the form, provide the required
documents, provide make required signatures and
then finally deposit the money (if the bank has
any minimum account balance restrictions.
Specifications, details, and steps may vary from
bank-to-bank.
4
What documents are required for opening company
bank account in Singapore?
While the exact requirements in terms of
documentation may vary from bank-to-bank,
typically, the banks would require the documents
listed below. Additional documents may
be required by the bank on a case-by-case
basis.  Completed Corporate Account Opening
Forms (signed by authorized signatories as per
the board resolution) Board of Directors
Resolution sanctioning the opening of the account
and the signatories to the account (to be
prepared by your company secretary)
5
Certified True Copy of Resolution sanctioning the
opening of the account and the signatories to the
account (most of the banks have their own format
and you just need to sign it) Certified True
Copy of Certificate of Incorporation (must be
certified by the company secretary or one of the
directors) Certified True Copy of Companys
Business Profile from Company Registrar (must be
certified by the company secretary or one of the
directors)
6
  • Certified True Copy of Companys Constitution
    (Formerly known as Memorandum and Articles of
    Association) (must be certified by the company
    secretary or one of the directors)
  • Certified True Copies of Passport (or Singapore
    IC) and Certified True copy or original
    Residential Address Proof of the Directors,
    Signatories, and Ultimate Beneficiary Owners.

7
What options are available for opening Singapore
company bank account?
Currently, there are 125 commercial banks in
Singapore, 4 of which are local banks while the
remaining 96 are foreign banks. With this
number of banks, you would have plenty of
options as a company looking to open a bank
account in Singapore. Some of the major banks
known for the opening of corporate bank account
in Singapore include DBS, OCBC, Maybank, Standard
Chartered and Citi Bank just to name a few. Each
of these banks has attractive offerings,
services, and facilities that you can access by
opening corporate bank account of your Singapore
company.
8
If you are a foreigner, the decision to select
which bank to open a bank account in should be
made carefully, keeping in mind the various
factors such as the requirement of being
physically present for opening the account, the
services, and facilities, it provides work hours,
required for the process, the  minimum amount
required as well as possible  fees on foreign
transactions. At Precursor, we offer end-to-end
service, consultancy, and support for the various
requirements and needs for when doing business in
Singapore. This includes Singapore company
incorporation, obtaining Visas and passes for
foreigners, obtaining business license, provision
of a nominee director for opening corporate bank
account and so on.
9
Knowing that having a right bank account is
absolutely critical for any business, our experts
at Precursor can help you in opening bank account
for your Singapore company no matter what stage
you are at. Whether you need support in the
collection of required documents or you are a
foreigner wanting to have a bank account opened
in Singapore, industry experts at Precursor are
here to help and provide the exact solution and
consultation that you need.
10
For more information read this link http//precu
rsor.com.sg/open-company-bank-account-singapore/
11
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