Singapore companies have plenty of options when it comes to opening a corporate bank account. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and more. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. However, it is important to compare the corporate accounts features of the various banks in order to select the bank that comes closest to meeting the particular needs of your company.

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The purpose of this guide is to provide an overview of the requirements for opening an account, and will assist you in choosing a bank that best matches the banking needs of your company. The focus in this guide is on the banking needs of small to mid-size companies.
 

Note that the information presented here is for general guidance only. Once you have narrowed down your choice to a few banks, you should confirm the account features with the respective bank(s) directly, to ensure you are aware of their latest policies and offerings. Banks operate in a very competitive environment and are periodically adjusting their offerings to remain competitive.

 

Singapore Account Opening Requirements

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In general, most banks have the following requirements for opening a corporate bank account in Singapore:

1) Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.

2) 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)

• 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 Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)

• Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)

• Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.