TEL:86-755-82143422

Home > Business Followup > Singapore Bank Account Opening

Singapore Bank Account Opening

Updated:2018-5-24 16:54:10    Source:www.tannet-group.comViews:240

Singapore bank account opening is a must once your company is incorporated there, so as to carry out business operations smoothly. Opening a corporate bank account in Singapore is a simple and quick procedure. 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. The important thing is that you have to choose the bank which offers corporate accounts features which can fulfill the banking needs of your company.

Documents Needed for Bank Account Opening in Singapore
While the exact required paperwork varies from bank to bank, typically you’ll need the following:
1. Completed Corporate Account Opening Forms, signed by signatories;
2. A Board of Directors Resolution, sanctioning the account opening and the established signatories to open it on behalf of the company. This must be prepared by your company’s secretary;
3. A certified true copy of Resolution, sanctioning the account opening and the signatories to open the account on behalf of the company. This is typically a standard form created by the bank that must be signed;
4. A certified true copy of Certificate of Incorporation, certified by a company director;
5. A certified true copy of Company’s Business Profile from Company Registrar;
6. A certified true copy of the company’s Memorandum and Articles of Association (MAA);
7. Certified copies of the Passports or Singapore ICs, as well as residential address proof of the directors, signatories, and ultimate beneficiary owners.

Procedures and Timeline for Bank Account Opening in Singapore
While the process for opening an account is fairly easy, most banks will require the account signatories and the company’s majority directors to be physically present in Singapore to sign paperwork at the time of opening. However, some of the larger international banks, like HSBC and Citibank, will allow you to sign the necessary documents at one of their branches abroad, or in the presence of a notary.

The length of time to process and open a bank account depends on a variety of factors, the most important being whether all requisite documents have been submitted alongside with your application. It is always wise to consult a professional corporate service firm like Tannet, who would have experience in opening bank accounts for a large number of clients.

It's OK to open a business bank account from abroad. While many banks will require your presence, some will not. However, companies incorporated in Tax Haven Countries will need to provide a Certificate of Incumbency that is less than one year old. Companies incorporated in other jurisdictions, such as the USA, UK, or Indonesia, will need to submit an official document from the Government and/or the Registrar of Companies.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

Previous:Online Offshore Bank Account Opening     Next:Australia Barcode Application