It is difficult to open a Singapore corporate account and maintain it effectively. Most of the reputed international banks have branches in Singapore. All the banks operating in Singapore are regulated and controlled by the rules of the Monetary Authority of Singapore. The exact requirements for opening a Singapore corporate bank account are normally different for each bank. Still, certain factors are common to all banks.
Majority of Singapore banks allow the opening of a single corporate bank account for multi-currency operations. However, the company can also open different corporate bank accounts for each currency that it desires to operate. Moving of funds into or out of Singapore bank accounts is not a restricted process. However, the company that plans to open a Singapore corporate account should take into consideration the rules and regulations of the country in which the company is incorporated, so that transferring funds into the Singapore bank account or out of that account to the home country does not face any undue problems.
The three major banks of Singapore are Development Bank of Singapore or DBS, Overseas Chinese Banking Corporation or OCBC and United Overseas Bank or UOB. Some of the leading foreign banks operating in Singapore are BNP Paribas, Citibank, Standard Chartered, HSBC, Bank of India, Bank of America, JP Morgan Chase and Sumitomo Mitsui Banking Corporation. Our preferred corporate bank account is with Standard Chartered bank.The following documents are generally necessary to open an offshore Singapore corporate bank account.
- Corporate account opening form duly filled up and signed by company authorised signatories
- Resolution of the Board of Directors of the company permitting the account opening and stating the signatories that will operate the bank account
- Certified copy of the company’s certificate of incorporation
- Certified copy of the memorandum and articles of association of the company
- Certified copies of passport of the signatories of the bank account
- Details of proof of residence of all the directors, the signatories of the bank account and ultimate beneficiary owners
- If possible, certified copy of the business profile of the company from ACRA
Opening of a Singapore corporate bank account will be easier if all the above documents are submitted in person by the signatories. If all the signatories to the bank account opening are present at the time of opening the account, the account opening can be completed in a day or two. Otherwise, it can take a few weeks to complete the formalities.