Singapore Bank Account Opening

After successfully registering a company in Singapore, it is essential to open a company bank account promptly. As a leading global financial hub, Singapore offers world-class banking and financial services for corporate clients. However, due to recent high-profile fraud cases, anti-money laundering compliance measures have been tightened, requiring more steps and inspections in the account setup process.

Move2SG can assist you in navigating these complexities, recommending suitable banks, and facilitating the account opening process to ensure a smooth and efficient experience.

Preparation Materials

When a Singapore company opens a bank account, it generally needs to provide the following documents:

• Registration Certificate (CERT): The official document certifying the company's incorporation issued by the Accounting and Corporate Regulatory Authority (ACRA).

• Articles of Association (M&A): This document outlines the company’s constitution, detailing its governance structure, and internal management procedures.

• BizFile Search: An extract from ACRA’s database, providing a detailed business profile of the company, including its registration details, business activities, and ownership structure.

• Bank Introduction Letter (if any): A recommendation or introduction letter from a reputable source, such as a current bank, business partner, or professional service provider, can expedite the account opening process.

• Director and Account Identification Documents: Certified copies of passports or National Registration Identity Cards (NRICs) and proof of residential addresses for all directors and authorized signatories.

• Additional Documents: Depending on the bank’s specific requirements or the nature of the business, additional documentation may be requested. This could include financial statements, business plans, or contracts.

• Proof of Source of Wealth: Documentation to verify the source of funds to be deposited into the account. This may include income statements, sale agreements, or investment records.

Account Opening

Most banks in Singapore require company directors and authorized signatories to be present in person to open a corporate bank account. However, some banks allow the opening of certain types of corporate accounts online. To open a Singapore bank account, follow these essential steps:

1. Choose the Right Bank

2. Prepare Required Documents

3. Document Verification

4. Open the Bank Account

Frequently Asked Questions

1. Why Open a Corporate Bank Account?

   Separation of Finances: A corporate bank account separates personal and company finances, allowing for independent financial management.

   Accurate Financial Monitoring: It reflects the company's ability to grow revenue and facilitates convenient monitoring and evaluation of the company's business performance.

2. Who is Authorized to Open a Company Bank Account?

   Incumbent directors and authorized signatories (if any) are able to open a company bank account. Authorized signatories are those who are appointed to operate the account and should be listed in the company's board resolution, as per the company's articles of association.

3. What is the Minimum Balance Requirement?

   The minimum balance requirement for a corporate bank account varies by bank and ranges from S$1,000 to S$100,000.

4. How Long Does it Take to Open a Corporate Bank Account?

   The process of opening a corporate bank account can take anywhere from one week to three months. The duration largely depends on how long the bank takes to verify the account. For companies with foreign ownership, banks may require additional time to process the account opening application.

Choosing Move2SG

Move2SG provides comprehensive support throughout the process of opening a corporate bank account in Singapore. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient account opening process.

For personalized support and expert advice, please contact us.