There are a number of options available to companies who are looking to open a corporate bank account in Singapore. Although it is a relatively straightforward procedure, it’s important that companies consider the various features offered by the banks and make an informed decision about which institution best suits the needs of their enterprise. Different banks offer different corporate services such as credit cards, multi-currency accounts, and the freedom to move funds internationally and trade financing. Ottavia’s online guide provides an overview of the different options open to companies who wish to establish a corporate bank account.
As with all financial related advice, it’s important to double check all of the details with the institution themselves before making a final decision. Given the highly competitive nature of Singapore’s banking industry, the banks are always upgrading their services with new policies and offerings and its important to be well informed of these before you open an account at any one institution.
There are a number of common requirements associated with opening a corporate bank account in Singapore:
1) Physical presence: many (but not all) of the banks in Singapore require the account signatories or principal directors to be physically present in Singapore when the papers are signed and the company bank account is opened. Some banks will accept documents which have been notarised or signed at one of their international branches.
2) Documentation: there are a number of documents which are generally required when a corporate bank account is opened. Additional documents may be requested by the bank:
- Completed bank account forms which have been signed by the authorised signatories in accordance with the board resolution.
- The Board of Directors Resolution which permits the opening of a corporate bank account and stipulates who the signatories to the account will be. This document needs to be prepared by the company’s corporate secretary.
- A certified true copy of resolution which sanctions the account being opened. Generally each bank has their own format and the relevant persons simply need to sign it.
- A certified true copy of Certificate of Incorporation which has been certified by either the company secretary or a director.
- A certified true copy of the company’s business profile from the Company Registrar which has been certified by either the company secretary or one of the directors.
- A certified true copy of the company’s Memorandum and Articles of Association (MAA) which needs to be certified by the corporate secretary or a director.
- Certified true copes of passports (or Singapore IC) and residential proof of the directors, to my knowledge they don’t ask the UBO details. Those who are located in Singapore simply need to bring the originals into the bank which will then be copied.
- If the Singapore company is owned by few layers of corporate shareholder, an organisational chart is required to identify the ultimate beneficiary owner
All of the major international banks have a presence in Singapore and there are some local banks which offer equally competitive rates and features for corporate accounts. Careful research is the key to making an informed decision about which corporate account best suits the needs of your enterprise. Generally speaking, banks are happy to open corporate accounts for both local and offshore companies provided the necessary due diligence paperwork is provided.
This a guest post by Ottavia. The views expressed here are of the author’s, and Zegal may not necessarily subscribe to them. You, too, are invited to share your point of view. Learn more about guest blogging for Zegal here.
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