Open a Corporate Bank Account

The political and legal security and, an attractive tax framework make the city-state a preferred location for companies and private investors alike. Strict bank secrecy rules are seen as a cornerstone in maintaining Singapore’s position as a financial centre.

About 700 financial institutions are represented in Singapore, offering the whole range of financial products and services. Most foreign banks in Singapore are licensed as wholesale or offshore banks. They concentrate on the areas of corporate and private banking, but are not engaged in retail banking.

Before opening a corporate account with a Singapore bank the particular needs of the company have to be evaluated and checked against the bank account features offered. You can either select a

• locally incorporated bank or an
• offshore bank

What account features are offered?:

• currency: Singapore currency, foreign currency, multi-currency account
• cmount of opening deposit:
• minumum monthly balances with no monthly fees
• daily ATM withdrawal limit
• internet banking
• credit card
• cheque book
• trade finance services
• freedom to move funds across countries
• treasury & market services
• liquidity management services
• business loans
• accounts payable services
• business insurance

Note: smaller companies may prefer a local bank as the minimum deposit and services charges are lower compared to foreign banks

Ideally you are physically in Singapore to sign the necessary documents when opening a bank account, however some banks offer alternatives such as

• document signing at an overseas branch

• document signing in front of a Notary Public

However, it is strongly recommended to be present to avoid delays. Some banks request account signatories to attend an additional interview.

Documents required:

• Complete and signed Corporate Account Opening Forms
• Proof of residential addresses of Directors, Signatories, and Ultimate Beneficiary Owners
• Certified Copy of Certificate of Incorporation
• Certified Copy of Company's Business Profile from ACRA
• Board of Directors Resolution sanctioning the opening of the account and the signatories to the account
• Certified Copy of Company's Memorandum and Articles of Association (MAA)
• Certified Copies of Passport (or Singapore IC)
• Certificate of Incumbency (offshore accounts only)
• Certificate of Good Standing (offshore accounts only)