Once you have incorporated your company in Singapore you will have to consider your banking needs and open a bank account. Opening of a bank account is relatively simple in Singapore. Many of the banks in Singapore, local or international ones, offer great services to ensure clients can easily access their accounts. The comparison chart below provides you with a snapshot of the features available from the banks in Singapore.
To open a bank account you will need the following documents:
- Complete and signed Corporate Account Opening Forms
- Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
- Certified Copy of Certificate of Incorporation
- Certified Copy of Company's Business Profile from ACRA
- Certified Copy of Company's Memorandum and Articles of Association (MAA)
- Certified Copies of Passport (or Singapore IC)
- Proof of residential addresses of Directors, Signatories, and Ultimate Beneficiary Owners.
Document Signing Requirements
Many banks require that the account signatories and majority directors are physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks will accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Other
Many of the banks require a minimum deposit (see the comparison table below for more details) at the time of opening the account.
Once you have incorporated your company in Singapore you will have to consider your banking needs and open a bank account. Opening of a bank account is relatively simple in Singapore. Many of the banks in Singapore, local or international ones, offer great services to ensure clients can easily access their accounts. The comparison chart below provides you with a snapshot of the features available from the banks in Singapore.
To open a bank account you will need the following documents:
- Complete and signed Corporate Account Opening Forms
- Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
- Certified Copy of Certificate of Incorporation
- Certified Copy of Company's Business Profile from ACRA
- Certified Copy of Company's Memorandum and Articles of Association (MAA)
- Certified Copies of Passport (or Singapore IC)
- Proof of residential addresses of Directors, Signatories, and Ultimate Beneficiary Owners.
Document Signing Requirements
Many banks require that the account signatories and majority directors are physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks will accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Other
Many of the banks require a minimum deposit (see the comparison table below for more details) at the time of opening the account.
| DBS | OCBC | Standard Chartered Bank | HSBC | ||||
|---|---|---|---|---|---|---|---|
| Features | Singapore Currency | Foreign Currency | Singapore Currency | Foreign Currency | Singapore Currency | Foreign Currency | Single Multi-currency Account |
| Opening Deposit | S$3,000 | Any Currency that is Equivalent to US$5,000 | S$500 | Any Currency that is Equivalent to US$500 | S$10,000 | Any Currency that is Equivalent to US$5,000 | S$10,000 for Rikvin Clients Only. Otherwise, S$30,000 |
| Minimum Monthly Balance with No Monthly Fees | S$10,000 | Vary with the Type of Currency | S$10,000 | Vary with the Type of Currency | S$10,000 | Vary with the Type of Currency | S$10,000 for Rikvin Clients Only. Otherwise, SDG$30,000 |
| ATM Withdrawal | S$3,000 Daily Limit | S$5,000 Daily Limit | S$2,000 Daily Limit | ||||
| Cheque Book |  |
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| Credit Card | |
Case to Case Basis | Case to Case Basis | ||||
| Internet Banking | |
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| Features /Other Banking Services | |||||||
| Treasury & Markets Services (e.g. bonds, foreign exchange & futures) | |
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| Business Loans | |
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| Accounts Payable Services (e.g. cashier's order, TT &interbank GIRO payment)< | |
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| Trade Finance Services (e.g. letter of credit & bill financing) | |
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