I. Opening of Bank Account for Singapore Companies
When you engage Rikvin to set up your business, we can also arrange for bankers to attend to the opening of your bank account at our office after we have completed incorporating your company in Singapore with ACRA. In just a couple of hours, you will have your new company and corporate bank account ready for operations!
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.
II. Opening of Bank Account for Offshore Companies in Singapore
The bank account opening procedure and the requirements are the same as for Singapore companies except that more extensive Know Your Client (KYC) due diligence process is required prior to opening a bank account.
The common information that the banks would require are:
- Proposed business activities and customers,
- Source of funds,
- Anticipated annual turnover,
- Size of transactions,
- Detailed background of the beneficiaries,
- Bank reference letters, and
- Proof of beneficial ownership, etc.
Some banks may also require you to provide Certificate of Incumbency and Certificate of Good Standing for your offshore company.
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.
The approval for offshore accounts is done on a case-by-case basis. Due to our excellent banking relationships with most of the international and local banks based in Singapore, Rikvin can assist you in setting up a corporate bank account quickly and easily.
III. Opening a Personal Bank Account
Opening a personal bank account in Singapore is easy. Singapore citizens, permanent residents, Work Pass holders (Employment Pass/EntrePass/Dependent’s Pass) and foreigners can open a personal bank account in Singapore.
To open your Singapore personal bank account, Singapore citizens and permanent residents need to submit the following documents:
- Account Opening Application Form
- A copy of the Identification Card (IC)
- Proof of residential address
For foreigners, Entrepass /Employment Pass/Dependant’s Pass/S Pass holders, and other work passes, the following documents are required:
- Account Opening Application Form
- Passport
- Work Permit (not applicable to foreigners)
- Proof of residential address
