Starting a new company requires you to opening company bank account in Singapore. Well, if you are new to the country, then it is important that you know about the correct procedure for opening a bank account. We will walk you through the process in a few easy steps.
After you have successfully set up your company in Singapore, you obviously need a corporate bank account to take your business forward. You can apply online for opening a company bank account. An officer will get in touch with you to assist you with opening a company account.
Things you need to have for opening a company bank account in Singapore
An approval from the Board of Directors of your company that specifies the signatories to the account.
Account opening forms duly signed by the Board of Directors and other relevant authorities.
- A copy of the Incorporation Certificate.
- A copy of the business profile of the company.
- Copies of residential proof and passports of the signatories.
- A copy of the MAA (Memorandum and Articles of Association).
- A certificate of Incumbency that will make sure that the signatories are authorized to make transactions on behalf of the company.
You need to be physically present in Singapore for opening a company bank account. However, in some cases, the banks might consider the documents signed in the presence of a notary or in any of their overseas branches.
How much time does it require to open a corporate bank account in Singapore?
It can take between three weeks and three months to open a corporate bank account in Singapore. It takes a longer time to process the opening of your new account if you are not physically present.
This is because most banks follow some strict norms to comply with safety regulations. They may perform several investigations on your company before letting you open an account. The bank makes sure to take all the necessary precautions against any default of loans. Moreover, the government is also committed to stopping funding for terrorism and other dubious activities. So if you don’t have all the documents in place, it might not be easy to open a company account in Singapore.
It is better to be physically present when you are opening your first company bank account. This makes the process easier, smoother, and faster. However, if you cannot be present, make sure that you send them all the required documents so that there is no delay. So why are you waiting? Take your business forward by opening a company bank account in Singapore today.
For any help or query related to opening a bank accounting in Singapore, get in touch with the team of 3E Accounting who will help you. 3E Accounting also offers Singapore incorporation services