FAQ on Corporate Bank Accounts

1. Is it easy to open a corporate bank account in Singapore?
2. What are the documents required to open an accounts?
3. When should I pay my opening (initial) balance and to whom?
4. Which bank can I open a corporate account within Singapore?
5. What are the requirements for opening a bank account? Do I need to be present of opening an account?
6. How long does it take to open a bank account?
7. Can I open a multi-currency account?
8. Can the bank account be opened before the company is Setup? If not, how soon after incorporating the company can I open the bank account?
9. Are there any restrictions to move funds between my home country and Singapore?

Answers

1. Is it easy to open a corporate bank account in Singapore?

   Once you have incorporated your Singapore Company, opening a Singapore corporate bank account will invariably be approved. Singapore welcomes all genuine business setup. Usually the bank will conduct their due diligence (often called “Know Your Client” due diligence) on the proposed activities of the company as well as the background of the principals involved. There is no reason for the Bank to object the opening of your bank account unless they suspect that you are not a:

   • Bonefide client
   • Your business activity is not supported by the bank i.e. Gambling, e Funds etc.
   • You are involved in money laundering
   • You have personal history of past bad records

   Under normal circumstances, there should not be any problem with opening the corporate bank account for a Singapore company.

2. What are the documents required to open an accounts?

   They will require the company M&A, and the incorporation certificate. Some banks however may require further documentation such as bank reference and proof of residence.

3. When should I pay my opening (initial) balance and to whom?

   The opening balance has to be credited directly to your bank account after the account has been opened and fully activated.

4. Which bank can I open a corporate account within Singapore?

   Singapore has an excellent and varied choices of well-reputed local and international banks for opening corporate accounts.

   Standard Chartered (www.standardchartered.com.sg)
   HSBC (www.hsbc.com.sg)
   Citibank (www.citibank.com.sg)
   DBS (www.dbs.com.sg)
   UOB www.uob.com.sg
   Maybank

5. What are the requirements for opening a bank account? Do I need to be present of opening an account?

   The specific requirements for opening a bank account vary from bank to bank. Most of the banks require that the bank signatories to be personally present for the opening of the bank account. Due to our close working relationship with some banks it enables us to handle the account opening paperwork without the presence of the client coming to in Singapore.

6. How long does it take to open a bank account?

   Depending upon the bank, it may take from one day to few weeks.

7. Can I open a multi-currency account?

   Yes most bank in Singapore will allow you to open multi-currency account or different accounts for different currencies.

8. Can the bank account be opened before the company is Setup? If not, how soon after incorporating the company can I open the bank account?

   The bank account can only be opened once the company has been incorporated. We will prepare the necessary Bank account documents required immediately for opening of the bank account with the bank of your choice.

9. Are there any restrictions to move funds between my home country and Singapore?

   There are no restrictions for moving funds in and out of Singapore. You should check with a qualified professional in your home country regarding the rules and regulations in your home country there, if any.