After successfully incorporating a company in Singapore, the next thing that you need to do is open a bank account. Just like the registration process, the process of acquiring a bank account for your private company is easy and automated. First, let us look at the primary documents and information that you need to present to your preferred bank.
- Certified True Copy of e-certificate of incorporation (one copy)
- Company account opening application form from an accredited bank in the country
- Certified True Copy of the Company’s Business profile from ACRA
- Copy of Singapore residential address proof of signatories, ultimate beneficial owners, directors and NRIC/Passport
- Certified True Copy of your private company Articles of Association and Memorandum (M&AA)
- Resolution by the Board of Directors approving the appointment of the signatories of the bank account and account opening go ahead.
All true copies that you submit have to be certified by the directors that you indicated in the company registration documents. According to the current law, all the directors of a private company that is already incorporated in the country need to avail them physically to sign the necessary documents at the time of the bank account opening. However, some banks allow directors to sign the documents at their branches that are abroad or in the presence of a Notary public.
There are different types of bank accounts that you can open in Singapore to facilitate your newly incorporate company financial transactions. For example, OCBC Bank has a Business Entrepreneur Account that only requires you to deposit S$3,000 and maintain a monthly minimum balance of S$8,000 from the seventh month. It is imperative to adhere to these requirements to avoid a fall-below fee of S$25 per month. Also, the account can only be terminated within one year since its opening, and a closing fee of S$50 will be incurred.
DBS Bank also offers an Entrepreneur Account that requires S$5,000 initial deposit and an average month balance of at least S$8,000 from the 7th onwards. This account can only be terminated within six months from the date it was opened, and a closing fee of S$50 will be needed.
Virtually all banks in Singapore allow newly incorporated companies to open business accounts. Take time to compare the perks and requirements to make an informed decision. A professional company registration service provider can also guide you through the selection process.