Guide to Opening a Corporate Bank Account in Singapore

 Here is an overview of the requirements for opening an account and to assist you in selecting a bank that best meets your company's banking needs. This guide focuses on the banking requirements of small to medium-sized businesses.

There are 28 foreign full banks, 55 wholesale banks, and 37 offshore banks among the 120 foreign banks. The banking groups - Development Bank of Singapore (DBS), United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation - own the five locally incorporated entities (OCBC). In addition, Standard Chartered Bank, HSBC, Citibank, and ABN AMRO are among the prominent foreign banks present. Aspire, a locally incorporated Neobank is also worth mentioning.

Requirements to open a bank in Singapore

Most banks in Singapore have the following requirements for opening a corporate bank account:

1. Many banks require the account signatories and majority shareholders to be physically present in Singapore for paperwork signing when the company bank account is opened. Some banks will accept document signing only at one of their overseas branches or in front of a Notary Public.
2. Typically, banks would require the following documents. However, the bank may request additional documents on an individual basis.

• Forms for Opening Corporate Accounts (signed by authorized signatories as per the board resolution)
• A board of directors resolution copy of the company's certificate of incorporation

• Duplicate of the company's business profile duplicate of the company's Memorandum and Articles of Association (MAA)
• Copies of all company directors' passports or Singapore national identification cards
• Proof of the directors' and company's ultimate beneficial owners' residential addresses.

The company secretary or one of the company directors must "Certify True" copies of documents. Furthermore, the concerned bank may request original documents and additional documents for verification.

Notably, some Singapore banking systems require account signatories and directors to be physically present to sign official documentation when account opening. However, other banks may accept documents signed in person at one of their overseas branches or before a notary public. Whatever the case, all banks in Singapore follow stringent laws and regulations and conduct a thorough series of checks and investigations on their potential clients before opening a new corporate account.

Types of Bank Accounts in Singapore

A business can open a Singapore dollar or foreign currency account because most banks in the city-state offer multi-currency accounts. The type of account may be determined by the nature of the company's business.

A foreign currency or multi-currency account is required for trading companies and companies with significant overseas transactions. Please keep in mind that the minimum balance amount will vary depending on the bank and account type. However, the minimum balance requirement and bank charges for international banks are generally higher.

Conclusion

Singapore is home to nearly all of the major banks in the world. As long as the required paperwork is presented and the banks are pleased with the information provided for the purposes of their internal due diligence, they will typically be happy to open a corporate bank account for any firm (whether Singapore-based or offshore).