Every company will need to open a bank account in Singapore for their financial transactions. Various banks operate in Singapore it is better if you can get guidance on which bank you want to choose and what facilities will be available there. This article can help small and medium companies, especially for opening a corporate bank account in Singapore. The service providers can help you with opening your bank account. However, you should know the information concerning different banks in Singapore.
The features of each bank which are mentioned are only for reference purposes. As soon as you have seen the various benefits of each bank you can bring down the list to a couple. You must visit the banks and understand the correct details from them. They will be able to provide you the most updated information about the account and what they offer you.
You must provide certain documents as required by the bank. These are documents that are needed from foreigners who want to open their company account here once the company has been incorporated.
When you are opening a corporate bank account in Singapore many banks will need the presence of the signatories and the directors during signing the documents. Some of the banks will be satisfied with copy documents signed at any of their branches in other countries or certified by a notary public. The other documents that you need to submit will depend on the bank and for each case separately.
Banks in Singapore follow the rules very strictly. This will mean that they must do a complete checking of the background of the company and its signatories before they open a bank account. Singapore has strict policies against money laundering and the banks do their roles very correctly in this matter. The strict checking also helps the banks to protect themselves from any fraudulent activities.
The nation prides itself on being opposed to any kind of terror-funding or other illegal financial transactions. No doubtful transactions will be tolerated by the authorities in Singapore. This means that the companies cannot indulge in any sort of illegal dealings that have no place in the country and won’t be able to do such activities.
The time taken to open a company bank account in Singapore can vary from two weeks to three months. This will depend on how much investigation needs to be conducted into the background of the company officials and the firm. The bank must confirm the credentials and assess the creditworthiness of all entities. If the officials are not physically present it will take longer to open a bank account. Most service providers will request the people to be present physically so that the process is completed quickly.
The services provided by the consultants depend on the company’s constitution and the bank that you are planning to open your bank account. Where the companies have one director from another country and a nominee director provided by the service providers, the consultants will prepare a resolution to open a bank account and get your signature on the account opening form. This can be done free of cost if you sign the documents at their office and the bank is OCBC bank.
When the company has a couple of or more than two foreign directors and one nominee director provided by the consultants or in case of the company having multiple directors, then the resolution for opening a bank account, particularly in the case of OCBC bank, will be done freely. The account opening form can be signed by paying $100 ($107 with GST). The rate depends on which bank you are planning to open the account. The signing will be done when you have signed the resolution and it has been verified. The nominee director or the secretary must be authorized for signing the documents.
If the client is opening the bank account on their own without taking the assistance of the service provider, then they should deposit one copy of the account opening form along with other documents with them so that they can use it for their records or other official purposes. At least one director other than the nominee director should be physically present for the account opening.
Clients who are opening a bank account without the assistance of the service provider can also avail of their services. The consultant can send the nominee director or the secretary to the bank for signing the bank documents. The consultant will normally charge visiting fees for this. It could be around $250 ($267.50 with GST) for each visit.
The consultants will sign copies of documents to open an account in the bank like copies of passports or NRIC for a fee. The originals of the documents should be presented for this purpose. The persons to whom these documents relate to must also be present. In the case of corporate shareholders, the copy of the registration certificates of the shareholding company must be certified by a notary public, lawyer or an accountant. The service providers will also certify the documents at an extra fee, and the local director of the company must also sign on the copies.
Some consultants provide free service to open an account in the bank for certain selected banks if you use their incorporation services.
The features and other details of certain important banks are given below for your information. However, you must check with the banks for accuracy and updated information.
Other banks have different requirements and banking facilities which can be known from consultants if you require.