The procedures vary based on the bank, type of business you own, and your passport. Under normal circumstances, you have to produce certain documents to open a bank account. The first one you need is certified copies of the passports/ICs of all stakeholders of the company including signatories and directors, along with all ultimate beneficial owners (UFO) who take the profit of the business.
For opening a business back account, you also have to produce the residential address proofs of signatories, directors, and other UFOs. One thing you need to remember is that all these documents have to be dated within the last 90 days. Documents such as utility or telecommunication bill or tenancy agreement can be submitted.
Another document need is a certified copy of the Certificate of Incorporation. A certified copy of the Company Business Profile needs to be submitted as well. It should be collected from the Registrar of Companies.
What else you need to open a business bank account Singapore? You have to produce resolution by the board of directors of the company. This resolution is a certificate that permits the account opening and account signatories. You have to seek the help of the company secretary to prepare this document. Other documents you need are bank account forms signed by signatories and a certified copy of the company constitution. The company secretary or one of the directors must certify all these documents as true.
Choose a bank carefully
When you open bank account in Singapore, you should choose a bank carefully. The tariff is a very important aspect. You have to do your research before making a choice on bank and tariff. The best thing is that you can come across all leading international banks in Singapore. If you are an account holder in any of these banks, you can find the process of applying for a new business account extremely easy. However, others people have the option of becoming an account holder of around 200 global and domestic banks available in Singapore.
International banks have some rigorous requirements when it comes to opening a business banking account Singapore. You also have to pay higher bank commissions compared to local banks.
The process of opening an account
You can open a business bank account in Singapore. It takes only around 15 minutes. If your company has an increased number of authorized signatories, the process takes it a bit longer. It is because these companies have to conduct an offline meeting with the bank. If you are a foreigner, the process may take a couple of weeks.
If the bank finds your business complex or your company has foreign directors, you have to visit the bank branch or submit the documents in person. It can also be done through a representative. The license or permit to start the business in Singapore needs to be produced while applying for a bank account in Singapore.
The exact duration of opening a business bank account Singapore relies primarily on your native country. Another factor that influences the time frame is the complexity of your business. Whatever might be the situation; the bank will evaluate the reliability of our business by taking its own time.