How to open a corporate bank account in Singapore?
We can help with that, and you have the option over 128 commercial banks, 31 merchant banks and 604 capital markets services license holders to choose from, but we will need:
- copies of the passports or Singapore national identification cards
- proof of residential addresses of the directors
- proof of residential addresses of ultimate beneficial owners
- a resolution by company’s board sanctioning the bank account opening
- copy of the certificate of incorporation issued by ACRA
- copy of company’s MAA
- copy of the business profile
What banks can I open the corporate account with in Singapore?
You have the option over 128 commercial banks, 31 merchant banks and 604 capital markets services license holders to choose from including some of the big names such as Standard Chartered Bank, HSBC, DBS, UOB, and Citibank.Your physical presence may be needed depending on the specific bank of your choice. Often a corporate bank account can be opened without your physical presence; however this is usually established on a case-by-case basis. But do remember, a corporate bank account can only be opened after Singapore company incorporation is completed.
Can I open a multi-currency bank account in Singapore?
Yes, but this will depend on your choice of bank and the specific account chosen.
Are there any restrictions regarding moving funds between Singapore and overseas?
No, funds can be moved freely for legitimate business purposes and there are no exchange controls in Singapore.