Your Easy Guide to Opening a Bank Account in Singapore

Your Easy Guide to Opening a Bank Account in Singapore

Opening a bank account in Singapore has never been easy. The country’s business-friendly atmosphere and welcoming policies make it an ideal place to do business. You can’t have a business without opening a business account in Singapore. We’ll help you get your business started by telling you what you need and giving a list of the banks that you can transact with.

Requirements for Opening a Bank Account in Singapore

Opening a bank account in Singapore requires two main things:

  1. Being physically present in the country
  2. Having all the company documents required for opening the bank account.

Being Physically Present

Most banks in Singapore require you to be present when submitting the necessary requirements and signing bank documents. Banks also require some of your majority directors to be with you as well.

Though some will let you open a bank account through an overseas branch they have near you. Or, you could also look for banks that allow you to open a bank account in front of a Notary Public.

Why do you need to be physically present?

Opening a business bank account or any bank account for that matter is a transaction between you and the bank. The bank needs to check if you are who you say you are. If you are trustworthy. If you’re a criminal or someone who’s not worth doing business with. In short, the banks need to see you for financial needs and security.

Requirements for Opening your Bank Account in Singapore

  • Corporate account forms – which are completed and signed by you, as the company owner.
  • Resolution from your Board of Directors – with a sanction that allows for the opening of the bank account. These need to be signed. You can have your company secretary prepare these.
  • A True Certified Copy of a Resolution that allows you to open a bank account – do note that each bank has their own format. If the bank you choose has their own format, then all you need to do is sign it.
  • A True Certified Copy of Your Business’s Company profile – you can ask this from your company secretary. Your business company profile has to be certified by your company secretary and one of your directors(if you have one).
  • A True Certified Copy of Your Business’s Memorandum of Articles – this is applicable if you have a company, if not then you can skip this. Like your Business Profile, this must also be certified by your company secretary and one of your directors.
  • Your Certificate of Incorporation – these must be a certified true copy.
  • Copies of Your Passport – which must be certified true copies.
  • Residential Address of your Directors and other signatories – if you are already living in Singapore you just need to bring the original document and your chosen bank will create a photocopy.

Choosing Your Bank

Opening a bank account in Singapore requires you to check the business bank account types that banks offer. Read their policies and guidelines before you do a business account opening. Choose which bank suits your preferences and needs, to help you decide we’ll give you some examples of Local and International banks present in Singapore.

Local Banks

The Development Bank of Singapore (DBS) DBS requires you to be present along with your signatories for a face to face interview, but they also offer online applications. You can submit the required documents online and if the bank allows you can skip the face to face interview and just do it online. Skype, Facetime or phone call interviews are upon the discretion of the bank. For enquiries about the services they offer visit their website DBS.com

Oversea-Chinese Banking Corporation (OCBC) OCBC does not allow online applications. You need to be physically present in opening a business bank account with them. There are instances when you can bypass the whole face to face interview, but again same with DBS this is up to the bank’s discretion. For enquiries about their account types and offers, you can visit their site OCBC.com

United Overseas Bank (UOB) Similar to OCBC and DBS, UOB would require you to be present when opening a bank account in Singapore. For more enquiries about their services you can visit their website UOB.com.sg.

International Banks

Singapore also has international banks that offer a company bank account. If you already have an account with any of these banks, then you can set up a business bank account more efficiently.

  • HSBC (Hongkong and Shanghai Banking Corporation)
  • State Bank of India
  • Barclays Bank
  • Bank of America
  • Bank of Tokyo-Mitsubishi UFJ
  • Calyon
  • Australia and New Zealand Banking Group

Conclusion

Opening a bank account in Singapore is easy, so long as you have all the requirements and the time to personally go to your chosen bank. And the good news is, with Singapore you don’t have to worry about language barriers because all banks use English as their medium of communication.