Which Banks are Most Recommended for Easy Account Opening in SG?
– Photocopy of ACRA’s company profile.
– Photocopy of the Memorandum and Articles of Association (MAA)
– Photocopies of passports (or Singapore Identity Cards) and proof of address for all directors, signatories, and ultimate beneficiaries.
– Photocopy of the Directors’ Certificate of Incumbency (for shareholders of the company only). A director’s certificate of incumbency is an official document that lists the active directors and occupations of an organization and the positions held by each of them to confirm the identity of the signatories of the company and to prove that they are entitled to carry out legally binding activities on behalf of the company.
Most banks require the signatories to the account and the directors of the company to be present at the bank in Singapore to sign the official account opening documents. However, some banks are able to accept signatures at their overseas branches or notarised by a witness. In addition, banks may require companies to submit additional documents depending on the circumstances of each case.
All Singapore banks are required to comply with strict legal requirements. Therefore, before opening a new account for a company, the bank will conduct a thorough check and investigation on the potential customer. This is not only to safeguard risk but also to comply with strict regulations as part of the anti-money laundering policy – you should be aware that Singapore takes the fight against financial terrorism and other illegal or illicit trading activities or suspicious activities very seriously. Therefore, companies involved in unscrupulous activities do not have easy access to current accounts.
Depending on the amount of investigation undertaken to determine the identity and/or credibility of the company’s directors, secretary, and the company itself, it may take a few weeks to three months to open a new company bank account. Where no one is physically present in Singapore, it may take longer to process the opening of the account.
Finally, we strongly recommend that you visit Singapore in person to complete the company bank account opening process in order to avoid delays. The bank always reserves the right to require the beneficiary to be physically present at the bank before the application is approved.
You may ask, what are all the Singapore banks to choose from?
Initial deposit of S$3,000 for Singapore accounts and US$1,000 for USD accounts- A minimum of 1 director and bank signatory must be present at a DBS branch to open the account.- Local directors and foreign directors can open their accounts at separate DBS branches.
– On-line banking is available.
– Transfer cards or ATM withdrawal cards are available.
– A full assessment of the company will be carried out by DBS Bank staff. High rejection rate for newly established foreign companies. (Unless the holder of the company has a good relationship with the bank.)
– Initial deposit is $2,000 for Singapore accounts and $5,000 for USD accounts.- A $20 service charge will be levied if the average monthly balance of the account is below S$2,000 and US$5,000.- The annual reclaim fee is $50.
– Online banking services are available for statement viewing only.
– Transfer cards or ATM withdrawal cards are available.
– ATM cards are available.
– To open a corporate account with HSBC, the initial deposit is $100,000. The monthly balance requirement is also $100,000. An estimated annual turnover of US$3 million is required.- It is recommended that you have an office in Singapore and 3 years of business experience before opening an account with HSBC.- The rejection rate for small start-up companies is high.
e. Customers can seamlessly integrate with global platforms such as Shopify, eBay, Amazon, PayPal, etc.
e. Customers can use the Paynow function