Opening a Corporate Bank Account for a Private Limited Company
A corporate bank account allows you to keep your business expenses separate from your personal savings and also helps you track your business cash flows, which will come in handy when filing taxes.
Requirements
In general, most banks have the following requirements.
1) Account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account.
Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.
2) Supporting documents needed:
Completed Corporate Account Opening Forms
Signed by authorised signatories as per the board resolution
Board of Directors Resolution
Sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)
Certified True Copy of Resolution
Sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
Certified True Copy of Certificate of Incorporation
Must be certified by the company secretary or one of the directors
Certified True Copy of Company’s Business Profile from ACRA
Must be certified by the company secretary or one of the directors
Certified True Copy of Company’s Constitution
Must be certified by the company secretary or one of the directors
Certified True Copies of Passport (or Singapore IC) and Proof of Residential Address of the Directors, Signatories, and Ultimate Beneficiary Owners
If you are in Singapore, just bring the originals and the bank will make a copy
Some banks may require additional documents on a case-by-case basis.
Banking
MAS regulates and supervises over 150 deposit-taking institutions in Singapore. Deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies.
Click on the bank of your choice to learn about opening an account on their website.
Local Bank
Qualifying Full Bank
Full Bank
Opening a Corporate Bank Account
Starting a Business in Singapore
Setting up your business in Singapore? Bestar offers essential support to international companies looking to expand their business in Singapore.
We have resources and tools to help you build your business. We provide comprehensive investor support and ensure a first-rate pro-business support, all in one place. Our people are geared to assist you in navigating the setting up of a business in Singapore, through ongoing statutory compliance, financial reporting and tax advisory.
You can contact Bestar for free advice.
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