How can Foreigner Open a Bank Account in Singapore?

Singapore is one of the most desirable places in the world to live. Foreigners from all walks of life desire to study, work, invest and retire in this country. This is because it is financially prosperous, has a wide range of business opportunities, and has a fantastic climate.

As soon as your company has been incorporated, you will need to open a corporate bank account in Singapore in order to facilitate your business operations. Most Singaporean banks offer many attractive features, such as credit cards, the freedom to move funds between countries, multi-currency accounts, trade financing, and more.

Corporate bank account opening in Singapore is a relatively straightforward process. Let's take a closer look at what's involved in opening a corporate bank account in Singapore:

Requirements for Singapore bank account opening

As a result, the following guide will provide you with the basic information and documents that most banks will require upfront for review:

The following documents are required to open a corporate bank account in Singapore:

1. For foreign applicants, visa documents and passports are required.
2. Application form for a bank
3. A power of attorney should be provided as proof that the company representative represents the company.
4. Copies of the director's certificate to prove that they are starting a business in Singapore
5. Shareholders' and directors' resolution regarding the firm's launch
6. Proof of address of the business owners or directors
7. The firm's Articles of Association and Memorandum of Association
8. Certificate of incorporation of the company
9. A resolution must be passed to establish the business account to begin business transactions. The resolution should include the account signatories and be initiated during a board meeting. The company's secretary has signed and licensed a copy of this resolution.
10. A copy of the company's constitution
11. All signatories to the account have reviewed and signed the bank account form.
12. Last but not least, the bank may require additional documents.

These documents should be certified by the company secretary or a director.

Steps for opening a corporate bank account in Singapore are as follows:

1. Select the bank that best meets your needs to open an account.
2. Fill out an application in person or online at the bank. It is recommended that you go in person to the bank since some banks require the presence of the director(s) and authorized signatory(s).
3. All required documents must be submitted with a minimum deposit.
4. The bank will review your documents.
5. As soon as the bank has reviewed your documents, it will approve your application and open an account for you.

How much money do I need when opening a corporate bank account in Singapore?

When opening a new bank account, some banks will charge an opening fee, and others will not. So, compared to foreign banks, local banks have a lower setup fee or may not charge a fee. There may be additional charges for extra services, such as internet banking or multi-currency. A minimum deposit is also required when opening an account.

What is the expected time frame for opening a corporate bank account?

Opening an account with a corporate bank can take as little as one day or as long as several weeks, as you may already know. This partly depends on the time the banks take to verify the information.

If proper documentation is provided, the process should be seamless. The physical presence of directors and other individuals authorized to sign at the opening of an account can also ensure the earliest possible delays.

In order to determine the client’s risk profile, a variety of factors will be considered by banks, such as the legal structure of the business, the background of the promoters, the nature and geography of the business activities, representative clients, and suppliers, as well as transaction profiles.

A successful account opening depends on your ability to provide the bank with the necessary information in a comprehensive manner.

Conclusion

As long as the applicant has collected all the necessary documents, opening a Singapore corporate bank account is easy, and the application can be submitted either offline or electronically.

If you are interested in opening a corporate bank account in Singapore, you should contact our experts at Relin Consultants to receive assistance.