With a number of options available, choosing a corporate account for your business seems a daunting task. Moreover, the requirements for opening a bank account usually depends on the bank, your passport, and the nature of your business. In some instances, any documents and signatures never prove mandatory for Singaporeans and PRs to open a bank account, but normally one will need the following papers:
- Certified copies of the Passports or ICs of all the directors, signatories, and ultimate beneficial owners abbreviated as UBOs that is the actual owners or people who share the profit of the company.
- Residential address proofs of all directors, signatories, and the ultimate beneficial owners when you are applying for a Business Banking Account Singapore seems to be mandatory. These documents should be dated in the period of the last 3 months. For instance, you can use your agreement of tenancy, or any utility bills.
- Certified copy of the Incorporation certificate.
- Duly certified copy of the Business Profile.
- A resolution sanctioned by the Board of Directors regarding the opening of the account.
- Signed Bank account application forms by all signatories.
You should obviously not rush to prepare all the copies. When you look to open bank account in Singapore a majority of banks identify you by your Business Registration Number. They can access some databases and find the required information about your company on their own. This will obviously prevent you from hassles that are usually not required.
How to choose a bank?
Selecting a bank and tariffs are obviously one of the most confusing parts of getting the business up and running. The relieving part is that in Singapore you can locate a majority of the major global banks. If you previously have an account in one of them, it would be certainly easier for you to apply for a new account as you would be an existing customer. Alternatively, you obviously have an option to become a customer of one of the major international and domestic banks located nationwide by opening a CIMB Business Account Singapore.
Foreign banks in Singapore may have stricter requirements for opening a corporate bank account and likely to have greater bank commissions. Nonetheless, HSBC, Citibank, and many other banks may approve signing the documents at one of their foreign branches or in the presence of a notary.