Setting up a Company Bank Account
There are various companies in Singapore, but not all of them are legally registered. Technically, it is illegal to run an unregistered company in Singapore. Other than the registration, you will be needed to open a bank account for your business registration in Singapore. This should be done when the company has been incorporated. Here is a guide to the requirements for setting up a company bank account in Singapore.
Here are the common requirements of opening a bank account, after company incorporation in Singapore;
• A company opening application form from a recognized bank in Singapore.
• A copy of Singapore Passport/RIC and the signatories’, directors’ and beneficial owners’ residential address proof.
• A certified Tre Copy of the Memorandum and Articles of Association, M&AA and the Business Profile from ACRA, of the company.
• A Certified True Copy of the eCertificate of Incorporation. This will prove that your company is incorporated.
• A resolution by the BoD that approves the opening of the account and the appointment of the signatories to that account. You may also use the pre-approved format of the bank, which will only need the appropriate signatures.
For the true copies, they must have certified certification by any of the company’s directors. The Singapore business registration body states that the company’s directors and the signatories of the account must be present physically when signing the vital paperwork. There are some banks that allow the signing of the paperwork at the branches that are overseas. They also allow it in the presence of a Notary Public of that bank.
There are various accounts that are available for companies, after the company incorporation Singapore. The accounts will depend on the minimum balance needed, the closure fees, the initial deposit and other vital aspects.
Here is a look at the common accounts;
• Business Entrepreneur Account. This one is offered by the OCBC and you will need an initial deposit of SGD3000. The monthly minimum balance is SGD8000. Also, this is required to be a minimum of 7 months.
• Entrepreneur’s Account, DBS. This needs an initial start-up of SGD500 and there is an average daily balance of SGD8000 for a minimum of 7 months.
• Current Account, UOB. You will need an initial deposit of SGD1000 and a minimum closing amount of SGD30.
• Business Saver, Standard Chartered. This one is slightly higher, with an initial deposit of SGD30000 and It also has an average daily balance of SGD30000.
These are the most common bank accounts that are available for the companies in Singapore. Nonetheless, they must have been registered and incorporated in order to get the account.