Corporate Bank Account Opening Services
Singapore Corporate Bank Account Opening Service Introduction:
We provide comprehensive corporate bank account opening services to help Singapore companies successfully open bank accounts in Singapore. Whether you are an SME or a multinational corporation, our professional team will provide you with full guidance to ensure an efficient and compliant account opening process.
Singapore Corporate Bank Account Opening Requirements
Opening a corporate bank account in Singapore is a key step for legitimate operations. Banks typically require businesses to provide the following documents:
- Board Resolution: Approving the account opening and designating account signatories, or using pre-approved forms provided by the bank.
- Account Opening Form Signature: The bank's standard account opening forms signed by designated account signatories.
- Company Registration Documents: Including company registration certificate, ACRA company profile, company constitution, etc.
- Director and Beneficiary Documents: All directors, signatories, and ultimate beneficial owners must provide passports (or Singapore identity cards) and proof of address.
- Certificate of Incumbency: If applicable, to prove the legal representative status of company signatories.
- Other Business Operation Documents: Such as contracts, invoices, office lease agreements, etc.
Bank Selection
We recommend Singapore's three major local banks—DBS, UOB, and OCBC—which offer extensive business services and financial products, particularly suitable for locally and internationally operating enterprises. Additionally, we also support Chinese banks such as Bank of China, which are suitable for enterprises with long-term cooperation with Chinese banks, expediting the account opening process.
Account Opening Process and Timeline
Banks typically require at least one director to be physically present in Singapore to sign account opening documents. However, some banks accept overseas branch signing or notarized signing methods. Processing time varies depending on specific circumstances, usually taking several weeks to three months. Once all documentation and due diligence are completed, the account can be opened.
Due Diligence and Anti-Money Laundering Regulations
Singapore banks strictly comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legal requirements. Before opening an account, banks will conduct due diligence on the company to ensure that submitted business proofs and account opening documents are authentic and valid. If any risks or false information are discovered, banks have the right to freeze or close the account.
Virtual Bank Account Services
In addition to traditional bank accounts, we also provide virtual bank account opening services through fintech companies such as Airwallex and Aspire. These accounts facilitate global business operations for enterprises, supporting multiple currencies and online management.
Major Banks' Account Opening Requirements
UOB
- Initial deposit requirement: SGD 1,000
- Provides online banking services and debit cards
DBS Bank
- SGD account initial deposit: SGD 3,000
- At least one director must be present for account opening
OCBC Bank
- Initial deposit requirement: SGD 3,000
- Directors must be present for account opening
Other Banks (such as SBI, Standard Chartered Bank, HSBC)
- Account opening requirements and fees vary by bank. Please contact us for more specific information.
Complete Service Support
We provide one-stop bank account opening services for clients, including preparing board resolutions, scheduling bank appointments, assisting with document signing, etc. If you choose our nominee director services, we will also assist with bank document signing and verification to ensure a smooth and worry-free account opening process.
Our professional team can provide you with the highest quality services and solutions. Welcome to contact us for more details.
