This article provides a summary of the benefits of Singapore offshore banking and the requirements for opening a Singapore corporate bank account.
How to Open a Singapore Corporate Bank Account?
It is difficult to open a Singapore corporate bank account and maintain it effectively. Most of the
reputed international banks have branches in Singapore. All the banks operating in Singapore are
regulated and controlled by the rules of the Monetary Authority of Singapore. The exact
requirements for opening a Singapore corporate bank account are normally different for each bank.
Still, certain factors are common to all banks.
Majority of Singapore banks allow the opening of a single corporate bank account for multi-currency
operations. However, the company can also open different corporate bank accounts for each
currency that it desires to operate. Moving of funds into or out of Singapore bank accounts is not a
restricted process. However, the company that plans to open a Singapore corporate bank account
should take into consideration the rules and regulations of the country in which the company is
incorporated, so that transferring funds into the Singapore bank account or out of that account to
the home country does not face any undue problems.
The three major banks of Singapore are Development Bank of Singapore or DBS, Overseas
Chinese Banking Corporation or OCBC and United Overseas Bank or UOB. Some of the leading
foreign banks operating in Singapore are BNP Paribas, Citibank, Standard Chartered, HSBC, Bank
of India, Bank of America, JP Morgan Chase and Sumitomo Mitsui Banking Corporation. Our
preferred corporate bank account is with Standard Chartered bank.
The following documents are generally necessary to open an offshore Singapore corporate bank
? Corporate account opening form duly filled up and signed by company authorised
? Resolution of the Board of Directors of the company permitting the account opening and
stating the signatories that will operate the bank account
? Certified copy of the company?s certificate of incorporation
? Certified copy of the memorandum and articles of association of the company
? Certified copies of passport of the signatories of the bank account
? Details of proof of residence of all the directors, the signatories of the bank account and
ultimate beneficiary owners
? If possible, certified copy of the business profile of the company from ACRA
Opening of a Singapore corporate bank account will be easier if all the above documents are
submitted in person by the signatories. If all the signatories to the bank account opening are
present at the time of opening the account, the account opening can be completed in a day or two.
Otherwise, it can take a few weeks to complete the formalities.
Healy Consultants is a leading corporate services firm that assists entrepreneurs and investors
with Singapore company incorporation and offshore corporate banking. The firm provides a range
of services for Singapore offshore banking, including opening Singapore corporate bank
accounts. More information on company incorporation can be found by visiting