Singapore strives as an international financial hub and boasts great banking facilities. Several reputable international banks have a branch located in Singapore, including BNP Paribas, Standard Chartered, Bank of India, JP Morgan Chase, Citibank, HSBC, and Bank of America. Singapore’s local banks, including DBS, OCBC and UOB, are also highly respected. Opening a corporate bank account in Singapore can be executed with smooth procedures. Following is some information on opening corporate bank accounts in Singapore.
Banking in Singapore is controlled and regulated by certain rules and regulations. The regulatory body that governs these rules is the Monetary Authority of Singapore. Opening an account with a bank in Singapore will have certain requirements, which can slightly from bank to bank. However there are common requirements that most, if not all, banks in Singapore adhere to having.
For those that are interested in operating with multiple currencies, they can open one corporate account in a Singapore bank. Another option for people that wish to handle multiple currencies without being restricted to having one account is to open one account for each currency. For example, United States dollars can have their own account while Mexican pesos can be in a separate account. However it is important to note that banking with foreign currencies may lead to some restrictions in the countries of each currency. For instance, transferring United States dollar funds into or out of a corporate bank account in a Singapore bank may not have restrictions in Singapore, but it may have restrictions in the Unites States. Knowing the rules and regulations for banks of both the countries is vital.
Furthermore, people with a bank account in Singapore can benefit from banking versatility. Funds can be withdrawn from the bank and deposited into the bank with few restrictions.
To open a Singapore corporate bank account, certain documents are required if it is being opened offshore. Such documents include signed corporate bank account opening forms and a resolution by the board of directors that must be filled out by the company stating that it is allowing the account to be opened and that the signatories will be the persons to operate the account.
Other required documents can include:
(i) A certified copy of the company’s certificate of incorporation
(ii) A certified copy of a memorandum,
(iii) Articles of association from the company,
(iv) Passports and proof of residence belonging to the entrepreneur opening the corporate bank account,
(v) A business profile (this may be optional at some banks).
Although the documents required to open a corporate bank account may seem overwhelming, Singapore’s efficient and developed banking center makes it relatively easy to open a corporate bank account in Singapore.