Typical requirements include:
- Company registration documents (e.g., ACRA BizFile)
- Identification documents of directors, shareholders, and authorised signatories
- Completed application form and relevant documents, as required by the bank
The process can take anywhere from a few days to a few weeks, depending on the bank and the complexity of the application. Engaging a service provider like Excellence Singapore can streamline the process and save time.
Yes, foreigners can open a corporate bank account in Singapore. However, some banks may require the foreigner to have a local presence, such as a local director or a local registered office.
Some banks may require at least one of the authorised signatories to be present for account opening. However, many banks now offer online account opening services or accept documents via courier, so it is possible to open an account without being physically present in Singapore. Please check with us.
Banks in Singapore offer a wide range of business bank accounts, including current accounts, savings accounts, multi-currency accounts, and merchant accounts. These can cater to various business needs, such as payroll, cash management, and transactional requirements.
Fees vary between banks and can include account maintenance fees, transaction fees, wire transfer fees, and other service fees. Service providers can help you compare bank offerings and identify the most suitable account for your business needs.
Yes, you can switch banks if you are not satisfied with their services. However, you’ll need to go through the account opening process again and may incur additional fees.
Most banks in Singapore offer online banking platforms, allowing you to manage your account, make payments, and monitor transactions from anywhere in the world.
Singapore has a robust and well-regulated banking system. The Monetary Authority of Singapore (MAS) is the country’s central bank and financial regulatory authority, ensuring the stability and security of the financial sector.
A service provider can assist in the account opening process by guiding you through the requirements, helping you choose the right bank, preparing and submitting the necessary documentation, and liaising with the bank on your behalf. This can save you time and help ensure a smooth account opening experience.
