Bank Account

Opening bank accounts in Singapore

You want to open a bank account to start receiving and spending money for your business.

Singapore has established itself as a reputable financial center that offers to both the local economy and the Asia Pacific region, there are various factors to consider when choosing a corporate bank account beside reputation.

• Local bank or offshore bank
• Initial deposit amount and minimum balance
• Multi-currency accounts
• Investment-linked accounts

Most banks do not charge any account opening fee.

Banks in Singapore

Singapore’s central bank, Monetary Authority of Singapore (MAS), regulates all the financial institutions of Singapore.

At present over 150 banks and deposit-taking institutions, and 45 banks with representative offices in Singapore.

These are the 3 local banks whom we work with:

UOB Bank, DBS Bank and OCBC Bank.

We also work with foreign banks listed below:

Process and Time taken to Open

It may take anything between one to four weeks for the bank account to be opened.

Account signatories and directors are to be physically present for the signing of official documentation at the time of account opening though some banks may have alternative procedures which you will have to check with the bank specifically.

Documents required

You will be required to submit a number of documents before your corporate account is set up. These include:

A resolution by company’s board of directors

A copy of the company’s certificate of incorporation

A copy of the company’s business profile

A copy of company’s Memorandum and Articles of Association (MAA)

Copies of passports or Singapore national identification cards of all the company directors

Proof of residential addresses of the directors and ultimate beneficial owners of the company

Contact us

We can assist you today. Contact us at admin@facassurance.com