In general, banks in Singapore require you to have the following items in order to open a corporate bank account for your Singapore-incorporated company:

·        A resolution by the board of directors approving the opening of the account and specifying the signatories to the account. Alternatively, the board can use the pre-approved format prescribed by a bank that simply requires the signatures of the directors.

·        Standard account-opening forms signed by the abovementioned authorised signatories

·        Copy of the Certificate of Incorporation

·        Copy of Company’s Business Profile from ACRA

·        Copy of Company’s Memorandum and Articles of Association (MAA)

·        Copies of passports (or Singapore national identification cards) and proofs of residential addresses for directors, signatories, and ultimate beneficial owners.

·        Copy of Certificate of Incumbency of the holding company (applicable for corporate shareholder only) 

In addition, the banks may require additional documents on a case-by-case basis. Please be forewarned that all banks in Singapore must comply with stringent laws and regulations. They, therefore, will carry out a comprehensive series of checks and investigations on their potential clients before opening a new account for a company. This is not only to safeguard their risks against any potential default, but also are a part of their regulatory compliance and stringent anti-money-laundering policies.

This information was useful?