Incorporate Singapore Company
When opening a bank account in Singapore, companies that are registered in Singapore are given priority. The company does not necessarily have to be situated in Singapore, as Singapore's government and banks accept companies with offshore operations. Chinese entrepreneurs with companies registered in Singapore need only find a Singaporean corporate services provider to apply to open a bank account in Singapore!
In addition to Singapore-registered companies, Singapore banks also accept companies that are registered in common law jurisdictions, such as the UK, Hong Kong, BVI, Cayman Islands, etc.
Note: Local banks in Singapore do not accept direct applications for account opening from mainland Chinese enterprises, as the difference in company law between the two places is too great to be reasonably controlled.
The Process
1. Choose your preferred bank
2. Secretary helps
with the documents
The top 3 Local Banks in Singapore are OCBC, UOB and DBS.. Local banks offer more comprehensive and advantageous services, which not only make it easier to use your bank account but also make it easier to access further financial services, discounts, loans and more.
For companies with a background in mainland China, they can also choose branches of Chinese banks in Singapore, such as the Singapore branches of Bank of China and Agricultural Bank of China..
In particular, companies in mainland China already have a long-standing relationship with banks in the country, which can lessen examination time and improve account opening efficiencyThe bank needs to be chosen based on the latest requirements of the bank and the current situation of the business.
3. Submit files for Bank Review
Special Reminder***
The information provided to open an account, including business references, must be correct. Banks' due diligence regulations are becoming more stringent in case of involvement in fraud or identifiable risks.Banks will freeze or close accounts, which can cause unnecessary problems for the business.This will hurt the personal creditworthiness of the directors and shareholders
The secretary schedules an appointment with the bank and prepares required documents, including:
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Passports or IDs of directors and shareholders, plus proof of address (e.g., recent utility or phone bills).
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Company documents such as the certificate of registration, articles of association, latest audit report, and records of company changes.
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For island companies, a current agent certification letter or incumbency certificate.
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Business-related documents showing the company’s operations and transactions, such as sales/purchase contracts, details of major suppliers and customers, and expected annual turnover and account activity.
4. Witness Signature
**All originals may be witnessed by:**
Banking Officer
Company Secretary
Registered Lawyer
Certified Public Accountant
5. Process time (2-4 weeks)
The authorized signatory receives an email notification from the bank after successful account opening and activates eBanking
Receive your checkbook in 1-2 more weeks
**Please make the minimum deposit within 3 working days after the account is opened, otherwise, the bank has the right to close the company's account**