Once you have completed the process of incorporating your company in Singapore, the next step is to open up a business bank account. A bank account for your business will help you to keep your personal finances separate from your business finances. In addition, it will help you to keep your personal funds protected so that you don’t end up misusing the wrong funds.
Read on and learn about Singapore’s corporate banking industry, the processes of opening a business bank account, and how you can find the right financial partner.
Singapore’s banking industry
Singapore has a robust banking industry that makes it the third-largest financial hub in the region, behind Japan and Hong Kong. Singapore is home to 125 banks, 120 of which are foreign banks, and 5 which are locally-incorporated entities. These banks are regulated by the Monetary Authority of Singapore (MAS) which also acts as the country’s central bank.
Documents required
The MAS provides guidelines for banks to identify their clients and conduct due diligence. To open a corporate bank account, banks will request for the following typical documents in line with the MAS guidelines:
- Certified copies of the company’s incorporation certificate as well as Memorandum and Articles of Association
- An extract of minutes to the board meeting in which the board will resolve to open the account with the particular bank
- Proof of the company’s registered address
- A document detailing the company’s business profile
- Identification documents for all the company’s directors nominated signatories and ultimate beneficial owners of the company. This includes copies of national identity cards or passports, passport-size photos, and proof of their residential addresses
It is important to note that different banks will have different requirements. To ensure a smooth and quick incorporation process, you should look for firms that are experienced with the process, such as Ackenting Group. We have aided many businesses in Singapore to successfully incorporate, from small and medium enterprises to multi-national corporations. As a one-stop financial solution for your business needs, we ensure a fast, hassle-free and effective incorporation service without any worries. We also provide other essential financial services, such as tax accounting services and accounting services for your business.
Overall time to open up the bank account
Majority of the time spent on bank account opening is spent on obtaining and verifying the documentation. To avoid any unnecessary delays, your incorporation services provider can collaborate with the banks directly. This way, the overall process will be simpler and quicker.
Narrowing down your choices
While firms offering incorporation services can help you to hasten the account-opening process, you have the final decision on which bank to partner with. Make time to visit different banks and ask the following questions to help you make a better decision:
- How does your bank differentiate itself in dealing with my particular business?
- What products do you have that make financial management simpler for the nature of my business?
- Does your bank have specialised bankers who can understand my area of business?
- How accessible are the bank and the bankers?
- Enquire about their lending policies, or if they have special products and services for newly established businesses
When you work with an incorporation services provider, they can help you to expedite the process of opening a business bank account for your company. However, choosing on a bank still rests with you and the company’s owners. By following the guide above, you too can make the best choice for your business.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
