Singapore takes pride in being a truly business-friendly destination for entrepreneurs. With just a few hassle-free steps, one can easily start a business in the Lion City and take advantage of the bevy of opportunities it offers. One of the steps that new business owners are required to do is opening a corporate bank account, which should be done with accuracy and efficiency. It is for this reason that most business owners opt to consult a company formation services to ensure that the process can be expedited with no room for mistakes.
After incorporation, opening a corporate bank account is an important step that a new company needs to complete before business operations start. New businesses can choose from a number of commercial banks in Singapore, offering a myriad of financial products and services that suit businesses of all shapes and sizes. Whilst opening one is a quick and simple process, it can be quite a challenge for any new business owner, especially since there are some tasks that are legal in nature. To ensure proper guidance, new entrepreneurs are encouraged to seek consultation with a reputable company setup service provider in Singapore.
Newly incorporated companies are required to meet the following requirements when setting up a corporate bank account for their business in Singapore:
- Basic documentation, which comprises of:
- Accomplished corporate account opening forms (complete with signatures from authorised signatories)
- Written resolution by the Board of Directors that approves the opening of the corporate bank account (certified true copy)
- Certificate of Incorporation (certified true copy)
- Company Business Profile/Official Company Register naming the current directors and the company’s shareholders (certified true copy)
- Company Memorandum and Articles of Association (certified true copy)
- Proof of residential addresses of company directors and ultimate beneficiary owners of the company
- Copies of NRIC/Passport (or Singapore IC) of the company directors/account signatories
- Minimum deposit
- The physical presence of the company directors and account signatories for the signing of necessary paperwork. There are banks that allow the signing of paperwork at their overseas branches or in the presence of a notary public, if it’s impossible for the signatories to be present.
Some banks may ask for additional documentation depending on the status of the business. These documents may be prepared by the company secretary, with the exception of the corporate account opening forms and the minimum deposit.
New business owners have a choice from a number of local and international banks operating in the Lion City. The one to partner with depends on what your business requires. The whole process may take one to four weeks, depending on the completion of documentation and verification.
Tips for Hassle-free Corporate Bank Account Opening
Selecting which bank suits your business best can be confusing, so keep in mind these useful tips when choosing which financial institution you should open a corporate bank account with.
- Research about the bank’s reputation and expertise
Choose a bank with good creditworthiness, international presence, and confidentiality standard that is second to none. Research about the bank’s area of specialisation, niche expertise, and product and service offerings to make sure that it will serve your banking needs according to your requirements. Solicit feedback from other business owners about their experience with the bank you’re eyeing, so you can make an informed decision.
- Check for convenience and accessibility
Make sure that you’re partnering with a bank that can be accessed anytime, should you need assistance for whatever your business requires. The ideal bank should have accessible branches and ATM channels, both locally and globally.
- Make sure the bank offers fully automated services
Your day-to-day operations should be supported by a bank that offers a stable online checking facility, so you don’t have to visit the bank all the time once your business becomes fully operational. A fully automated bank should offer online cash management tools that easily allow payment collections, invoice sending, and other services.
- Complete necessary documents early
Don’t put off the completion of all the required paperwork if you want your business operations to commence as soon as possible. It is also important to keep your documents handy should there be a need to present them anytime.
- Hire a Singapore incorporation services firm
Most new businesses consult an incorporation services company in Singapore to get valuable advice and insights on which banks to open a corporate bank account with. A company setup service provider in Singapore has the expertise and experience that you can take advantage of to facilitate faster corporate bank account opening.
Incorporation services are experienced in handling incorporation and business registration requirements of new companies. Years in the industry have allowed them to build a strong network with Singapore banks, hence they know which bank a company should sign up with to cater to its particular needs.
Incorporation agencies in Singapore can also assist you in accomplishing the documents necessary to complete your bank account opening requirements. Company formation services offering a comprehensive suite of services may also provide you with a competent company secretary should you require, as this role is the point person that is assigned for completing most of the corporate bank account requirements.
There are a number of incorporation services that you can choose from that can help not only with company incorporation but also with choosing the right bank for your business. The ideal company incorporation services provider must have a good reputation and boasts qualified and well-trained staff to handle business registration requirements.
Keep an eye for a company incorporation service that can fully assist you from registering your business to opening your corporate bank account. Hiring an incorporation services firm in Singapore is a smart move when you have so much on your plate during company formation. You can save time and effort, plus you can make sure you completely comply with all the rules and regulations of company incorporation when you partner with a reputable company incorporation services provider.