How to Open a Bank Account in Singapore Essay example

How to Open a Bank Account in Singapore Essay example

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In Singapore, you will have to open your company bank account once you have incorporated it. In this article, we will guide you on how to open a small and medium company bank account. The following list of things is the requirements you must have when opening the company bank account:
1. Company account opening application form from a reputable bank
2. One Certified True Copy of E-Certificate of Incorporation
3. Copy of Singapore NRIC/Passport and Residential Address Proof of signatories, directors, and ultimate beneficial owners
4. One Certified True Copy of the Company’s Business Profile from ACRA
5. One Certified True Copy of the Company’s Memorandum and Articles of Association (M&AA)
6. Resolution by the Board of Directors approving the account opening and appointment of the signatories to the bank account. Apart from this, you can also use the bank’s pre-approved format that will only require the necessary signatures on it.
The certification of all true copies must be certified by any one of the directors of the company. According to the law, all the directors of the company and account signatories must be physically present for the signing of the necessary paperwork at the time of the bank account opening. Other banks, nevertheless, may allow permit the signing of the paperwork at their branches that are overseas or in the presence of a Notary public.
Different accounts exist and the following details are how each one of them is opened. The details are based on initial deposit, minimum balance required, closure fees, and other features.
OCBC- Business Entrepreneur Account
To open this account, you will need an initial deposit of S$3,000. Furthermore, a monthly minimum balance of S$8,000 is required from the 7th month onwards...


... middle of paper ...


... account can be closed within 6 months of opening. A non-refundable service fee of S$10 is charged when opening the account. The bank charges $0.50 per cheque cleared, cheque charges are waived if average daily balance is S$30,000 and above. Average daily balance refers to the average amount during the month, calculated by adding the daily balances for the month and dividing by the number of days in that month.*Accurate as at 03/10/2013
Each of the above listed banks has its own distinct features. Therefore, it is good to go through and study all the banks to find the one that best fit the needs of your company. From there, you may wish to find out more directly from them. It is recommended that you make an appointment with the respective bank before going down to avoid long waiting time.
Links to banks’ website
1. OCBC
2. DBS
3. UOB
4. Standard Chartered
5. Maybank

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