How To Open A Bank Account For Your Business In Singapore

Bizfile, the system that the Accounting and Corporate Regulatory Authority utilizes for filing and retrieving business information has helped simplify the process involved in company formation in Singapore. Through Bizfile, business registration in this city state becomes fully automated and seamless. ACRA also provides value-added services to help the owners of newly registered businesses in the country do the post-registration procedures with the same convenience and speed.

Businesses aiming to register company in Singapore can also choose to open a bank account online. After a successful company registration Singapore businesses will have to open a bank account in the country. Online application aims to help newly registered businesses lessen the time that will be spent in completing this requirement and do this with ease. Other value-added services include reservation of domain name, subscription to the enterprise, GST Registration, and activation of customs account.

Newly registered businesses in Singapore are free to choose the bank that they think is best for their needs. Businesses that choose to open a bank account online can choose one of these banks – DBS (Development Bank of Singapore) and OCBC (Oversea-Chinese Banking Corporation)

Opening a company bank account online is optional and free of charge. When a client goes for this option, its company information (mostly the information provided during the registration) will be posted to the online account opening form. This will minimize the need to provide the same information to the bank since Bizfile will send the information needed to the bank on the same day the application is processed. This can be done within a day since clients will only have to provide minimum information and then start with their business operations in the following days.

The complete requirements for opening a business bank account (both offline and online) are the following: board of directors’ resolution authorizing the opening of the account, completed corporate account opening form signed by authorized signatories, certified true copy of incorporation, certified true copy of company’s business profile, certified true copy of company’s memorandum and articles of association, and certified true copies of passports and residential address.

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