- 2021 Edition: SGUnited Skills Programme – 20,000 Job Seekers to be Supported
- Guide to Getting a Home Loan in 2021
- SINGAPORE BUDGET 2021: What SMEs Need To Know
- Everything You Need to Know About Traded Endowment Polices - With PolicyWoke
- Government Jobs Support Measures Which Are Expiring Soon - 2021 Edition
- PROPERTY 101: What’s The Difference Between Joint Tenancy vs Tenancy-in-Common
- Just In: Ho Ching to retire from Temasek Holding from Oct 1st 2021
- Best Telegram Channels Business Owners in Singapore Should Join
- S$42.6 Million in Unclaimed Money from Government – Does Your Business Have a Valid Claim?
- Work From Home 2021 - Outdated Workplace Attitudes that SME Owners Need To Change
Business Bank Account (SGD)
Who can apply for a Business Current Account?
Generally speaking, there are a few required documents.
A Completed Corporate Account Opening Form with the bank in question, signed by the signatories as listed in the board resolution.
A Board of Directors Resolution that would sanction and authorize the opening of the account by the authorized signatories.
A Certified True Copy of Resolution that would sanction and authorize the opening of the account by the authorized signatories. Most banks will have their own format.
Certified True Copy of Certificate of Incorporation, certified by company’s secretary or director(s).
Certified True Copy of Company’s Business Profile from Company Registrar by company’s secretary or director(s).
Certified True Copy of Company’s Memorandum and Articles of Association (MAA) by company’s secretary or director(s).
Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners.
To open a bank account, you would need to be physically present in Singapore, bring the originals and you can have it sorted out.
What are the main benefits of opening a Business Current Account?
A Business bank account would allow your company to better organize your finances so that you can pay and receive funds in a joint account that is linked to the company, instead of the individual.
With a business bank account, you can delegate the payment of transactions to your secretary, and allow them to complete payments authorized by you. Alternatively you can give an agent authority over the account and allow them to complete transactions themselves.
Are there any additional fees I need to be aware of?
Please do refer to the individual bank’s terms and conditions for more information, it should also be stated in our comparison.
How long is the whole application process?
While the process for applying for a business bank account is usually quite easy, you may face additional documentation and process requirements. For residents of the following country, you may face longer waiting times.
Democratic People’s Republic of Korea (DPRK)
So I heard I can apply through Smart-Towkay.Com too?
Feel free to contact our concierge in order to find out more about how you can apply.
Be Part Of thousands of SMEs just like yours who entrusted us to grow their business
I used to depend on loan brokers for my working capital requirement. They usually charge me 3-5% success-based fees, but with Smart-Towkay.Com, I can do my own submission without paying any fees!
Company Director Manufacturing Company
Company Director Fintech
With the loan eligibility calculator, I am able to know what business loans financial institutions can offer me based on my financial profile. And my loan approval was close to the lending report Smart-Towkay.Com generated!
We chose to engage Smart-Towkay team for our financing needs, and they handily managed to secure the amount that we requested. The whole process was streamlined, and we received consistent updates through their user portal. Am impressed by their professionalism.
Financial Manager Construction Company
FINDING THE BEST BUSINESS LOAN IS EASYHere are some benefits of applying for your loan through Smart-Towkay.Com
We’ve aggregated all the latest Business Loan so you can save time comparing them.
Find Business Loan rates and promotions you might have missed.
Apply hassle free online and get the cash you need as soon as possible. It is easy