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Business Bank Account (SGD)
UPDATED AS OF 18 May 2022
UPDATED AS OF 18 May 2022
What are the required documents for Corporate Account Opening?
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.
For more info on the required documents: Click here
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.
Iran
Democratic People’s Republic of Korea (DPRK)
Algeria
Ecuador
Indonesia
Myanmar
So I heard there's a CASH Incentive signing up with Smart-Towkay?
I can't decide which business bank account is suitable for me, can you help?
Check out our blog on the Best Business Banking Account in Singapore 2021!
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