FAQ for Business Bank 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.

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.

 

Please do refer to the individual bank’s terms and conditions for more information, it should also be stated in our comparison.

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

Funds inside the Aspire accounts are kept strictly in a seperate trust account with a Tier 1 financial Instutituions. MAS guidelines are complied with fully.

Almost all companies that are registered in Singapore with ACRA will be eligible to apply for Aspire accounts. Aspire does not exclude directors from sanctioned countries.

Yes, we work with our partners regularly to give additional incentive for our users when signing up corporate accounts through our site.


Check out our ongoing promotion here!


Have questions regarding our promotion? 

Contact us through our whatapps or email and our friendly consultants will guide you

 

Check out our blog on the Best Business Banking Account in Singapore 2021!


Else contact us through our whatapps or email and our friendly consultants will guide you.