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Business Bank Account FAQ
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.
What if I have an unsuccessful application in the past? Can I apply again?
Generally speaking, it is very unlikely that your application would fail. Do consult your agent for more information with regards to the actual cause and solution for your current issues.
Will taking up a Business Current Account affect my personal finances in the future?
If you are thinking of applying for a loan in the future, your personal finances may be affected by the company finances as well, consult your agent for more information.
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.