Singapore Bank Account for Local and Offshore Companies

Locally incorporated companies as well as offshore companies have plenty of options when it comes to opening a corporate bank account in Singapore. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries and more. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. However, before you open an account with a bank, it is important to compare corporate accounts features of the various banks and decide on the bank that comes closest to meeting your particular needs. 

The purpose of this guide is to provide an overview of requirements for opening a bank account and to assist you with choosing a bank for the banking needs of your company. The focus is on banking needs of small to mid-size companies.

Note that the information presented here is for general guidance only. Once you have narrowed down your choice to 1-2 banks, you should confirm the account features with the bank(s) directly to ensure you are aware of their latest policies and offerings. Banks work in a very competitive environment and periodically make adjustments to their accounts features to get an edge over other banks.  

Related Links:

• Guide to opening a personal bank account in Singapore
• Introduction to banking industry in Singapore 

Basic Account Opening Requirements for Singapore Companies

In general, Singapore banks have the following requirements for opening a corporate bank account for Singapore companies.

Documents Required

• Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)
• Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
• Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)
• Certified True Copy of Company's Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)
• Certified True Copy of Company's Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)
• Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.

The banks may require additional documents on a case by case basis.

Document Signing Requirements

Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks s will accept the signing of documents at one of their overseas branches or in front of a Notary Public. 

Other

Many of the banks require a minimum deposit (see the comparison table below for more details) at the time of opening the account. 

Account Opening Requirements for Offshore Companies

The accounting opening procedure and the requirements are mostly the same as for Singapore companies except that more extensive due diligence is done by banks for opening an offshore company bank account. Among other things, they want to know more about the intended business activities, customers, where the funds will be coming from, the anticipated annual turnover, the size of transactions, detailed background of the beneficiaries, bank reference letters, proof of beneficial ownership, etc. You are also required to provide Certificate of Incumbency and Certificate of Good Standing for your offshore company. The approval is done on a case-by-case basis. 

Corproate Account Features Comparison Among Major Banks

For comparison purposes, we have chosen three key local banks viz. Development Bank of Singapore (DBS), United Overseas Bank (UOB) and Oversea Chinese Banking Corporation (OCBC) and three major international banks viz. Standard Chartered Bank, HSBC and Citibank.. In general, local banks are preferred by small-to-midsize companies with regional focus because of the lower minimum deposit requirements and lower services charges as compared to foreign banks. There are also many other banks in Singapore that specialize exclusively in commercial banking and trade finance operations with  many of them focusing on specific countries.

Local Banks

International Banks

On a final note

Almost all major banks of the world have their presence in Singapore. Banks are happy to open a corporate bank account for Singapore as well as offshore companies as long as the necessary account opening paperwork is submitted and the banks are satisfied with the information provided.