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Opening a Corporate Bank Account

Updated: Oct 1

Opening a corporate bank account for a private limited company



A corporate bank account allows you to keep your business expenses separate from your personal savings and also helps you track your business cash flows, which will come in handy when filing taxes.


Requirements

In general, most banks have the following requirements.


1) Account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account.


Note: Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.


2) Supporting documents needed:


Completed Corporate Account Opening Forms

Signed by authorised signatories as per the board resolution


Board of Directors Resolution

Sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)


Certified True Copy of 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 ACRA

Must be certified by the company secretary or one of the directors


Certified True Copy of Company’s Constitution

Must be certified by the company secretary or one of the directors


Certified True Copies of Passport (or Singapore IC) and Proof of Residential Address of the Directors, Signatories, and Ultimate Beneficiary Owners

If you are in Singapore, just bring the originals and the bank will make a copy


Note: Some banks may require additional documents on a case-by-case basis.


Banking

MAS regulates and supervises over 150 deposit-taking institutions in Singapore. Deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies.


Click on the bank of your choice to learn about opening an account on their website.


Local Bank


DBS BANK LTD.


OVERSEA-CHINESE BANKING CORPORATION LIMITED


UNITED OVERSEAS BANK LIMITED


Qualifying Full Bank


BANK OF CHINA LIMITED


CITIBANK SINGAPORE LIMITED


HSBC BANK (SINGAPORE) LIMITED


INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED


MAYBANK SINGAPORE LIMITED


STANDARD CHARTERED BANK (SINGAPORE) LIMITED


Full Bank


CIMB BANK BERHAD

Apply online


RHB BANK BERHAD


THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED


Starting a business in Singapore

Setting up your business in Singapore? Bestar offers essential support to international companies looking to expand their business in Singapore.


We have resources and tools to help you build your business. We provide comprehensive investor support and ensure a first-rate pro-business support, all in one place. Our people are geared to assist you in navigating the setting up of a business in Singapore, through ongoing statutory compliance, financial reporting and tax advisory.


You can contact Bestar's Business Support Helpline for free advice. You can also find free support, advice, help and support for your business through our website.

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