Frequently Asked Questions - Corporate Bank Account in Singapore
Q. What banks can I open a corporate account with in Singapore?
A. Singapore has an excellent choice of well-reputed local and international banks for opening corporate accounts. We normally work with the following banks:
Q. What are the bank account opening requirements? Do I have to be present for the account opening procedure?
A. The specific requirements for opening a bank account vary from bank to bank. Most of the banks require that the bank signatories be personally present for the account opening procedure. Our close working relationship with some banks enables us to handle the account opening paperwork without the client coming to Singapore.
Q. How long does it take to open a bank account?
A. Depending upon the bank, it may take from one day to few weeks and whether or not you are present in Singapore for the account opening process.
Q. Can I open a multi-currency account?
A. Depending on the bank, you can either open a single multi-currency account or different accounts for different currencies.
Q. Can the bank account be opened before incorporate the company? If not, how soon after incorporating the company can I open the bank account?
A. The bank account can only be opened after the company has been incorporated. Upon incorporation of the company, we will prepare the necessary company documents required for opening the bank account and immediately initiate the bank account opening process with the bank of your choice.
Q. What assistance do your provide in opening a corporate bank account?
A. Once the company has been incorporated, we will prepare the necessary corporate documents required by the bank and liaise with the bank officer regarding the bank account opening.
Q. Can I freely move funds between my home country and Singapore?
A. There are no restrictions in Singapore for moving funds in and out of Singapore. You should check with a qualified professional in your home country regarding the rules and regulations there.
Q. Is the bank account opening guaranteed?
A. The bank is the decision making authority on opening the bank account and not us. Usually the bank will conduct their due diligence (often called "Know Your Client" due diligence) on the proposed activities of the company as well as the background of the principals involved. Under normal circumstances, there should not be any problem with opening the corporate bank account for a Singapore company.
Hong Kong Office: +852 2341 1444
Singapore Office: +65 6295 2884
Shenzhen Office: +86 755 8268 4480
Shanghai Office: +86 21 6439 4114
Beijing Office: +86 10 6874 8420
or send email to enquiries@bycpa.com.
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