SBS Consulting Publishes New Guide for Opening a Singapore Corporate Bank Account
“The guide is useful to the startup Singapore companies in selecting a bank for opening their corporate bank accounts. It is essential to match the banking needs of your business with the services provided by the banks,” advised SBS Consulting.
SBS Consulting, a Singapore business incorporation firm, provides expert assistance to its clients in opening their corporate bank accounts. There are as many as 125 commercial banks in Singapore, which offers services like internet banking, credit cards, multi-currency accounts, trade financing, transfer of funds across countries, and other specialized features to their clients.
During the last two decades, Singapore has grown at an exponential rate. It has acquired the reputation of being the financial hub of the Asia-Pacific region. It attracts investors and the corporate from all over the world. They find it easier to Setup Company in Singapore to cater to the lucrative Asian markets.
“Most of these entities have specific banking needs and a few needs personalized solutions. They must explore the usefulness and range of banking services that are on the offer,” said the accounting head of SBS Consulting.
“The most practical approach is to select 2-3 banks that can fulfill the company’s requirements and afterward, pursue the matter with the bank’s representative,” he added.
At the time of opening a corporate bank account, the new Singapore registered companies need to submit following documents to the most chosen bank.
- Complete and signed form for opening of corporate account
- Company director’s resolution
- Copy of the certificate of incorporation of the new company
- Copy of the business profile of company
- Copy of the Memorandum and Articles of Association (M&AA) of the company
- Color copies of passport or Singapore ID cards of all the directors
- Proof of residential addresses of the directors, Ultimate Beneficiary Owners, and the Signatories
Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It governs banking, insurance, and securities and futures industries operating in Singapore. Each of these entities follows its mandates.
The owners of new companies should also take into consideration that the MAS has enforced tougher laws, in order to curb down the activities of entities involved in money laundering.
Singapore authorities also dead set against allowing anyone to make use of Singapore for financing of terrorism. Therefore, the financial institutions, including the banks, taking inspiration from the MAS have raised the Know-Your-Customer criteria.
Some of the Singapore banks insist on the physical presence of company officials and shareholders at the time of signing of the concerned documents. A few of the banks allow their clients to sign it at their overseas branches or in front of a Notary Public. Some banks also choose to interview their new clients as an added security measure.
“In practice, the banking needs of a company and in turn, the choice of a bank to open its corporate bank account depends on whether it is active in the local or international markets,” said Ms. Meena, the business head of SBS Consulting.
About SBS Consulting:
SBS Consulting is a Singapore business incorporation firm. Its specialized under-the-one-roof services in bookkeeping, accounting, auditing, and taxation are in demand. It also provides prompt GST, ECI, and XBRL filing and immigration and visa services to its Singapore clients.