Documents Required to Open a Business Bank Account in Singapore

August 17, 2020

Opening a business bank account in Singapore is effortless — if you have all the documents needed. Typically, the opening of a business bank account happens after you’ve incorporated a company.

Check out how to incorporate a company in Singapore before opening a business bank account.

With so many banks and financial institution options to choose from, how do you know which is the best business bank account for your company?

In recent years, Singapore has taken over as Asia’s financial centre. It is easy, efficient, and convenient when it comes to starting a business in Singapore. This is especially so when it comes to opening a business bank account!

Take your pick from the best business bank accounts in Singapore, using our handy guide.

What documents required to open a business bank account?

Documents you will need to verify and sign before opening a business bank account in Singapore

Whichever bank you choose, there will be some documents that you’ll need to prepare. Depending on which bank you choose, these documents might differ slightly. But typically, you will need:

  1. A copy of the company’s certification of incorporation
  2. A copy of the company’s business profile from the registrar of companies
  3. A copy of the company’s Memorandum and Articles of Association (MAA)
  4. A copy of the company’s resolution, stating the signatories to open the account
  5. Copies of passports or Singapore national identification cards of all company directors, signatories, and ultimate beneficial owners (people who will benefit from company profits directly)
  6. Proof of residential address of directors and ultimate beneficial owners of the company (documents have to be dated within the last three months)
  7. A copy of the company’s resolution
  8. A copy of the company constitution
  9. Completed business bank account opening forms, signed by signatories

These copies must be ‘Certified True’ by the company secretary, or one of the company directors. Many banks are able to help you make copies at their branches if you are unable to make them yourself.

Usually, opening a business bank account takes less than a day. However, your preferred bank might request for additional documents for more verification depending on the type of business you’re intending to operate.

Can I open a business bank account in Singapore from overseas?

Yes you can.

Many banks in Singapore offer online banking services, which include opening a business bank account.

However, some banks might require your physical presence, depending on the type of business bank account your company chooses. You might also have to submit additional documents for verification.

All documents submitted have to be translated to English. It is the duty of your company to make sure that all non-English documents are translated and certified by the signatories of the company.

Interested in opening a business bank account in Singapore?

At Aspire, we pride ourselves as the modern solution to all your business account problems.

Open a business account in a matter of minutes with our user-friendly app. No extra or monthly fees. Aspire is the one shop stop for you to track and manage your business finances.

Save on foreign transactions with international transfers up to 19 times cheaper than normal bank rates, only with Aspire.

What’s more, the Aspire Card is the only corporate card in Singapore to offer up to 1% cashback on marketing and SaaS spend — perfect for upcoming players in the digital industry.

Opening an account is fun, fuss-free and can be done in an instant.

Ready to get started?
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