How to Open a Singapore Corporate Bank Account- by gyvwpsjkko

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									?It is difficult to open a Singapore corporate bank account and maintain it effectively.
Most of the reputed international banks have branches in Singapore. All the banks
operating in Singapore are regulated and controlled by the rules of the Monetary
Authority of Singapore. The exact requirements for opening a Singapore corporate
bank account are normally different for each bank. Still, certain factors are common to
all banks.

Majority of Singapore banks allow the opening of a single corporate bank account for
multi-currency operations. However, the company can also open different corporate
bank accounts for each currency that it desires to operate. Moving of funds into or out
of Singapore bank accounts is not a restricted process. However, the company that
plans to open a Singapore corporate bank account should take into consideration the
rules and regulations of the country in which the company is incorporated, so that
transferring funds into the Singapore bank account or out of that account to the home
country does not face any undue problems.

The three major banks of Singapore are Development Bank of Singapore or DBS,
Overseas Chinese Banking Corporation or OCBC and United Overseas Bank or UOB.
Some of the leading foreign banks operating in Singapore are BNP Paribas, Citibank,
Standard Chartered, HSBC, Bank of India, Bank of America, JP Morgan Chase and
Sumitomo Mitsui Banking Corporation. Our preferred corporate bank account is with
Standard Chartered bank.

The following documents are generally necessary to open an offshore Singapore
corporate bank account.

? Corporate account opening form duly filled up and signed by company authorised
signatories
? Resolution of the Board of Directors of the company permitting the account
opening and stating the signatories that will operate the bank account
? Certified copy of the company's certificate of incorporation
? Certified copy of the memorandum and articles of association of the company
? Certified copies of passport of the signatories of the bank account
? Details of proof of residence of all the directors, the signatories of the bank
account and ultimate beneficiary owners
? If possible, certified copy of the business profile of the company from ACRA

Opening of a Singapore corporate bank account will be easier if all the above
documents are submitted in person by the signatories. If all the signatories to the bank
account opening are present at the time of opening the account, the account opening
can be completed in a day or two. Otherwise, it can take a few weeks to complete the
formalities.

Healy Consultants is a leading corporate services firm that assists entrepreneurs and
investors with Singapore company incorporation and offshore corporate banking. The
firm provides a range of services for Singapore offshore banking, including opening
Singapore corporate bank accounts More information on company incorporation can
be found by visiting .

								
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