What Do You Need To Set Up A Business Bank Account In Singapore?

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If you’re new to setting up a business bank account in Singapore, you might have heard that it’s a long and difficult process. 

It’s true it is more time-consuming than setting up in some other countries, and for this reason, many businesses have recently decided to open with a neobank instead.

But if you’re going to have to deposit checks or accept GIRO payments (automatic recurring payments), then you’ll need to open an account with one of Singapore’s brick and mortar providers. At Accela Finance & Corporate Secretary, we usually recommend Singapore business owners to start an account with DBS, OCBC or UOB.

Before you do anything, you’ll want to make sure you have all the paperwork you need, because the long process you hear about is often due to all the back and forth as the business scrambles to provide everything the bank requires.

What documents do you need?

Identification:

The bank will ask you for multiple forms of identification – an NRIC for Singaporeans and PRs, or a Work Pass and a Passport for foreigners –  as well as documents that show your proof of address. 

It’s also likely that the bank will ask for the NRIC or Work Pass and Passport of each of the shareholders and directors of your company. They may also require proof of address for each director and shareholder. Rather than having this hold up the process, Accela Finance recommends preparing these documents in advance. 

Organisational structure:

The bank will need to see your company structure, documenting all of the people involved, from the bottom all the way up to the beneficial owner. The ultimate beneficial owner has to be an individual – it cannot be a trust or another holding company. You need to name the actual people who are benefitting from the company.

Constitution document:

These are the rules of the company that all the directors will have signed. Make sure you have these up-to-date, with all the signatures needed, before your meeting with the bank.

Signatures:

All Singapore banks still require signatures in ink and the directors nominated as authorised signatories will have to attend the bank appointment. The only exception is when COVID social distancing rules are in place, and under these, certain banks allow the verification of the ink signatures of the directors through a video call where the bank manager can witness the bank account applicant write the signature. 

Any overseas directors of your company should be prepared to sign the bank resolution documents in ink. Sometimes the bank will also request those international signatures to be notarised, so you’ll need to prepare your directors for this extra step as well. 

How long does all of this take?

The faster end of the spectrum is seven days from the first appointment, but it can take some businesses up to six or even eight months, especially if the process is held up by needing notarised signatures from overseas directors. 

Here at Accela Finance, we find that preempting the bank’s requests and taking all the documents makes the company seem more credible and vastly speeds up the process.

Who should I bring to the appointment?

At least one director as well as the company’s signatory (like your Corporate Secretary), or two directors, should attend the first meeting with the bank. 

If Accela Corporate Secretary is helping you with your company incorporation and bank account set up, we will accompany you to the appointment. As our team is very experienced with the banks here in Singapore, we can make sure we don’t waste time by heading into the appointment unprepared. 

The good news is that once the account is set up, doing business in Singapore is mostly straight-forward, with plenty of support for growth. 

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If you’re considering setting up a business here in Singapore and would like a guide, get in touch with our friendly team at Accela Corporate Secretary: [email protected].