Business

Important Things to Know about Opening a Business Bank Account in Singapore

When it comes to opening an Open Bank Account in Singapore, many people have their own doubts and concerns about different aspects. Is it possible to open a corporate bank account remotely? This is one of the common questions that a large number of people ask. Local people as well as people with a PR can open an account remotely. For other people, several factors must be taken into consideration.

Nature of your business and the number of local as well as foreign shareholders

The bank you approach to open a Business Account Singapore will ask you a few questions. The nature of your business influences the decision of granting permission to open a remote account. The number of shareholders, especially the number of foreign directors is also taken into consideration before allowing you to open a bank account.

Face to face meeting or the presence of a notary while signing the documents

Foreigners can open bank account in Singapore even if they don’t live there. Once you place an online application, you will get the guidance of a bank officer to complete the account opening process. Majority of the banks will ask you to make arrangements for a face-to-face meeting with a minimum of 2 directors. There are certain international banks that allow you to sign the documents at one of their overseas branches. However, a notary should be present while signing the document.

The banking system in Singapore follows transparent practices. You can also find clear government regulations in this country. Certainly, banks have put in place some added requirements to open a business banking account Singapore for foreign-owned companies. However, these regulations are more flexible compared to many other countries. Companies from Russia and the CIS countries have to deal with more restrictions when it comes to opening an account in Singapore. .

The triple-a-rated economy of Singapore is a major attraction for foreign investors. Fully integrated into the global financial system, the banks in Singapore function without any unwanted government-imposed financial regulations as far as fund movements are concerned. So, all Singapore-based corporate bank accounts have the freedom to send or receive legal funds anywhere in the world. However, if you are planning to form a shell company without any legitimate business activity, you are most likely to fail in your attempts to open a business bank account Singapore. As mentioned above, this country puts forward transparent banking practices and regulations. If you want to run a legitimate business with a transparent structure by following all the rules, you won’t find any real difficulty in opening an account.

More flexible customer due diligence methods

Customer Due Diligence (CDD) is a very important aspect for any bank. When a foreign company makes efforts to open a bank account, banks will take their own time to complete their CDD. Today, you can find a lot of Singapore banks welcoming a video interview in place of an in-personal meeting. This method of approach lets foreign companies to open a bank account even without paying a personal visit to the country.

Same day account opening is possible only for companies that are fully owned by Singapore residents. A foreign-owned company has to follow the procedure to open bank account in Singapore. Foreign companies cannot expect a fast-track processing for opening a bank account. However, nobody is going to make your life difficult by coming up with unwanted conditions or impediments. If you care prepared to follow all legal practices, you can start a bank account within a few weeks.

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