After your Singapore incorporation you will want to address your banking needs. There are several important things to know about the Singapore banking industry. This knowledge will make it easier for you to open your corporate bank accounts and personal bank accounts.
Do not forget that you will need a personal bank account in the country of Singapore. This will make it possible for you to get cash and provide for all of your personal needs like paying bills and shopping.
You do not need any special residency qualifications to open a Singapore personal bank account. Citizens, work pass holders, and foreigners may open an account.
Residents will only need an application form, proof of address and an official ID. If you are entering from another country you will need to present your passport and a visa (if you are required to have one). You will also need proof of your current address.
You may wish to apply at local banks like UOB and DBS. There are several foreign banks like
Citibank and HSBC that you may wish to use.
In most cases, you will need to be present when you open your account, after your incorporation in Singapore. It may not be possible to do this from overseas. Your company officials may also need to be present.
However, there may be cases that exceptions can be made. If you cannot be there for legitimate reason and your signature is notarized, you still may be able to open a corporate bank account.
In most cases, you will need to have a minimum balance of at least S$ 10,000 with most local banks. If not, you may incur charges up to S$ 50 or more. With foreign banks, you can expect to see much higher minimum balance requirements. Some may be as high as S$ 50,000.
After you incorporate an offshore company you will need more extensive proof to open a corporate bank account. This is due to the “know your client” policies. Here is information that you may be required to have.
1. You may need to explain the source of the money that you are depositing. In other words, where does it come from? Company profits?
2. You may be required to give a great deal information about beneficiaries on the account.
3. You might have to present proof of your business activities and the customers that you serve.
4. Letters of reference from other banks may also be necessary.
5. You may need to present proof of “beneficial ownership”. Beneficial ownership means that you may own shares in a company. It denoted having the benefits of owning something without having physical ownership. This term is often used in businesses.
6. Requirements may vary from bank to bank.
You may also be able to open a corporate bank account at the time of your Singapore incorporation. Make sure that you contact the bank ahead of time.
Make sure that you know something about the Singapore banking industry before you incorporate in Singapore. It is good to know what is needed and what is expected of you. This will make the process much easier and smoother.
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