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Bank Account Application
Introduction to Singapore Corporate Bank Opening
Subsequent to company establishment, bank accounts shall be opened. The bank accounts are mainly divided into native accounts (onshore accounts) and offshore accounts. The bank accounts which Singapore companies open in Singapore belong to native accounts (onshore accounts). The bank accounts which Singapore companies open in Hong Kong or Chinese mainland belong to offshore accounts.
Main Singapore banks: UOB, OCBC, DBS, SBOC, SICBC, SCB, SAB, SBC, SCB, HSBC.
Main Hong Kong banks: HSB, HSBC, SCB, OCBCWH, SBOC, SICBC, SCB, SAB and SBC.
Considering that the businesses and advantages of different banks differ, it is very necessary to select the bank services in accordance with the company business demands.
Documents required for Corporate Bank Opening
1. Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)
2. Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)
3. Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
4. Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)
5. Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)
6. Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)
7. Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.
Advantages of Singapore Corporate Bank Account
1. Multi-Currency - If you have an international bank account, you can bank in different currencies or even multi-currencies. This is advantageous to those with financial commitments in more than one nation or currency for example.
2. Stability - An international bank account enables one to avoid the risks that come with unfavorable economic climate such as currency devaluation, high inflation, war or coup in the nation in which they live.
3. Tax Benefits - You can save on tax. If the nation you live in requires you only to pay tax on the money you remit into that country, you will get some tax benefits by keeping your money in an international bank account.
Founded in 1999,ERI is a professional services firm that offered a one-stop solution and seamless services for our clients in audit, tax, accounting, advisory, secretarial and company formation.
Headquartered in Singapore with offices in Shenzhen, Shanghai, Beijing and Hong Kong, our offices worked collectively as a team to help internationally active businesses enter China and thereafter support them in their China venture. We also helped Chinese companies internationalise by setting up operations in Singapore or using Singapore as a platform to expand within the region.
*(Original article by ERI，please cite ERI for repost. All rights reserved)
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