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FAQ > Bank Account
Frequently Asked Questions
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Corporate Bank
Account in Singapore
Q. What banks can I
open a corporate account with in Singapore?
A. Singapore has an excellent
choice of well-reputed local and international banks for opening
corporate accounts. We normally work with the following banks:
Q. What are the bank
account opening requirements? Do I have to be present for the
account opening procedure?
A. The specific requirements for
opening a bank account vary from bank to bank. Most of the banks
require that the bank signatories be personally present
for the account opening procedure. Our close working relationship with some banks
enables us to handle the account opening paperwork without the
client coming to Singapore.
Q. How long does it
take to open a bank account?
A. Depending upon the bank, it may
take from one day to few weeks and whether or
not you are present in Singapore for the account opening process.
Q. Can I open a multi-currency account?
A. Depending on the bank, you can either open a
single multi-currency account or different accounts for different currencies.
Q. Can the bank account be opened before incorporate the company? If
not, how soon after incorporating the company can I open the bank
account?
A. The bank account can only be
opened after the company has been incorporated. Upon incorporation of the
company, we will prepare the necessary company documents required for opening
the bank account and immediately initiate the
bank account opening process with the bank of your choice.
Q. What assistance do your provide in opening a
corporate bank account?
A. Once the company has been
incorporated, we will prepare the necessary corporate documents
required by the bank and liaise with the bank officer regarding the
bank account opening.
Q. Can I freely move funds between my home country and Singapore?
A. There are no restrictions in
Singapore for moving funds in and out of Singapore. You should check with a
qualified professional in your home country regarding the rules and regulations
there.
Q. Is the bank account opening guaranteed?
A. The bank is the decision making
authority on opening the bank account and not us. Usually the bank
will conduct their due diligence (often called "Know Your Client"
due diligence) on the proposed activities of the company as well as
the background of the principals involved. Under normal
circumstances, there should not be any problem with opening the
corporate bank account for a Singapore company.
Q. Where can I find more information about Singapore
company incorporation?
A.
For more details, please visit
Singapore Company
Registration page.
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