Why Open A Corporate Bank Account In Singapore: The Advantages

By Author: Jack Burry
Total Articles: 1
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Singapore is fast progressing as a business and commercial hub and investors and entrepreneurs from all parts of the world consider the country as one avenue to increase and safeguard their wealth. Aside from being an excellent financial centre, Singapore boasts of its first-rate banking facilities. In fact, a number of international banks like Standard Chartered, Bank of India, JP Morgan Chase, Citibank, HSBC, and Bank of America, have opened their own branches in the country. Also, the local banks in Singapore like Development Bank of Singapore (DBS), Overseas Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) are increasingly flourishing and have earned a healthy reputation.

Singapore has one of the lowest taxation rates in Asia and for this reason; there is a showing of massive flow of capital from the West to Singapore. Also, recent policy decisions have been adopted which are favorable to the banking industry and security laws, including the disclosure of bank account information, have been strengthened and strictly implemented.

Opening a corporate account in Singapore does not ...
... entail a complicated process. The Monetary Authority of Singapore is the regulatory body that sets up banking rules and regulations. It is also the authority that prescribes the requirements for opening of a corporate account in the country. There are no strict restrictions as to fund transfer. Thus, a corporation with a corporate bank account in Singapore enjoys fund versatility wherein they can easily transfer funds from one bank to another without any complications.

Thus, with all these considerations, a corporation may find it highly advantageous to open a corporate account in Singapore. The important documents to be prepared in order to open a corporate account in Singapore are the following:
a) signed corporate bank account opening forms
b) board resolution certifying the opening of a corporate account accompanied by the names of authorized signatories
c) certified copy of the company's certificate of incorporation
d) certified copy of a memorandum
e) Articles of association from the company
f) Passports and proof of residence of the person opening the corporate bank account
Additional documents may be required from a corporation in order to open a corporate account, depending on the particular bank. It is advised that in order to speed up the process, all the above documents should be submitted personally by the signatories. In doing so, the opening of corporate bank account can be completed in just 1-2 days. Otherwise, it takes a few weeks for the process to be completed.

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