Opening a corporate bank account in Singapore: what banks ask for

Banks decide for themselves

There is no single rulebook for opening a company bank account in Singapore. Each bank publishes its own list, runs its own checks and makes its own decision, and it can ask for more documents depending on how your company is set up. What follows is based on the published checklists of two of the major banks, DBS and UOB, and it shows the common core that you can prepare in advance.

The common core

For a private limited company, the banks' lists include:

• The company's registration details. UOB asks for the ACRA Business Profile. DBS asks for the Memorandum and Articles of Association, and UOB asks for a certified true copy of the constitution.
• A resolution. A formal resolution to open the account. DBS states that it is signed by two directors, or by one director and the company secretary, or by the director where the company has only one.
• Identity documents. DBS asks for the original identity card or passport of all directors, authorised signatories and beneficial owners.
• Proof of residential address. DBS asks for this for the authorised signatories, and gives examples such as an identity card, passport, utility or phone bill, bank statement or government letter dated within the last 3 months. UOB asks for it for foreigners.
• Tax self-certification forms. DBS asks for a FATCA and CRS form, signed by two directors or the highest signing mandate. UOB lists FATCA and CRS forms too.
• Ownership details. DBS asks for proof of ultimate beneficial ownership or a declaration of ownership and company structure.
• A different business address. If the main place of business is not the registered address, DBS asks for proof of it.

Who owns and controls the company

Banks look through the company to the people behind it. DBS describes a beneficial owner as an individual who ultimately owns or controls the company, for example by holding 25% or more of the shares, directly or indirectly, and asks for independent, reliable documents showing who that is.

Certified copies

DBS states that all documents must be in English, and that copies must be certified true by an external certifier such as a lawyer, notary, accountant or chartered secretary from a country that belongs to the Financial Action Task Force, or by bank staff. Getting certification right the first time saves a lot of back and forth.

Who needs to be there

DBS asks all directors and all authorised signers to bring their original identity documents, or one director and all signers if the company has a single director. UOB offers an online application, with instant opening for applications made between 8.30am and 9pm, and a branch route. Online options may be limited: UOB's online service is for Singapore-registered companies fully owned by Singapore citizens or permanent residents, although a company with foreign directors can apply if a Singapore Singpass holder starts the application.

If you have foreign owners

Foreign ownership or a foreign-incorporated company usually means more paperwork. DBS asks for a letter of recommendation from an overseas branch or a reputable bank, a certified copy of the certificate of incorporation, a register of directors or certificate of incumbency dated within the last year, and additional documents for any foreign beneficial owner. UOB lists a separate document list for foreign-incorporated companies.

Costs to know

Costs differ between banks and accounts. For one UOB corporate current account, the page lists a minimum initial deposit of S$1,000 and a minimum average daily balance, with a monthly fee if the balance falls below it. Always read the terms for the specific account.

How to avoid delays

• Have the ACRA Business Profile and the constitution ready first, since the banks we looked at both ask for them.
• Decide who will be the authorised signatories and what each needs to bring.
• Get your certified copies done properly, with the certifier's details on each.
• Expect follow-up questions, and answer them completely.

How we help

We introduce you to banks and help you prepare the documents, so the application is complete the first time. The bank makes its own decision.