Singapore is home to over 100 commercial banks and the Monetary Authority of Singapore (MAS) is the main agency regulating all the financial institutions in Singapore.
To open a corporate bank account, foreign investors will need the following documents:
- A resolution by the company’s board of directors sanctioning to the opening of the account;
- Copy of the company’s Memorandum and Articles of Association (MAA);
- Copy of the company’s certificate of incorporation, certified by one of the director’s or company secretary;
- Certified copies of passports, proof of residential address of all company directors; and
- Copy of the company’s business profile.
The time period can take between one to four weeks to open the account depending on the verification of the customer’s bona fide. Further, many banks require the account signatories and directors to be present for the signing of paperwork at the time of opening the account.