Why Should I Open a Business Bank Account?
Financial Management
Opening a business bank account draws a clear line between your personal and business finances. Imagine needing to submit a financial statement urgently, but having to sift through all your purchases just to get to your business expenses. Annoying, right? Opening a business bank account saves you that trouble because everything you need is in one place. It also prevents any mix-ups and mistakes in the calculation process.
Develop Credibility
Having a Business Bank account makes you seem more professional — making things official. Clients, investors and other stakeholders are more likely to trust you and view your business as a legitimate business worth their time.
More Accessible Resources
Having a business bank account comes with its perks, which includes access to services like loans or credit lines. By building a strong relationship with your bank, they can support and fund the expansion of your business, giving your business the boost it needs.
Bank Account Opening
There are 3 main types of bank accounts: Traditional Bank accounts, Digital Bank accounts and Neobank accounts. So what’s the difference?
Who Can Open a
Business Bank Account?
Singapore Citizens and Permanent Residents (PR)
Singapore Citizens and PRs can easily open a corporate bank account with fewer complications.
Foreigners
Foreigners can open a corporate bank account, but the process is slightly more complicated, with extra requirements and regulations.
Requirements for Foreigners:
Local Director
If the business is a Private Limited Company, at least one local resident director is required.
Documents
Foreigners may be required to provide additional documents such as passports, proof of address, letter of reference, as well as obtain specific passes.
In-person meetings
Certain banks, though not all, may require the foreigners to be present in Singapore to open the account.
Traditional Banks
Digital Banks
Neobanks
Traditional Banks
Traditional banks are the classic in-person banks like DBS, OCBC and UOB, which have physical outlets providing in-person services.
Digital Banks
Neobanks
Neobanks operate solely online without any traditional physical branches. Examples include Airwallex.
Requirements to Open a Bank Account
Below is a list of common documents required (non-exhaustive) to open a bank account. However, note that it ultimately depends on the specific bank, as every bank has their own set of requirements.
Application Form
Certified True Copy of Resolution
Copies of the National Registration Identity Card (NRIC)/Passport of the proposed signatories
Certified True Copy of the Business Profile from ACRA
Certified True Copy of Resolution
Certified True Copy of the Business Profile from ACRA
Certified Directors’ Resolution approving the opening of the business account and the signatories
Minimum Deposit
Certificate confirming incorporation of the company
Certified True Copy of the Memorandum and Articles of Association of the company
Step-by-Step Guide to Opening Your Business Bank Account
1. Consultation
Our seasoned team at ScAilable will take time to understand your business’ vision and needs. We advise you, and work with you to help figure out what approach is best for your company– what type of bank account, which bank etc.
2. Gathering the documents
3. Application
ScAilable will guide you through the filling up of forms and application process. We make sure that your application is thorough and complete, giving you a good shot at success.