Company formation in Singapore can be completed in two days (and even within a day as long as the documents needed are ready) thanks to the automation and foolproof facilitation of business registration in this city state. The Accounting and Corporate Regulatory Authority made it possible by launching Bizfile, the system that allows businesses to file and retrieve information online. ACRA also offers post-registration services in the form of value-added services.
One of the value-added services that businesses can choose is the online opening of their bank account. ACRA finds it important to add this to their list of value-added services since after a successful company registration Singapore businesses will have to open their own business bank account in the country. The purpose of this online application is to make the opening of a company bank account easy and reduce the time business owners or their representatives have to spend in completing the process.
Businesses in Singapore can open an account with their preferred bank. However from 2011 the year this type of value added service is launched, there are only two banks that have participated in this project - DBS (Development Bank of Singapore) and OCBC (Oversea-Chinese Banking Corporation).
The advantage of choosing this option -aside from being free of charge and optional - is that the client's business information will be auto-populated on the online account opening form. This means the chosen bank can have access to the client's business information, thus eliminating the need to provide the same information to the bank. Clients only have to supply minimum information online and Bizfile will send the necessary information to the preferred bank on the day the online application for a company bank account is completed.
The complete requirements for opening a business bank account (both offline and online) in the country include the following: completed corporate account opening form signed by authorized signatories, board of directors' resolution authorizing the opening of the account, certified true copy of incorporation, certified true copy of company's business profile, certified true copy of company's memorandum and articles of association, and certified true copies of passports and residential address.
One of the value-added services that businesses can choose is the online opening of their bank account. ACRA finds it important to add this to their list of value-added services since after a successful company registration Singapore businesses will have to open their own business bank account in the country. The purpose of this online application is to make the opening of a company bank account easy and reduce the time business owners or their representatives have to spend in completing the process.
Businesses in Singapore can open an account with their preferred bank. However from 2011 the year this type of value added service is launched, there are only two banks that have participated in this project - DBS (Development Bank of Singapore) and OCBC (Oversea-Chinese Banking Corporation).
The advantage of choosing this option -aside from being free of charge and optional - is that the client's business information will be auto-populated on the online account opening form. This means the chosen bank can have access to the client's business information, thus eliminating the need to provide the same information to the bank. Clients only have to supply minimum information online and Bizfile will send the necessary information to the preferred bank on the day the online application for a company bank account is completed.
The complete requirements for opening a business bank account (both offline and online) in the country include the following: completed corporate account opening form signed by authorized signatories, board of directors' resolution authorizing the opening of the account, certified true copy of incorporation, certified true copy of company's business profile, certified true copy of company's memorandum and articles of association, and certified true copies of passports and residential address.
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