Once you complete Singapore company incorporation, you will need to open up a bank account so that you have a place to put funds or profits of your business into. The process is fairly easily as long as you meet all of the requirements start a business in singapore. Here is more information about opening up a bank account for your company in Singapore.
Opening Up the Bank Account When You Are Allowed To Do So
Many individuals try to open up a corporate bank account before their company has actually been formed. They have the wrong impression that they must do this before they are allowed to register their company. This simply isn’t the case and for those that try to open up a bank account for their business will find that they are turned down. This type of bank account requires proof that the business is actually legitimate. This proof can’t be provided until after incorporation has taken place. However, if you are only in the country for a short period of time, you will often find that you can open up a corporate bank account on the same day that you receive the email from ACRA that your paperwork for incorporation has been processed and that incorporation has been approved.
Determining Whether Or Not You Will Need To Be Present
It is not uncommon for foreigners to start a business in Singapore. It’s a great country for entrepreneurs and it’s very inviting for locals. Once incorporation takes place, you will need to have a corporate bank account. Some individuals may want to do this online, but this isn’t always feasible. Most of the larger banks will require you to open up the bank account in person. Smaller banks will sometimes let you open up a bank account online, but it tends to be on a case by case basis. This is why it’s a good idea to visit the country when you need to open up a bank account. While you may think it’s easy just to choose a bank that will allow you to do it online, you may find that you would have just been better off visiting Singapore so that you could open up a bank account with the bank that was your first or second choice.
Figuring Out Which Type of Account To Choose
Even though you will be opening up a corporate account, you still may have more than one option, dependent on which bank you choose. Some accounts will allow you to have limited fees, liberal interest rates and multi-currency options. The requirements for these types of accounts will vary. Even if you have the option of opening your account online, it may be in your best interest to actually do it in person so that you can sit down and discuss some of the benefits and drawbacks for each account type. This will help you choose the best account for your business and help you make sure that you have considered all of the best options available to you.