Once you have incorporated your Singapore Company, opening a Singapore corporate bank account will invariably be approved. Singapore welcomes all genuine business setup. Usually the bank will conduct their due diligence (often called “Know Your Client” due diligence) on the proposed activities of the company as well as the background of the principals involved. There is no reason for the Bank to object the opening of your bank account unless they suspect that you are not a:
- Bonefide client
- Your business activity is not supported by the bank i.e. Gambling, e Funds etc.
- You are involved in money laundering
- You have personal history of past bad records
Under normal circumstances, there should not be any problem with opening the corporate bank account for a Singapore company.
Posted in: Corporate Services FAQs