A bank account in Singapore may be opened as soon as a company has been officially incorporated.
Eltoma receives your questionnaire with details required for the bank account opening process.
- Once we receive your payment, the process will begin immediately.
- Eltoma submits your initial applications to the relevant banks and wait for an invitation to arrange a meeting with the signatory. We coordinate a meeting time based on your availability.
- Eltoma conducts a briefing with you for the bank meeting to review any potential questions which may be asked of you by the bank.
- We organise and accompany you to the meeting with the bank, where all documentation is signed and all matters are discussed.
- Within three weeks, the bank will make a final decision on the approval of the account. Once approved, all funds may be transferred immediately.
Dependent upon the time of the documents’ submission, the entire process takes from 3 to 8 weeks on average, however every case may differ depending on the complexity. Share capital of the company shall start from SGD $5000 in order to be accepted by the bank in Singapore and according to the OECD regulatory framework on international transparency, it is advisable to have a simple and clear shareholding structure. Please be advised that Singapore banks may require additional documentation from both Business Owners and signatories.