For both Singapore companies and other offshore companies, opening an account is the final step in the registration process. Generally, offshore companies will open offshore accounts. The following is a detailed explanation of opening accounts in various offshore jurisdictions.

Opening an Offshore Company Bank Account:

Offshore companies can open bank accounts at banks located in Singapore. There are several common situations when applying to open a company account, which are briefly described below:

1. Opening an account in person in Singapore: Banks in Singapore generally require all directors of limited companies to be present in person at the bank to complete the account opening process. If the account signatory or company director is a mainland Chinese citizen, they must bring their Chinese passport to complete the account opening.

2. If the director cannot come to Singapore in person: For directors who cannot come to Singapore in person, the account can be opened through a remote signing process. This method does not require the director to be physically present, but because the process is more complex, it is advisable to consult with us first before opening an account.

3. Requirements for opening a corporate account at a Singapore bank may vary depending on each bank’s policies. In general, the following documents are required: 1) Director’s identity documents (ID card or passport); 2) Business registration certificate; 3) Original copy of the company’s Articles of Association (1 book); 4) Company stamp (signature stamp); 5) Supporting documents containing company information. The required documents may vary depending on the company’s circumstances and the policies of the selected bank.

Important Note: EsinBiz Accounting Services can assist with opening accounts at several well-known banks such as: DBS Bank, OCBC Bank, Industrial and Commercial Bank of China (ICBC) Singapore Branch, UOB Bank, and Maybank.