Open a bank account in Singapore during covid-19
If you have successfully accomplished opening your business during the Covid-19 pandemic in Singapore, then you have certainly done a great job.
However, opening a business also necessitates having a bank account. The bank account is crucial as it helps facilitate your business’s operations as well as all of your transactions (including paying your employees and vendors).
The Covid-19 pandemic has also made it easier for individuals to open a bank account by offering services like online or remote account opening options that make the process simpler and safer.
However, while opening a bank account in Singapore during covid-19, you must present the banks with specific documentation to confirm your legitimacy and demonstrate that your business has been registered.
However, this post will assist you in understanding the aspect to open a bank account in Singapore during covid-19, so without any further ado let’s get started.
Things to Consider when to open a bank account in Singapore during covid-19
It’s been a while since Covid-19 began to take over the globe with its sway and causes a global slowdown, especially for multinational companies.
Some areas are frequently believed to have unfriendly banks for new businesses or small-sized enterprises could leave individuals with no choice but to sign up for an account on the internet or even remotely.
The coronavirus outbreak changed the circumstances. A majority of businesses were not able to make a payment for a trip abroad during the quarantine time frame to open a business banking account, which caused delays in their business plans.
The potential for hidden opportunities as previously mentioned is available for you to consider. Remotely opening bank accounts has become the norm since banks have trusted some of their introducers who have been with them for a long time with this ability.
As one of the banks’ most vital associates, Odint Consultancy is proud of being able to assist customers with opening accounts online at the top banks, that offer top-quality features, like 24-hour Internet banking, debit card, cheque facilities, and digital token online telegraphic transfer, and online payroll services, among others.
Despite the challenging period, we’ve been helping our clients get their business accounts successfully opened in just two weeks without any expense for travel. The process of opening the account is accomplished online using email and conference calls with our help throughout the procedure.
It is worthwhile to inform you that the main ingredient in the speedy and successful opening in the majority of my cases is a well-thought-out business plan alongside reliable documents.
After all the answers to ” Open a bank account in Singapore during Covid-19, is it possible?” Absolutely! You must avail the opportunity. The chance is to establish your bank account remotely to protect your business against the issues that are caused by the disease and to develop it after the Covid-19 timeframe!
Required Documentation And Proof Of Registration
Down below we have mentioned the required documentation related to opening a bank account in Singapore during covid-19, so let’s see what are they.
ID proof
The proof of your nationality could be a passport or a notarized or certified duplicate from your passport. The identification evidence aids in proving the person’s legality and authenticity.
In recent times, banks are taking extra steps to confirm identity documents by holding an online video call with the person. Even if the copy provided is verified as authentic banks would like to see the original document as well as the person’s picture in addition to the identification proof.
The procedure is believed to replace the traditional meeting in-person process used by the majority of banks. For security reasons, however, some banks have yet to implement the use of this method of communication for their onboarding procedure. Therefore, in-person verification is necessary.
Evidence of residence address
For every shareholder of the company and ultimate beneficial owners and directors, they’ll be required to submit a form of document that reveals their country of residence.
This document could be a national ID or a country’s identification card and the most recent tax return filing as well as invoices from utility companies or telco companies that are typically less than 3 years from the date of the application.
Conclusion
Opening a bank account in Singapore during covid-19 can be a straightforward process as long as you adhere to the requirements established by the banks. Based on the risk level, the banks put in place a variety of strategies to assess their risk and assist their customers the best they can. Additionally, banks now offer services that make it easier to open an account remotely or online which makes the procedure more speedy.
We have assisted clients with this issue frequently, If you like to open a bank account in Singapore during covid-19, we are Odint Consultancy here to help you out in each of the steps. In order to open a bank account, you must present a number of documents. We will help you collect these documents and submit them properly to your chosen bank.
FAQ’s
DBS Bank LTD was honored as Best Bank in Singapore which is a testimony to the bank’s broad and strong brand despite economic turmoil. DBS is a major financial services company in Asia and has a presence in 18 countries.
HSBC is the largest banking institution located within Singapore as well as one of the oldest banks in Asia. HSBC is at the top of the banking industry in Singapore.
There are three kinds of banks: licensed banks, licensed banks with restricted licenses, and Deposit-taking businesses.
Yes, you are still able to create a bank account in Singapore during COVID-19 because the majority of banks now provide online or remote account opening alternatives.
In order to open a bank account in Singapore during Covid-19 you must present certain documentation such as identification proof and proof of residential address.
