Most application delays are avoidable. Banks are not trying to be difficult; they are required to evidence your ownership, activities, and cash flows. Here’s a practical preparation guide that reduces back-and-forth and shortens the time to “account live.”
1. The narrative banks want to see
- Who owns and controls the company? (clear UBO chain to natural persons)
- What do you actually sell? To whom? Where? (products, markets, top counterparties)
- How does money flow through the account? (expected monthly volume, average ticket size, jurisdictions)
If your website says “global consulting” but your invoices say “consumer electronics trading,” expect questions. Consistency wins.
2. The core checklist
Section | You Should Prepare | Why It Matters |
---|---|---|
Corporate basics | Latest ACRA Biz Profile, Constitution, Board Resolution, registered address proof | Confirms existence, mandate, and contactability |
People | IDs & address proofs of directors/UBOs (>25%), CV/LinkedIn for key signatories | Verifies control and competence |
Activity proof | First invoices/POs/LOIs, supplier quotes, draft contracts, product sheets | Demonstrates real economy purpose |
Footprint | Office lease/virtual office letter, website screenshots, domain WHOIS | Shows presence and traceability |
Compliance | Sanctions/PEP screening approach, AML statement for higher-risk models | Reduces perceived regulatory risk |
Banking plan | Monthly volumes, currencies, countries, card needs, accounting integration | Lets bank match you to the right package |
3. Timelines & expectations
Case Type | Typical Experience | Reality Check |
---|---|---|
Local SME, straightforward B2B services | Interview + doc review; days to a couple of weeks | Fastest if docs are consistent and signatories available |
Trading company (import/export) | More questions on counterparties & shipping | Have invoices, forwarders, and Incoterms ready |
Foreign-owned, remote directors | Extra verification and certified docs | Prepare group chart, notarized copies, parent statements |
Regulated or sensitive sectors | Enhanced due diligence | Expect policy review; build a robust compliance pack |
4. Draft your 1-page business profile (banks love this)
Include: (1) product/service overview, (2) target customers & geographies, (3) sales channels, (4) projected monthly inflow/outflow by currency, (5) top 5 counterparties, (6) why a Singapore account is operationally necessary.
5. Email template for first contact with a Relationship Manager (copy/paste)
Subject: New Pte Ltd – Business Account Enquiry Dear [Name], We are a Singapore-registered Pte Ltd providing [brief activity]. We expect monthly volumes of [amount] across [currencies]. Our customers are in [countries]. We will use the account for [payroll/vendor/collections/FX]. Attached are our ACRA profile, business profile, sample invoices, and a brief compliance note. Could you advise the most suitable account package, min balance, and onboarding steps? Kind regards, [Name], Director
6. Common “red pen” issues & how to fix them
Issue | Why It’s a Problem | Quick Fix |
---|---|---|
Directors abroad, no SG presence | Harder to verify control & operations | Provide local contact, show office solution, use e-signing with verified IDs |
Website under construction | Weakens credibility | Publish a simple 1-pager with services, contacts, and terms |
Mixed activities (e.g., consulting + e-commerce + crypto) | Risk scope unclear | Separate entities or ring-fence activities, clarify licenses (if any) |
No forecast | Bank can’t size risk or advise package | Provide 12-month volumes with low/base/high ranges |
7. After approval—first 90 days
- Keep balances above fall-below thresholds.
- Use PayNow for Business to speed receivables.
- Set accounting sync (Xero/QuickBooks) within the first week.
- If FX costs > your assumptions, ask for a tiered FX spread once volumes are proven.
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