Opening a business account can be a hassle
- Prolonged procedure that necessitates extensive documentation.
- Foreigners based outside of Singapore may require up to three months and a branch visit, as well as hard copies of documents to be sent.
- Traditional corporate bank accounts can be costly to open, requiring a large initial deposit and a minimum balance.
Xerosoft simplifies business banking for foreigners and locals
- Once a company is registered or transferred to Xerosoft, all customers receive a free corporate account.
- Our banking partners, including DBS, protect all funds.
- There is no deposit or minimum balance requirement, and the foreign exchange rate is competitive.
- There is no requirement to be in Singapore to open a corporate account. The entire procedure is remote.
- Upon account activation, you can begin sending and receiving payments.
- Xerosoft's all-in-one app simplifies incorporation, compliance, accounting, and banking.
- Account is securely hosted and accessible at all times for easy management.
- Under the Payment Services Act, Xerosoft is licensed by the Monetary Association of Singapore (MAS) with the Major Payment Institution License number PS20200521. You can track the progress of our license here.
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The estimated time to open a corporate account ranges from 3 working days to a few months. The time frame is based on the bank's internal processing times and KYC checks.
The following are the basic requirements for opening a corporate bank account in Singapore:
- Corporate Account Opening Form duly signed by authorized signatories of the company
- A Directors’ Resolution to prove that the board has approved the company to open a bank account.
- Certified True Copy of Company’s Business Profile from the Company Registrar
- Certified True Copy of Passport/Singapore IC and Residential Address Proof of Directors, Signatories, and Ultimate Beneficial Owner.
In addition to the aforementioned documents, foreigners must have a valid work visa or employment pass issued by the Ministry of Manpower (MOM). This allows you to conduct business and open a corporate bank account in your company's name.
You will also be required to provide documentation such as proof of identification (passport), proof of residence address in Singapore, and evidence of your company's registration with the Accounting & Corporate Regulatory Authority (ACRA). These documents are required for banks in Singapore to verify your identity and legitimacy as a foreign business owner.
Client Success Stories
Transformative Accounting Services That Propel Businesses to New Heights!
“Peterson Ventures has experienced significant growth, thanks to the comprehensive accounting support from Xerosoft. Their team seamlessly manages our financial records, allowing us to focus on expanding our business. The personalized attention we receive, coupled with their commitment to excellence, has made them an indispensable part of our journey.”
Mark Peterson
Owner, Peterson Ventures
“As the CFO of a multinational corporation, I appreciate the depth of knowledge and professionalism Xerosoft brings to the table. Their accounting services go beyond the numbers, offering strategic financial planning that aligns with our global business objectives. Their dedication to accuracy and timeliness has elevated our financial management to new heights.”
Linda Rodriguez
CFO, GlobalTech Enterprises
“Running a creative business like Davis Design Studio requires a partner who understands the nuances of our industry. Xerosoft not only meets our accounting needs with precision but also brings a creative approach to financial management. Their team’s responsiveness and attention to detail make them an indispensable asset to our operations.”
Michael Davis
Founder, Davis Design Studio
“Choosing Xerosoft was one of the best decisions for Thompson Innovations. Their accounting services have been a cornerstone of our financial success. From precise bookkeeping to strategic financial planning, their team’s expertise has provided invaluable insights. They’re not just accountants; they’re trusted financial advisors who genuinely care about our company’s growth.”
Susan Thompson
CEO, Thompson Innovations
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Thank you for considering Xerosoft as your partner in achieving your business goals. Whether you’re seeking expert advice on incorporation, comprehensive accounting services, corporate secretary assistance, or seamless visa solutions, our dedicated team is here to support you every step of the way.
