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Can the Corporate Account Be Opened Before Company Incorporation Is Done in Singapore?
Can the Corporate Account Be Opened Before Company Incorporation Is Done in Singapore?
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Can the corporate bank account be opened before company incorporation is done in Singapore?
Company incorporation lets businesses start operating in Singapore. Meanwhile, bank account opening is another necessary measure to make company financial transactions possible. However, some company owners are eager to find out if their company bank accounts can be opened even if their companies have not yet been incorporated.
This article will help you find out if this practice is actually attainable in Singapore.
Which Should Come First: Opening a Bank Account or Incorporating a Company?
Opening a bank account before company incorporation is impossible because the company must be incorporated first for the bank account. A company bank account is intended to be used by the company, and the company registration number and documents must be available before processing the bank account.
Once the company has been incorporated, all those documents must be handed over to the bank for processing purposes. This means that unless the company registration number is available, banks cannot process the bank account.
What Do Company Owners Really Want to Know?
Sometimes, what company owners are actually trying to determine is the confirmation from the bank that their accounts will be opened after the company incorporation process.
Some foreigners tend to be a bit worried that their bank accounts may get rejected. As a result, they would often ask their corporate services providers (CSPs) to confirm with the bank if their bank accounts would be opened for their proposed companies.
What Are Other Company Owners Trying to Carry Out?
Other company owners approach banks to confirm whether their bank accounts would get approved or not. Unfortunately, this strategy is also impossible as banks can process the bank account only when the company has been incorporated. Only with these documents the details can be submitted for internal approval.
A Recap
Processing a company bank account can start only after the company has been incorporated, and any course of action being planned to be performed prior to such process is impossible to be completed.If you are expecting that the banks should go through your profile first, and give you tentative indication, and only based on that indication you will then proceed for Company incorporation, then sorry to say but your expectation is unrealistic.
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