Account Opening Guide for Singapore Incorporated Companies

The documents required to open an Aspire account depend upon the complexity of your organisation.

Mandatory Documents/Information

1. ACRA Bizfile

   Click here to see a sample ACRA Bizfile

2. Letter of Authorization (Non-Director)

   The letter of authorization is required for all accounts where the user is a non-director. The letter is a signed document by any director in the company authorizing that the respective user can open the account.

3. ID of User

   Accepted IDs are National IDs or Passports. The picture must be clear and in colour. Driving licenses are not accepted. Kindly submit your passport/ID in .jpg, .jpeg, or .png format.

4. Proof of address of User

   Proof of Address is required if the submitted ID does not show your address. Accepted documents should be any legal documents issued by a third party: utility bills, phone bills, bank statements, rental agreements, or contracts.

5. ID of any registered director

   Accepted IDs are National IDs or Passports. The picture must be clear and in colour. Driving licenses are not accepted.

6. Full Name, Nationality, Country of Residence, Date Of Birth (All Directors)

Additional Documents

1. Name, Country of Residence, Nationality and IDs of the Majority Shareholder (If >=25%)
   This applies to businesses with individual shareholders that hold > =25% of shares in your business.
2. Name and IDs of Corporate Shareholder (If >=25%)
   This applies to businesses with corporate shareholders that hold >=25% of shares in your business.
3. Chart of Shareholder Structure (If >=25%)

4. Constitution/Memorandum & Articles

   This applies to all businesses, except Partnerships and Sole Proprietorships, to verify that the Constitution allows you to open an account on behalf of the company. You may watch this video guide or follow the steps below on how to retrieve your Constitution/MEMORANDUM AND ARTICLES OF ASSOCIATION:
   • Go to https://www.bizfile.gov.sg > Enter your Unique Entity Number (UEN) in the search bar > click Search again mid-screen.
   • Click on Other Information in the search bar results > Click Search > Scroll down to the section Extracts > Under Category, select Company Incorporation (M&AA)/Constitution. For the Transaction Date, select Last 5 Years and click Find; (if unavailable try selecting the other options eg. Last 10 years, etc.)
   • Select the First option under Extract. Purchase it.
   • e-Certification is not needed (no need to buy the e-Certificate version).

Can Singaporean charities and non-governmental organisations open an Aspire account?

You can register an Aspire account as long as you're registered by ACRA (Accounting and Corporate Regulatory Authority in Singapore) under these entities:

• Public company limited by guarantee
• Society

Please note that you can only open an SGD Account that can only be used for operational purposes (e.g. pay salaries etc.) and not to facilitate any donations to the charities.

Video of acquiring a business constitution/memorandum and articles of association in Singapore

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