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Account Opening Guide for Singapore Incorporated Companies

Mandatory Documents/Information

ACRA Bizfile

Click here to see a sample ACRA Bizfile.


If your business is registered as a society under the Registry of Societies rather than ACRA, you may submit an Annual Return or a List of Members instead. Ensure the document includes details of the three key office bearers: President, Treasurer, and Secretary.

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.

Identity Verification Documents

Acceptable ID documents and requirements

  1. Accepted ID types
    We accept the following government-issued photo IDs:

    • Passport

    • National Identity Card

    • Permanent Residence Card

    • Driver’s License*
      ​

    *Driver's License may not be accepted for certain roles (e.g., admin users). Our team will notify you if this applies to your application.
    ​

  2. Who needs to provide an ID?
    The following individuals must submit valid identification during onboarding:

    • The applicant

    • At least one director

    • All Ultimate Beneficial Owners (UBOs)
      ​

  3. ID Requirements
    Your ID must meet all of the following criteria:

    • Government-issued photo ID

    • Show your full legal name

    • Includes your date of birth

    • Display a clear photo

    • Shows nationality

    • Show a valid expiration date.

      • If your ID does not have an expiration date, it must be recognised by the issuing authority as valid indefinitely.

    • Be valid for at least 30 days from the date you submit it
      ​

  4. How to submit your ID

    1. Live photo (preferred method):
      Take a clear photo of your physical ID using your phone when prompted during onboarding.

    2. Certified True Copy (alternative):
      If you cannot provide a live photo, we may accept a Certified True Copy (CTC) with the following:

      1. Clear, full image of the ID (front and back, if applicable)

      2. A statement confirming the copy is a true and accurate copy of the original

      3. Certifier's details: name, designation, registration/license number, signature, and date

      4. Official stamp or seal (if available)

      5. The ID must still be valid (not expired)

      1. The certification must be issued within 3 months of your application submission date

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.

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

We require the following information of all registered directors of the business:

  1. Full Name

  2. Country of residence

  3. Date of birth

  4. Nationality

Additional Documents

  1. Name, Country of Residence, Nationality, and IDs of Shareholders

    This applies to businesses with individual shareholders that meet the following ownership thresholds:

    1. Low and Medium Risk: Individual shareholders holding 25% or more of shares

    2. High Risk: Individual shareholders holding 10% or more of shares

  2. Name 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

    This applies to businesses with individual shareholders that meet the following ownership thresholds:

    1. Low and Medium Risk: Individual shareholders holding 25% or more of shares

    2. High Risk: Individual shareholders holding 10% or more of shares

    You can use our shareholding structure template to create your chart:

    1. Make a copy of the slide

    2. Select the slide that most resembles your ownership structure

    3. Edit the details

    4. Download as PDF

Notes:

  • A picture format (JPG or PNG) is required for:

    • At least one director’s ID

    • All UBOs' IDs

    • Non-director admin’s ID

  • For all other documents (e.g., BRC, PSoF, POA), PDF or scanned copies are acceptable.

  • We may also ask additional questions depending on your company structure/industry.

  • Opening an Aspire account may require additional documents depending on your business type and country of incorporation. This helps us comply with regulatory standards, ensuring a safe and trustworthy experience for you.

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

  • Non-governmental organisation (NGO) limited by guarantee

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

How to Submit Your Documents

All required documents must be uploaded digitally through the Aspire app. We do not accept documents via email or physical mail.

For step-by-step instructions on how to upload your documents, see: Where can I upload and view the required documents via in-app?

Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.

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Account Opening Guide for companies from other countries
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Can I Open an Aspire Account Without any Business Entity?
Account Opening Guide for US Incorporated Companies
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