With an increasing number of Singapore companies expanding their activities in the online environment, local banks have also started offering various solutions through which these companies can process payments. In order to do that, a company must open a merchant account in Singapore.
As Singapore is one of the most developed financial hubs in Southeast Asia, opening various types of bank accounts here is quite easy and that is also the case of merchant accounts. As a definition, a Singapore merchant account is a bank account through which online companies, as well as businesses carrying out their activities from physical locations can receive and process payments received from their clients or partners.
Our Singapore company formation specialists can offer more information on the features of merchant accounts. We can also help you open a Singapore company.
The video below shows the main steps to open a Singapore merchant account:
Who can open merchant accounts in Singapore?
It should also be noted that both legal entities and individuals operating as sole traders in Singapore may create merchant accounts with Singapore banks. Moreover, both local and foreign companies are allowed to set up merchant bank accounts in Singapore.
Our company registration agents can help those interested in starting a business in Singapore with the company formation procedure. We can also assist those who want to open a company in Singapore as an online business.
Requirements to set up a merchant account
The same procedure related to opening other types of Singapore bank accounts is applicable to merchant accounts. The first step to create a Singapore merchant account is to find a suitable bank or financial company specialized in offering merchant account services. From this point of view, Singapore is very well represented.
Once the bank or financial company is chosen, a set of documents such as information on the owner of the merchant account, on the company or the website which will be processing the payments must be offered to the service provider.
It is important to know that various types of payments can be processed through a Singapore merchant account, therefore an online payment processor will be installed in the location of company. Singapore companies processing information collected from clients must comply with the data protection regulations imposed by the legislation.
For assistance in opening a merchant account, please feel free to contact our company formation advisors in Singapore. You can also rely on us if you want to open a company in Singapore.