How to Open an NRA Account for a Singapore Company? Required Documents and Process Analysis

How Can a Singapore Company Open an NRA Account? A Detailed Guide to Required Documents and the Full Process

With the increasing frequency of global capital flows, more and more Singapore-based companies are seeking to conduct business in China or make cross-border investments. In this process, opening an NRA Non-Resident Account has become a popular option for many Singapore companies. An NRA account is a RMB or foreign currency account provided by Chinese banks for overseas entities, and it can effectively support business transactions, fund settlements, and investment activities in China. This article will provide a detailed analysis of the procedures and required documents for Singapore companies to open an NRA account in China, based on current trends in cross-border finance and industry practices.

1. What is an NRA Account?

An NRA account is a bank account opened by an overseas entity at a Chinese financial institution for purposes such as cross-border settlements, investments, and financing. It can be denominated in RMB or foreign currencies and is available to companies, organizations, or institutions not registered in mainland China.

For Singapore companies, opening an NRA account facilitates smoother financial transactions with Chinese domestic enterprises, reducing the risks and fees associated with frequent cross-border remittances.

In recent years, as cooperation between China and Singapore in finance, trade, and technology has deepened, Singaporean enterprises have become more active in investing and expanding their operations in China. According to the latest data released by the State Administration of Foreign Exchange, China’s outward foreign direct investment grew by more than 15% year-on-year in the first quarter of 2025. Southeast Asia has become a key growth region, and Singapore, as one of the regional financial centers, has seen a continuous rise in corporate demand for NRA accounts.

2. Advantages of Opening an NRA Account

1. Efficient Fund Management With an NRA account, Singapore companies can hold RMB funds in China, making it easier to pay local suppliers, employee salaries, or investment amounts.

2. Reduced Currency Risk Avoiding frequent currency conversion helps minimize losses caused by exchange rate fluctuations.

3. Enhanced Trust with Chinese Partners Having a local bank account increases credibility and improves business efficiency when collaborating with Chinese partners.

4. Regulatory Compliance NRA accounts are regulated by China’s foreign exchange authorities, ensuring transparent fund flows and easier compliance management.

3. Required Documents for a Singapore Company to Open an NRA Account

Although the process of opening an NRA account is relatively standardized, banks impose strict requirements due to the cross-border nature of the account. The following is a general list of documents required for a Singapore company

1. Corporate Registration Documents

Business Registration Certificate

Constitution Articles of Association

Business license if applicable

Registered address and contact information

2. Shareholder and Director Information

Identity documents for all shareholders e.g., passports

List of board members and their identification

Power of attorney if handled by an agent

3. Business and Financial Documents

Financial statements from the past year

Company business profile and plans for operations in China

Contracts or letters of intent with Chinese partners if applicable

4. Additional Documents Required by the Bank

NRA account opening application form

Anti-Money Laundering AML and Know Your Customer KYC questionnaires

Tax registration certificate if applicable

Company seal sample

Please note that specific document requirements may vary slightly by bank. It is advisable to confirm with a bank relationship manager before submitting the application.

4. Step-by-Step Process for Opening an NRA Account

The process of opening an NRA account for a Singapore company generally includes the following steps

1. Select a Bank

Many large Chinese commercial banks support NRA account opening, including Bank of China, Industrial and Commercial Bank of China ICBC, and China Construction Bank. It is recommended to choose a bank with experience in international business, preferably one with a branch in Singapore for smoother communication.

2. Submit Application and Documents

Companies can apply online via the bank’s official website or submit physical documents in person at a Chinese branch by the company representative or an authorized agent. Some banks also support remote account opening, but notarized or certified documents may be required.

3. Bank Review and Due Diligence

The bank will review the submitted documents and conduct AML checks and background verification. This process typically takes 5 to 10 business days, depending on the completeness of the materials and internal bank procedures.

4. Account Approval and Information Issuance

Upon approval, the bank will notify the client and provide the account number, online banking details, and settlement tools such as a U-shield or checkbook.

5. Account Activation and Ongoing Management

After the account is opened, funds can be transferred in, and the account can be used for daily settlements, investments, or financing. It is also important to comply with annual review requirements, tax reporting, and other ongoing management obligations.

5. Key Considerations and Common Questions

Account Usage Restrictions NRA accounts are primarily used for cross-border settlements and cannot be used for domestic consumption or cash withdrawals.

Fund Transfer Compliance All fund transfers must comply with China’s foreign exchange regulations. It is recommended that companies work with professional financial advisors or legal experts to ensure compliance.

Annual Review Requirements Most banks require an annual review of NRA accounts to update company information.

Multi-Currency Options Companies can choose to open accounts in RMB, USD, EUR, or other currencies based on business needs to facilitate fund management.

6. Conclusion

For Singapore companies aiming to expand their business in China, opening an NRA account is a crucial step toward efficient fund management and stronger business relationships. As financial cooperation between China and Singapore continues to deepen, the functionality and services of NRA accounts are expected to improve further.

Companies should select a suitable bank and account type based on their operational needs, and strictly follow regulatory requirements when preparing documents to ensure a smooth account opening process.