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Do you need to use company stamps on banking documents?

9 May

Do you need to use company stamps on banking documents?

We all know that banking documents are important and confidential therefore the need to use company stamps shall be discussed further in this article. Before coming to any conclusion, we need to have a look at the type of the banking documents that is to be executed.

Let’s start with documents needed to open a Singapore company bank account in any Singapore banks. The banks are open to both options but most Singapore companies choose to open a company bank account in Singapore without any company stamp. To many, it is rather cumbersome to bring a company stamp along whether you need sign on banking documents and cheques.

Though it is convenient to sign banking documents and cheques with just the bank signatories endorsing it, but from a security point of view, it is better to have company stamp impression together with bank authorized signatures. As many companies in Singapore chooses to only have signatures on banking documents so if a person tries to cheat the bank, they not only need to forge the signatures, they will also need to have possession of your company stamp to make it look convincing.

You can make it even tougher by making a security company stamp for Singapore use. To those involved in fraud, they are now being deter with such a unique device.

This is something that we are not seeing in company stamp Singapore market at the moment though this type of company stamps is already gaining much popularity in America and Europe.

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