Singapore Company Incorporation FAQs

Frequently Asked Questions about Singapore Company Formation

TOP FAQs

Corporate Bank Account

Do I need to be present in Singapore to open a corporate bank account?

This will depend on the specific bank of your choice. A corporate bank account can often be opened without your physical presence. However, this is usually established on a case-by-case basis.

Bank Meeting Attendee by Case

  Case 1 Case 2 Case 3 Case 4
Director        
Nominee Director        
Shareholder        
Secretary        
Authorised Signatory / Approved Person (AP)  
Case 1 Approved Person = Foreign Director, with Nominee Director [1 Foreign Director + 1 Local Director + AP]
Case 2 Approved Person = Foreign Director, without Nominee Director [1 Foreign Director + 1 Foreign Director + AP]
Case 3 Approved Person = Shareholder, with Nominee director [1 Local Director + 1 Foreign Director + AP]
Case 4 Approved Person = 3rd Party, with Nominee Director [1 Local Director + 1 Foreign Director + AP]

* Approved Person = Authorised Signatory, AP
* "[ ]" Required person who need to attend a bank meeting

Can I open a multi-currency bank account in Singapore?

Yes, but this will depend on your choice of bank and the specific account chosen.

Can the corporate bank account be opened before my company is incorporated?

No, this can only be done once your company has been incorporated.

What banks can I open the corporate account with in Singapore?

Singapore has a wide range of reputable and international banks, including:

  • Standard Chartered Bank
  • HSBC
  • DBS
  • UOB
  • Citibank

Can I open a corporate bank account in Singapore?

Yes, once your company is incorporated, you will be able to open a corporate bank account.