Singapore is a very open economy and we do welcome individuals from all over the world to open companies in Singapore to do legitimate business. Foreigners can fully own a Singapore company. A foreigner can also apply for a valid working pass to become the local director of the Singapore company. Being open and pro-business is one of the main reasons many foreigners and foreign companies choose to set up either a branch office or a Singapore company to use Singapore as a hub for their operations. All Singapore companies can have a Singapore bank account. The usual and more popular options are to open a corporate bank account with one of the local banks in Singapore, namely OCBC, UOB and DBS. Maybank is also a popular option.
To open a corporate bank account, the company will require a directors’ resolution, the business profile of the company and the company constitution. Depending on the bank’s requirements, the company may require one or two of its officers to open the corporate bank account. In light of the current COVID-19 situation, the bank may choose to meet with the company directors through a video call. Thus if you are a foreigner based overseas but are a director of a Singapore company, you may not need to visit Singapore to open your corporate bank account. You may also be required to furnish information about your vendors and suppliers moving forward as well as provide a gauge to the volume of transactions that the company is expected to have on a monthly and annual basis.
To summarise, a company will require the following to open a corporate bank account:
- A director’ resolution
- The company business profile
- The company constitution
- The identification documents of the directors and shareholders
- Proof of address for foreign directors and shareholders
- Translated copies of any documents which are not in English
- Information about vendors and suppliers
- An estimated figure of the number of transactions on a monthly and annual basis
- An estimated total value of transactions on a monthly and annual basis
- Invoices and receipts from vendors (may be required)
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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