Company Incorporation in Singapore & Bank Account Opening Requirements

1. Singapore Company Incorporation Requirements within 1 week

• At least 1 director who is a Singapore resident (Citizen, PR, EP holder). Foreign directors allowed, but one resident director is mandatory.
• At least 1 shareholder (individual or corporate). 100% foreign ownership is allowed.
• A qualified company secretary must be appointed within 6 months of incorporation.
• A registered office address in Singapore (cannot be a P.O. Box).
• Minimum paid-up capital of SGD 1 (may need higher for bank account).
• Proposed company name (subject to ACRA approval).
• Identification documents for all directors and shareholders.
• Details of business activities and intended operations.

Required Documents for Incorporation

• Passport copy (for foreign directors/shareholders).
• Singapore IC or FIN (for Singapore residents).
• Residential address proof (bank statement, utility bill).
• Shareholding structure details.
• Business activity description (SSIC codes).
• Company name options (2–3 recommended).

2. Bank Account Opening Requirements in Singapore – within 2 months

• Most banks require physical presence of directors; some allow video verification depending on risk profile.
• Completed bank application forms.
• Certified incorporation documents from ACRA (Business Profile, Constitution, etc.).
• Board resolution authorizing the opening of the account.
• Company stamp (optional but commonly used).
• Business plan or explanation of business model.
• Proof of business activities (contracts, invoices, website, etc.).
• Minimum initial deposit depending on bank (typically SGD 1,000–5,000).

Documents Typically Required by Banks

• Company’s ACRA Business Profile.
• Company Constitution.
• Directors’ and shareholders’ passport/IC copies.
• Proof of residential address for all directors and shareholders.
• Board resolution to open the bank account.
• Company secretary’s confirmation documents.
• Financial forecasts or business plan (for new companies).
• Contracts, invoices, or proof of counterparties in Singapore or internationally.