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Singapore Company Incorporation FAQs

Frequently Asked Questions about Singapore Company Formation


  • What are Private Companies?

    Maximum number of shareholders is limited to 50 and the memorandum and articles of association restricts the right of its members to transfer their shares in the company.


    A private company limited by shares can be classified as a exempt private company.

    The key characteristics of an exempt private company is:

    • No more than 20 shareholders; and
    • All the shareholders are individuals.
    • Exempt private companies with an annual revenue of less than S$5 Million are exempted from audit requirements and are not required to file financial statements with the ACRA.

    It is also exempted from prohibitions against loans to its directors or to companies related to its directors.

  • What is a company?

    A company is a business entity registered under the Companies Act, Chapter 50. Most companies in Singapore are private companies limited by shares and are recognized by the suffix “Pte Ltd”.

  • Does a Singapore subsidiary require a registered address in Singapore?

    Yes, all Singapore companies and subsidiaries need to have a registered address in Singapore.

  • What is the difference between a director and a shareholder?

    own the company and are entitled to the profits of the company.

    managing and overseeing the company operations, dealing with the everyday responsibilities.

  • Who is ordinarily resident in Singapore?

    A Singapore citizen, Singapore Permanent Resident or EP holder who is residing in Singapore.

Corporate Bank Account

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.

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

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

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

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

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.

Bank Meeting Attendee by Case

  Case 1 Case 2 Case 3 Case 4
Nominee Director        
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