Do I have to visit a local bank to open a Singapore corporate bank account?

It usually depends on the bank. Most Singapore local banks and Korean banks require the authorised signatory to attend a meeting in person, while digital banks accept online applications.

At the bank meeting, the bank checks the business activities, source of funds and main business partners. Some banks offer video interviews, and whether a visit is needed and how the interview is conducted may change depending on the bank's policy and the company's structure. Whether the account is opened depends on the outcome of the bank's review.

• If a Korean parent company is setting up a subsidiary: Singapore branches of Korean banks can provide consultation in Korean, but the authorised signatory's visit needs to be scheduled in advance.
• For individual founders (living overseas): If it is difficult to arrange a business trip, consider digital banks that accept online applications first.

Lee Kim Alliance provides a corporate bank account opening support service.