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Singapore Company Incorporation FAQs

Frequently Asked Questions about Singapore Company Formation

TOP FAQs

  • What visa does the director of a Singapore company need to work in Singapore?

    Usually the newly incorporated Singapore company acts as the employer and applies for the director's own Employment Pass. If the founder has raised investment or has a track record as an entrepreneur, EntrePass can also be considered.

    To work in Singapore, even a managing director or director needs an Employment Pass. The Employment Pass is applied for online by the employer or an appointed employment agent, and approval depends on MOM's review.

    • If a Korean head office is setting up a subsidiary: when a head office employee is seconded, the Singapore subsidiary applies for the Employment Pass, and intra-corporate transferees may be exempt from the COMPASS assessment.
    • If you are an individual founder: after incorporation, the company applies for the director's own Employment Pass, and the review considers salary as well as education, work experience and the business.
    • If your spouse holds an Employment Pass and you hold a DP: you can consider running the business with a separate permission (LOC).

    Lee Kim Alliance provides an Employment Pass application service.

    As of November 2026, source: MOM

  • What is the process for incorporating a Singapore company?

    The usual order is submitting company information and documents, paying the fees, signing the incorporation documents electronically and registering with ACRA. Once signing is complete, registration is completed within 1-2 business days.

    1. Confirm the company name, business activities, directors and shareholders, and share capital, and submit documents
    2. Pay the incorporation fees
    3. Sign the incorporation resolutions and other documents electronically
    4. Register with ACRA and receive the company registration number (UEN)
    5. After incorporation, open a bank account, apply for an Employment Pass and start company secretary services

    If the company name or business activity is subject to review by another authority, registration may be delayed.

    You can find step-by-step guidance on the Lee Kim Alliance How it works page and apply through the online application form (for-profit company).

    As of November 2026, source: ACRA

  • Can I set up a Singapore company while living in Korea?

    Yes. You can set up a Singapore company even if you live in Korea. However, at least one of the directors must be locally resident in Singapore, so you first need to decide how you will have a local resident director.

    A local resident is a person who meets ACRA's residency requirement, such as a Singapore citizen, permanent resident or Employment Pass holder. There is no residency requirement for shareholders.

    • If the founder plans to move to Singapore: If you obtain an Employment Pass after incorporation, you can become the local resident director. Whether a visa is issued depends on the outcome of the assessment.
    • If you have an acquaintance or employee in Singapore who is a citizen or permanent resident: That person can be appointed as the local resident director.
    • If neither is possible: You can use a nominee director service and replace the nominee director later.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • How long does it take to set up a company in Singapore?

    Usually, once the required documents are ready and signed, registration of a Singapore company is completed within 1-2 business days. It may take longer if the company name or business activity requires review by another agency.

    ACRA approves most registrations right after payment, and if review by another government agency is required, it may take up to 15 business days.

    • Individual founders: Only passport and proof of address are needed, so document preparation tends to be quick.
    • If a Korean parent company is setting up a subsidiary: More time is needed to prepare documents, such as notarising the appointment letter for the representative.
    • Industries such as finance, education and real estate: Registration may be delayed by review from the relevant authorities.

    You can check each step on the Lee Kim Alliance How it workspage.

    As of November 2026, source: ACRA

  • Can a non-resident also use a nominee director service?

    Yes. If all directors live overseas, you can meet the local director requirement by appointing a nominee director through a corporate service provider (CSP) registered with ACRA.

    From 9 June 2025, a person who acts as a nominee director by way of business can only be appointed after a registered CSP has confirmed that they are fit and proper. The company must file with ACRA the fact that the director is a nominee director and the details of the nominator, and a nominee director has the same legal duties as the other directors.

    For this reason, customer due diligence procedures such as identifying the beneficial owners, and signing the nominee agreement, are required before the service begins.

    As an ACRA registered Filing Agent (FA20122902), Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • What documents are needed to open a Singapore corporate bank account?

    The basic documents are usually the company documents (BizFile, constitution), passport copies of directors, shareholders and authorised signatories, English proof of address dated within the last 3 months, and an English business profile.

    All documents must be in English, and documents not in English must be translated and notarised. The bank may ask for additional documents such as business contracts and information on major customers or suppliers.

    • If a Korean head office is setting up a subsidiary: the Korean company's business registration certificate and shareholder register (translated and notarised) are also required, and the bank usually asks for the identification of individual shareholders holding 25% or more.
    • If you are an individual founder: the application proceeds with the passports and proof of address of the directors and shareholders themselves.

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

  • What is the minimum paid-up capital required to set up a Singapore company?

    S$1. A Singapore private limited company (Pte. Ltd.) can be set up with paid-up capital of S$1 and one share, and the capital can be denominated in currencies other than Singapore dollars, such as US dollars.

    However, it is advisable to set the actual capital taking into account the size of the business, initial operating funds, corporate bank account opening and any plans to apply for an Employment Pass. Banks and MOM also look at the substance of the company's business, and the outcome depends on their assessment.

    Capital can also be increased after incorporation by issuing new shares.

    Lee Kim Alliance reviews a capital structure that suits your business plan as part of its company incorporation service.

    As of November 2026

  • Can a foreigner own 100% of a Singapore company?

    Yes. Singapore does not restrict the nationality or residence of shareholders, so an individual living in Korea or a Korean parent company can hold 100% of a Singapore company.

    However, separately from the shareholders, at least one of the directors must be locally resident in Singapore.

    • Regulated industries such as finance: Regardless of the shareholding structure, you should first check the licensing requirements of the relevant authorities.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA

  • What are the requirements for setting up a company in Singapore?

    With at least one director (at least one of whom is locally resident), one shareholder, capital of S$1, a Singapore registered address and a company secretary, even foreigners can set up a Singapore private limited company (Pte. Ltd.).

    • Directors: At least one, and at least one of them must meet the local residency requirement, for example as a Singapore citizen, permanent resident or Employment Pass holder.
    • Shareholders: 1 to 50, and both individuals and corporate entities are allowed. There are no nationality or residency restrictions, so 100% foreign ownership is also possible.
    • Capital: A minimum of S$1, with at least one share issued.
    • Registered address: An address in Singapore is required.
    • Company secretary: A locally resident individual must be appointed within 6 months of the date of incorporation.

    You can check the items to prepare in the incorporation checklist, and Lee Kim Alliance provides a company incorporation service.

    As of November 2026, source: ACRA

  • Is a local director required to set up a company in Singapore?

    Yes. Every company set up in Singapore must have at least one director who is ordinarily resident in Singapore (local resident director). The other directors may live overseas, for example in Korea.

    The local resident director can be a Singapore citizen, permanent resident or work pass holder who meets the local residency requirement. The local resident director has the same legal duties as the other directors.

    • If a Korean parent company is setting up a subsidiary: The employee or executive to be seconded can obtain an Employment Pass under the subsidiary and become the local resident director, or the company can use a nominee director service until the visa is issued.
    • Individual founders (living overseas): The usual approach is to set up the company with a nominee director service and then, if needed, replace the nominee director after the founder obtains an Employment Pass.
    • Singapore residents (PR and work pass holders): First check the type and conditions of your pass to see whether you can be the local resident director yourself.

    Lee Kim Alliance provides a nominee director service.

    As of November 2026, source: ACRA


Corporate Bank Account

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.

Who needs to attend the meeting to open a Singapore corporate bank account?


Usually, the authorised signatory must attend in all cases, and who else attends depends on the composition of the directors and whether a nominee director service is used.

The following are the typical arrangements advised by Lee Kim Alliance, and some banks may require additional attendees.

  • If a foreign director is the authorised signatory and a nominee director service is used: Foreign director (authorised signatory), nominee director
  • If a foreign director is the authorised signatory and no nominee director service is used: Directors (including the authorised signatory), company secretary
  • If a shareholder is the authorised signatory and a nominee director service is used: Foreign director, nominee director, shareholder (authorised signatory)
  • If a third party is the authorised signatory and a nominee director service is used: Foreign director, nominee director, company secretary, authorised signatory

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

Can funds be moved freely between Singapore and other countries?


Yes, Singapore has no foreign exchange controls, so for legitimate business purposes both Singapore dollars and foreign currencies can be freely sent abroad and received. However, banks may check the purpose of a transfer.

Under anti-money laundering rules, banks may ask for documents such as contracts or invoices that show the purpose of the funds for large or unusual transfers.

  • When sending capital or loans from Korea: there are no restrictions on the Singapore side, but an overseas direct investment report or similar filing may be required under Korean foreign exchange regulations, so check with the remitting bank first.
  • When paying interest, royalties or service fees to Korea: withholding tax may apply in Singapore depending on the type of payment, so check before making the transfer.

Lee Kim Alliance provides a corporate bank account opening support service and accounting and tax services.

As of November 2026, source: MAS

Can a Singapore corporate bank account hold multiple currencies?


Yes, most Singapore banks and digital banks let you open accounts in several currencies, such as US dollars (USD), in addition to Singapore dollars (SGD). However, the supported currencies differ from bank to bank.

Minimum balances, transfer fees and currency exchange terms per currency also differ by product, so it is best to first decide which currencies you mainly transact in and then choose a bank that supports them.

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

Can I open a corporate bank account before incorporating a Singapore company?


No, a Singapore corporate bank account can be applied for only after the company has been registered with ACRA and its company information (BizFile) has been issued. Choosing a bank and preparing documents during the incorporation stage speeds up the account opening.

The bank reviews the company registration number (UEN), the constitution, and director and shareholder information. For this reason, the capital transfer is usually scheduled after the account has been opened.

Lee Kim Alliance provides company incorporation together with a corporate bank account opening support service.

Which banks can I open a Singapore corporate bank account with?


Companies usually choose from local Singapore banks (DBS, OCBC, UOB), branches of Korean banks (Hana, Woori, Shinhan), foreign banks (such as Citibank) and digital banks (Airwallex, ANEXT, Aspire).

Each bank has different requirements for new companies, minimum balances and in-person visit requirements, and whether an account is opened depends on the bank's review.

  • If a Korean head office is setting up a subsidiary: many use branches of Korean banks, where consultations in Korean and verification of head office transactions are easier.
  • If you are an individual founder (new company): local banks have many requirements for new companies, so digital banks are often considered first.
  • If the company has a track record or large deposits: foreign banks with higher minimum balances can also be considered.

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

What are the steps to open a Singapore corporate bank account?


After incorporation is completed, the usual steps are choosing a bank, preparing documents, applying and meeting the bank (or an online review), and approval. Digital banks take about 1 week, and traditional banks about 1-2 months.

  1. Complete incorporation (ACRA registration and issuance of company information)
  2. Choose a bank: consider transaction currencies, whether you can visit in person, and the shareholder structure
  3. Prepare documents: company documents, identity and address proof of directors, shareholders and authorised signatories, and an English business profile
  4. Bank application and meeting, or online review
  5. After approval, set up internet banking and deposit the capital

If additional documents are requested during the review, the process may take longer, and whether the account is opened depends on the bank's review.

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

What documents are needed to open a Singapore corporate bank account?


The basic documents are usually the company documents (BizFile, constitution), passport copies of directors, shareholders and authorised signatories, English proof of address dated within the last 3 months, and an English business profile.

All documents must be in English, and documents not in English must be translated and notarised. The bank may ask for additional documents such as business contracts and information on major customers or suppliers.

  • If a Korean head office is setting up a subsidiary: the Korean company's business registration certificate and shareholder register (translated and notarised) are also required, and the bank usually asks for the identification of individual shareholders holding 25% or more.
  • If you are an individual founder: the application proceeds with the passports and proof of address of the directors and shareholders themselves.

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

Can a Singapore corporate account be opened with a digital bank?


Yes, digital bank and payment accounts such as Airwallex, ANEXT and Aspire can be applied for online, so they are widely used by new companies that find it difficult to visit Singapore. Whether an account is opened depends on the review.

Some of these services are payment service providers rather than banks, so they may differ in nature from a traditional bank account. Check the supported currencies, cards and transfer limits against how you transact before choosing.

  • For a new company without a Korean corporate shareholder: account opening can be considered even when the company uses a registered address and a nominee director service.
  • As transaction volumes grow: you can start with a digital account and later open a traditional bank account as well.

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


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