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Singapore Company Incorporation FAQs

Frequently Asked Questions about Singapore Company Formation

TOP FAQs

  • Who is a resident of Singapore?

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

  • What documents are required to incorporate the subsidiary company?

    Typically the following documentation will be required:

    • Details of the proposed subsidiary name, share capital, shareholder(s), director(s) etc.
    • Copy of Singapore ID (where applicable) and passport of each director and individual shareholder
    • Certificate of incorporation of the parent company and company profile reflecting registered address and directors of the parent company.

    * Any documents that are not in English must be officially translated into English.

  • Can a shareholder also be a director?

    Yes, there are no restrictions prohibiting an individual assuming both roles.

  • 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”.

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

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

    Directors

    Manage and oversee the company’s operations, and deal with everyday responsibilities.

  • Can a director also be the company secretary?

    A director can hold the position of company secretary only if he or she is qualified to do so, and the company has more than two directors and the director is qualified to do so.

  • What is private company?

    Maximum number of shareholders is limited to 50 and the constitution 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 are the Different Kinds of Companies?
    • Private/public company limited by shares
    • Public Company Limited by Guarantee
  • What is the minimum and maximum amount of shareholders permitted?

    A private company limited by shares must have at least one shareholder and no more than 50 shareholders.

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

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

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. A corporate bank account can often be opened without your physical presence. However, this is usually established on a case-by-case basis.

Bank Meeting Attendee by Case

  Case 1 Case 2 Case 3 Case 4
Director        
Nominee Director        
Shareholder        
Secretary        
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

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.

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

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

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 I open a corporate bank account in Singapore?

Yes, once your company is incorporated, you will be able to open a corporate bank account subject to bank approval. 

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