The company must have at least One local director who must be singapore resident and above 18 years old. One local secretary who must be Singapore resident and above 18 years old Must have a local registered address in Singapore. The Paid-up capital is at least $1.00 per share, it can be any currency. At least One (1) shareholder and anyone can be the shareholder including a corporate. Must appoint an auditor within 3 months from the date of incorporation, unless it is exempted from audit requirements.
So how to open a Bank Account Remotely After the company is incorporated and setup, as a business owner and investor, the corporate bank account will be needed in order to operate your business. In Singapore, our banks are one of the best and having the most advance banking system in the world and provide the facilities like internet banking, debit card, digital security token, Letter of Credit and etc.
Also, Singapore is one of the countries who committed to the Common Reporting Standard (CRS) and participating in automatic exchange of information (AEOI). Korchina partnered with the biggest local banks in Singapore like DBS, OCBC, UOB and also the international bank like Citibank and HSBC which we are able to arrange a bank account opening for your company.
Before the COVID-19 pandemic, all the directors and the authorized bank signatories are required to visit Singapore and meet up with the banker face-to-face for due diligence purposes. Thanks to the Covid-19, we are now able to arrange the meeting via Video Call and our clients do not require to visit Singapore. However, it will need to go through all the reviewing process before the video call can be arranged. Our consultant will be able to assist in this regard. In general, the bank will take around 2-3 weeks to review the application after the video call meeting.
Please contact us for more details on the bank selection and requirements.
