"Facts are cheap, information is plentiful - knowledge is precious" - Michael E. Angier
For incorporation of your Singapore Company, we have prepared a list of frequently asked questions by both foreign and local clients. You may also refer to ACRA, Singapore's Company Registry.
Is there tax on bank deposits in local banks?
What is required to set up a bank account in Singapore?
Firstly, a Director’s Resolution must be passed to agree to the signatory(s) (and, administrator(s) in the case of Internet banking), of the company bank account. A separate Director’s Resolution is required for each type of banking i.e. Checking, Internet, and telephone.
Secondly, the authorized signatory(s) and the Directors who signed the resolution for opening the bank account are required to attend the bank in person to open a new account, with a recent copy of the Company’s business profile, M&AA and Directors’ Resolution. (In the case of a sole Director who is also the signatory, the Company Secretary will be required to attend.)
Most local banks require a minimum deposit of S$1,000.00 for Singapore Dollar Account or USD$1,000.00 for United States Dollar account. Boutique/foreign banks may require a deposit of $10,000 in the respective currencies.
Do the local banks have confidentiality?
There is no confidentiality ruling in Singapore.