A Complete Guide to Company Registration and Bank Account Opening in Singapore

How to Successfully Register a Company and Open a Bank Account in Singapore A Complete Guide

In recent years, as the global business environment continues to evolve, an increasing number of entrepreneurs and business owners have turned their attention to Singapore - Asia’s premier commercial hub. As one of the world’s most competitive economies, Singapore attracts international businesses with its efficient services, stable financial environment, low tax rates, and strategic geographic location. According to the latest data from the Accounting and Corporate Regulatory Authority ACRA, the number of new company registrations in Singapore increased by more than 12% year-on-year in 2025, with a significant rise in foreign-owned companies, demonstrating its ongoing appeal to global investors.

If you're considering setting up a company and opening a bank account in Singapore, this guide provides a detailed, step-by-step overview to help you navigate the process smoothly.

1. Understanding the Company Registration Process in Singapore

Registering a company in Singapore is relatively straightforward and is primarily conducted through ACRA’s online platform. Here’s a breakdown of the basic registration steps

1.1 Determine the Company Type

The most common business structure for foreign entrepreneurs is the Private Limited Company Pte Ltd. This structure offers limited liability protection, is recognized as a separate legal entity, and is well-suited for raising capital and attracting investment.

1.2 Reserve a Company Name

Before registration, submit your proposed company name via ACRA's BizFile+ system. The name must be unique and not contain any sensitive or restricted terms. Approval usually takes 1-2 business days.

1.3 Prepare Required Company Information

You will need to provide the following details

Registered office address in Singapore

At least one director aged 18 or older no nationality restrictions, but must have a local contact

At least one shareholder can be an individual or corporate entity

A company secretary who is a Singapore resident

Minimum paid-up capital of SGD 1

1.4 Submit the Registration Application

Complete the registration process online via BizFile+. It typically takes just a few hours to receive approval. Upon successful registration, ACRA will issue a Certificate of Incorporation and a Unique Entity Number UEN.

2. Key Steps After Company Registration

Once your company is registered, there are several important tasks to complete

2.1 Open a Corporate Bank Account

Opening a bank account is essential for business operations. Major banks in Singapore - such as DBS, OCBC, and UOB - offer robust corporate banking services. The typical documents required include

Certificate of Incorporation Business Profile

Identity documents passport or ID of directors and shareholders

Company Constitution

Business plan or proof of business activity

Proof of address e.g., lease agreement or utility bill

Some banks may require directors to be physically present for account opening, especially for foreign applicants. However, many banks now offer remote account opening under certain conditions.

2.2 Apply for a Tax Identification Number TIN and GST Registration

All companies operating in Singapore must register with the Inland Revenue Authority of Singapore IRAS to obtain a Tax Identification Number TIN. If your annual turnover exceeds SGD 1 million, you are required to register for Goods and Services Tax GST and file quarterly tax returns.

2.3 Hire Employees and Apply for Work Passes

If you plan to hire foreign employees, you must apply for relevant work passes through the Ministry of Manpower MOM, such as the Employment Pass or S Pass. You will need to submit company financials, business plans, and employee salary details during the application process.

3. Tips and Considerations for Opening a Bank Account

While Singapore’s banking system is highly developed, banks have tightened their Know Your Customer KYC and Anti-Money Laundering AML procedures in recent years, particularly for businesses from high-risk countries or industries. Here are some practical tips

Choose the right bank Different banks have different risk appetites and industry preferences. Research and compare their requirements before applying.

Prepare complete documentation Ensure all documents are accurate, complete, and up-to-date, especially those related to shareholders and directors.

Use professional services Many corporate service providers and accounting firms offer assistance with bank account opening, increasing your chances of success.

Avoid frequent bank changes Switching banks frequently may raise red flags with regulators, so choose wisely from the start.

4. Leverage Professional Services for Efficiency

For first-time entrepreneurs, the registration and banking processes may seem complex. Many choose to work with registered agents or accounting firms that are familiar with local regulations and procedures. These professionals can help streamline the setup process, including company registration, bank account opening, and compliance management.

Well-known service providers such as Rikvin, Osome, and Paul Hype Page Co. offer comprehensive one-stop solutions - from company incorporation and secretarial services to tax filing and bank account setup - saving you time and reducing administrative burdens.

5. Conclusion

As a world-leading financial and business hub, Singapore offers an attractive environment for global enterprises. While the processes for company registration and bank account opening are formalized and regulated, they are manageable with proper preparation and guidance.

With shifting global economic dynamics, many Chinese companies view Singapore as a strategic first step in their international expansion. If you're planning to launch your business journey in this vibrant market, starting with company registration and bank account setup will lay a solid foundation for your future success.