SG Tel: +65 6809 3132
SG Fax: +65 6809 3050
HK Tel: +852 8197 0308

Frequently Asked Questions

 

1. How long does it take to incorporate a company?

In an ideal world situation the company can be registered and incorporated within 1 day. Nevertheless, sometimes the lead times can vary, as you might not have all of the required documentation to incorporate a company or there are delays in document delivery.

As a part of our procedure, we also conduct relevant background checks and due diligence, which usually takes between 1-2 days. As a result, the times to incorporate a company for a foreign entrepreneur will vary between 5 to 14 days depending on the factors mentioned above.

 

2. What documents are required to register a company?

Copies of passport of all directors and shareholders

Residential proof of address of all directors and shareholders (utility/tax/phone/tv bill)

A Bank reference letter

A Completed KYC form (ask us)
 

*If you already own a company, the following documents need to be produced:

Certificate of incorporation

Extract of company particulars from Registrar of Companies

A board resolution approving the incorporation of a new company in Singapore

 

3. Do I have to be present in Singapore to incorporate the company?

No, you don't have to be physically present in Singapore to register a company. If for any reasons you are unable to come to Singapore, all of the documents will need to be signed and verified by qualified Notary. Then just send notarised documents to us. However, you will still need to come to Singapore in order to open the bank account.

 

4. What documents are required to open a bank account?

After the company is incorporated, a visit to a bank will be arranged. During the visit you will need to produce the following documents:

*Some banks have tightened their new account policies, and hence may require additional documentation for their due diligence checks

  1. Account opening form

  2. Submit Memorandum of association and Articles of association of the company

  3. Resolution of first board meeting

  4. Certificate of incorporation

  5. Certified copy of Company BizProfile

  6. Passport

  7. Bank reference letter*

 

The table below shows a summary of requirements and services offered by 3 major banks we work with:

 

Requirement

DBS Bank

OCBC Bank

UOB Bank

Minimum Account opening balance

3000 SGD

3000 SGD

10000 SGD

Minimum maintenance balance

8000 SGD after 6 months

8000 SGD after 6 months

10000 SGD

Penalty if balance falls below maintenance balance

25 SGD per month

25 SGD per month

35 SGD per month

Accounts in multiple currencies available ?

Yes. In major currencies

Yes. In major currencies

Yes. In major currencies

Internet banking available

Yes

Yes

Yes

Debit card available

Yes

Yes

Yes

Can the account be opened without physical presense

No. Physical presence of director and account operator required

No. Physical presence of director and account operator required

No. Physical presence of director and account operator required

Can newly incorporated companies open bank account easily ?

Yes

Yes

No. Unless you have previous banking relations

 

5. How long does it take to open a bank account?

Generally account opening procedures are very straightforward in Singaporean banks and accounts can be registered within 2 to 3 days. However, sometimes it takes longer for banks to conduct their due diligence and process the documents. Thus, the whole process can take up to 10 days.

 

6. How do I receive bank account digi keys and other related documentation?

As soon as your bank account will be approved and we receive all relevant documentation, we will send them to you by courier recorded delivery.

 

7. What is the role of a nominee director in the company?

First of all, nominee local director has to be present to comply with Singapore statutory requirements. Secondly, under Singapore Companies Act a nominee has the same responsibilities as any regular director.

Although the nominee director won't be involved in any decision making and strategy creation within the company, the law makes no distinction between the “normal” director and the nominee director, hence a person who consents to act as a director must act in accordance with the Companies Act.

Therefore, it is very important to arrange a reliable and responsible nominee. At Wellstead we can assist and provide you nominee director services of highest quality and standard.

 

8. What is the role of a trustee in a trust?

Essentially trustee acts on behalf of beneficiary, pursuing, protecting and fulfilling the will of beneficiary. In some forms of trusts, trustees have certain legal arrangements with their beneficiaries, allowing them to independently control, manipulate, make decisions and invest trust assets to generate income and increase wealth of the trust. However, this is still done with a consent of the beneficiary.

 

9. What is the difference between trustee and beneficiary?

The beneficiary has a complete and ultimate equitable ownership of any assets, capital and income of the trust and can claim his/her ownership at any time. The trustee has only a legal title to the property, which allows only management, control and administration of trust's assets, but does not include any ownership or possibility to claim for ownership.

 

10. Can a shareholder of a company be a nominee or a trustee?

Yes. Although, sometimes official authorities (e.g. banks) require you to disclose beneficiaries, the law does not oblige you to do so.

 

11. Is my investment secure using nominee services or trustee services?

Absolutely, you remain the sole equitable owner of all your assets and have full control of your company, bank accounts, trust and any accumulated income.

 

12. What is the level of confidentiality? How confidential is our approach?

We can assure you that each customer is dealt under strict rules of confidentiality and professionalism. We never disclose any information and all the information is protected by Attorney-Client Privilege legal concept.

Also, for Private Limited Companies there is limited amount of documents available in public. Such documents as accounts, name of directors, share capital, legal particulars will be not available for general public, however some of them are available for inspection to shareholders.

You will also be protected by banking secrecy law, which gives increased privacy and confidentiality, since Singaporean banks have stringent rules towards confidentiality of information of their clients.