TAXMANTRA GLOBAL

Faqs

On paper, your company exists, but in reality, you’re missing the “engine.” Without a corporate bank account, you have no legal way to receive business funds or pay international vendors without mixing personal and professional finances. Think of registration as getting your driver’s license—the bank account is the car you actually need to get moving.

It’s nothing personal; it’s all about compliance. Singapore maintains a world-class reputation by strictly following Anti-Money Laundering (AML) and RBI regulations. Because India has specific rules like the Overseas Direct Investment (ODI) guidelines, Singaporean banks do extra homework to ensure the money moving into their system is 100% tax-compliant back in India.

It depends on the bank. While traditional “Big Three” banks (DBS, OCBC, UOB) often prefer—or require—a physical interview with at least one director, many Indian founders are now opting for Fintech solutions like Aspire or Airwallex. These allow for 100% digital onboarding from your office in India, though you may still want a traditional account later for credit lines.

If you’re an Indian resident investing in a Singapore company, the RBI requires you to report it via Form ODI through your local bank. Singaporean banks are increasingly savvy about this; if you can’t show that you’ve notified the RBI about your foreign entity, they may view your setup as a regulatory risk and decline your application.

This varies wildly. Digital-first “Neobanks” often have zero or very low minimum balance requirements. However, if you’re eyeing a prestigious traditional bank, be prepared to maintain anywhere from SGD 3,000 to SGD 50,000. It’s vital to check these requirements before applying so you don’t accidentally trap your working capital.

Transparently? Yes, if you go the traditional route. Standard banks often label these as “high-risk” industries. If your business falls into these niches, you’ll save a lot of heartbreak by approaching specialized Fintech platforms that are built to handle the unique compliance needs of Web3 and modern tech sectors.

For your personal “Proof of Address” as a director, yes. However, your company must have a registered Singapore office address. Banks also look for “substance”—they want to see that the company isn’t just a shell. Having a local contact or a professional nominee director can significantly smoothen the trust-building process.

The ACRA registration itself is lightning-fast (often done in 24 hours). The banking side is the variable. A Fintech account can be active in 3 to 5 days, while a traditional bank might take 4 to 8 weeks depending on the complexity of your Indian shareholding structure and their due diligence speed.