The 2026 Guide: How to Open a Singapore Bank Account with a Nominee Director

For many international founders, the path to a Singapore business bank account feels like a “Catch-22.” To open the account, you need a company. To have a compliant company, you need a locally resident director. But once you hire a nominee director, how does that affect your relationship with banks like DBS, OCBC, or UOB?

In this guide, we demystify the banking process and explain how to leverage a nominee director to secure your financial infrastructure without sacrificing control.

1. Why Banks Require a Resident Director

Under Section 145 of the Singapore Companies Act, your company must have at least one local resident director. Banks view this individual as a “statutory anchor.” While the nominee director does not run your business, their presence on the board ensures the company is legally reachable by Singaporean authorities.

Without a resident director on your ACRA BizFile, most major Singapore banks will not even begin the KYC (Know Your Customer) process for your application.

2. The Role of the Power of Attorney (POA)

As you may have researched, a Power of Attorney (POA) is a legal instrument used to bridge the gap between an offshore owner and a local director.

How it works:

• Direction: The nominee director is legally bound to act only under your express direction.
• Execution: You can grant the nominee director specific powers via a POA to sign bank forms or lease agreements on your behalf if you cannot be physically present in Singapore.
• Constraint: A POA ensures the director cannot make independent decisions or perform duties at their own discretion. They are effectively an extension of your will.

3. Signing Authority: Who Controls the Money?

This is the #1 concern for foreign owners. Does the nominee director have access to my company funds?

At Counto, the answer is a strict No.

While a nominee director can facilitate the opening of the account (signing the initial ACRA-related board resolutions), the signing authority (the power to move money) should remain exclusively with you.

Counto’s “Zero-Access” Policy:

We appoint strictly non-executive directors. This means:

• They are not signatories on your bank accounts.
• They have no access to your digital banking tokens.
• They cannot view your balances or transaction history.

4. 3 Steps to a Successful Bank Application

If you are using a nominee director service, follow this roadmap to maximize your chances of bank approval:

Step A: Choose a Reputable Provider

Banks are sensitive to risk. If your nominee director is associated with hundreds of “shell” companies, your application may be flagged. Counto provides vetted, high-integrity professionals who pass the banks’ rigorous “Fit and Proper” tests.

Step B: Prepare Your Business Proof

Banks want to see that the company is real. Be ready to provide:

• Expected annual turnover.
• Invoices from suppliers or contracts with customers.
• A clear description of why you chose Singapore as your business hub.

Step C: Execute the Indemnity Agreement

Before the nominee director signs any bank-opening resolutions, both parties sign an Indemnity Agreement. This protects the director from your commercial liabilities and protects you by legally defining the director’s non-executive status.

5. Transitioning After Bank Opening

Once your bank account is active and your business is scaling, many founders eventually obtain an Employment Pass (EP).

The moment you relocate to Singapore, you can terminate the nominee director service and appoint yourself as the sole resident director. Your bank account remains active, and the transition is seamless.

Get expert help with your Singapore bank application

Navigating Singapore’s banking landscape requires the right partner. Counto’s All-in-One Compliance Bundle provides the professional resident director you need for ACRA and bank compliance, paired with an experienced corporate secretarial team dedicated to managing your statutory duties and keeping your business in good standing.

Contact us here, or Book a Meeting with our Experts →