Once you have successfully incorporated your Singapore company, you can open a corporate bank account in any of the major banks in Singapore such as HSBC, Standard Chartered, Citibank, DBS, OCBC, UOB, etc.
Many Singaporean banks require the physical presence of the company principals as part of the account opening procedure. If you are unable to visit Singapore, you should choose a bank that does not have this requirement.
You may also need to obtain one or more business licenses before you can commence your business operations. Business activities under this category include restaurants, educational institutes, travel agencies, financial services, Insurance, etc.
If the projected annual revenue of your company exceeds SGD 1 million, you need to register for the Goods and Services Tax (GST), which is known as Value Added Tax (VAT) or Sales Tax in other countries. GST-registered companies need to charge this tax (currently 7%) to their clients on the goods and services provided, and remit this amount to the tax authorities. For further details on GST, refer to our Singapore GST guide.