Online Incorporation & Account Opening with East river and OCBC Bank
Incorporate a company using a computer or a phone and get a business account without ever going to the bank. Together with OCBC Bank, we’ve made the entire process so seamless you may even enjoy it!
Online Incorporation & Account Opening with East river and OCBC Bank
East river typically incorporates a company within 1–3 hours. To streamline the bank account opening, we can pass your information over to OCBC Bank as soon as the business is registered to open your business account.
How it works
On your end, the incorporation will look like a message thread in a secure chat. To save you the wait, we collect the basic information from you via a chatbot. Then, an expert of ours guides you through the incorporation procedure and answers your questions.
When opening a bank account, you will be using the OCBC Bank official website. Just follow step-by-step instructions, it should take less than 10 minutes.
The OCBC + East river course of action
You log in to East river with your SingPass via MyInfo, submitting the necessary particulars in one click
You provide other company details, East river compiles the papers, you sign them with your electronic signature
East river files your papers with ACRA, your business gets registered
You get a link to the OCBC Bank website where you can open your business account instantly*
You get started with the business
Our packages
Incorporation
S$315 of state fees are already included in the price
S$350 All fees included
Incorporation
S$315 state fees included in the price
Included
- Checking and reserving a company name
- Preparing your company constitution (memorandum & articles of association of the company)
- Preparing all registration forms
- Filing with ACRA
- Preparing corporate compliance kit, including share certificates and registers
- Minutes of the first board meeting
Incorporation + Unlimited Corporate Secretary
Incorporation is free when you purchase the Unlimited Secretarial Services
S$600 All fees included
Incorporation
Worth S$350, S$315 state fees included in the price
Included
- Checking and reserving a company name
- Preparing your company constitution (memorandum & articles of the company)
- Preparing all registration forms
- Filing with ACRA
- Preparing corporate compliance kit, including share certificates and registers
- Minutes of the first board meeting
Unlimited Corporate Secretary for 1 year
Worth S$600
The service is handled by our in-house team of certified Corporate Secretaries with over 10 years of experience
Included
- Unlimited number of resolutions
- For example, change in officers, registered address, business activity or company name
- Corporate Secretary routine annual filing and AGM preparation
- S$60 annual Filing government fee
- Up to 5 share-related transactions included (e.g. share issuance, share transfer, shares reduction)
Extra transactions cost S$100 per shareholder
OCBC Business Account
Opening a business account with OCBC Bank couldn't be easier. The account requires no initial deposit, has no fall below fee and free unlimited GIRO and FAST transactions.
What’s more, OCBC business accounts come with free Digital Business Dashboard to help you manage and grow your business.
The Account Plan for Businesses
Business Growth Account (BGA) | |
|---|---|
| Good for aspiring businesses to start easily | |
Fees and charges | Initial Deposit NA Fall below fee NA GIRO and FAST transaction Free Monthly Service fee S$10 (Waived for the first 2 months) |
Pricing guide | Full pricing guide and service fees Download here |
Exclusive OCBC Multi-Currency Business Account promotion | Exclusive OCBC Multi-Currency Business Account promotion Fee of S$10/month is waived if you also have an OCBC Business Growth Account opened. S$10/month is chargeable if you no longer or do not have an OCBC Business Growth Account. |
Q&A
What if I am a foreigner?
There are nuances about incorporation for non-locals, so we have created special packages for you. Check them out!
What are the company incorporation requirements for locals?
To register a business in Singapore, you need to have a local address and a resident director. Paid-up capital starts at $1. Decide on the shareholders and the company name in advance to streamline the process.
How long does incorporation take?
Once all the documents are ready, it usually takes us less than an hour to incorporate a company. It mostly depends on when you are comfortable with providing all the details, as well as the service hours of the authorities. Our record stands at 38 minutes and we keep getting better.
Who can be a director?
Anyone older than 18. Both Singaporeans and foreigners can hold the post. A company can have as many directors as you want, or it could be just you.
Who is a Corporate Secretary?
It’s an officer who tracks changes in your company’s structure and top management, compiles papers and reports to the government about your business. Every company in Singapore must have one.
Do I need a company address?
Yes, all Singaporean companies must have a local registered address. It goes on all legal documents. If you don’t have an office address, use our service. We receive your letters, scan and store them in your East river account so you have easy access to all your documents. You can also use your residential address as your company address. You might need the authorities’ permission for this.
Who is eligible to apply for a business account with OCBC?
Any entity registered with ACRA. Account opening is subject to approval by OCBC Bank.
Who is eligible to open the business account entirely online?
Instant account opening is available for Singapore incorporated companies (a) owned only by one or two Singaporeans and PRs and (b) opening their first OCBC Business Banking Account. Account opening is subject to approval by OCBC Bank. For others, you can still incorporate your company through East river and follow the onscreen instructions and we will follow up with you on your application.
How much time does it take to open a business account online?
A Business Growth Account is opened instantly* if you apply online with MyInfo (login via SingPass), MyInfoBiz (login via Corppass) or your OCBC Personal Banking credentials (if you are an existing OCBC Personal banking customer).
My company will have more than two shareholders. Who needs to be present for account opening?
Unless otherwise is specified in Board Resolution, we expect to meet with any two Directors. They’ll need to have their NRIC or Passports with them.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
* Instant account opening is available for Singapore incorporated companies (a) owned only by one or two Singaporeans and PRs and (b) opening their first OCBC Business Banking Account. Account opening is subject to approval by OCBC Bank. For others, you can still incorporate your company through East river and follow the onscreen instructions for OCBC Bank to follow up with you on your application.
