Yes, you can open a USD business bank account for your Singapore Pte Ltd — fully remotely, without a Singapore-resident director, and without paying a non-resident deposit premium. Hollis & Co. provides FDIC-insured USD accounts for Singapore-incorporated companies through Column N.A., Member FDIC.
Why Singapore companies need a USD bank account
Singapore Pte Ltds are frequently used for international operations, SaaS businesses, and Asia-Pacific holding structures — and many of their clients, investors, and platforms operate in USD. A USD business account lets you invoice US clients, receive Stripe payouts, pay international vendors, and hold operating capital in the world's reserve currency. For Singapore companies with global ambitions, a USD account is often more important than an SGD account.
The problem with traditional banks
Opening an account at a Singapore bank — DBS, OCBC, UOB — is straightforward if you're a local resident director with a physical office. For non-resident founders, the experience is different.
- 2–6 week timelines: Even complete applications at Singapore's major banks take weeks from submission to account opening, with unpredictable back-and-forth.
- Extra scrutiny for non-resident directors: If your directors are not Singapore residents, expect additional documentation requests, longer review periods, and sometimes outright rejections.
- Higher initial deposits for non-residents: Some Singapore banks require higher minimum deposits from non-resident-directed companies as a risk management measure.
- KYC requirements don't become easier with an Employment Pass: Having a local employment pass holder doesn't automatically clear the compliance bar for non-resident UBOs or directors.
What documents you need
- 1ACRA Bizfile business profile (the official company profile printout from Singapore's Accounting and Corporate Regulatory Authority)
- 2Company constitution, plus registers of directors, members (shareholders), and controllers
- 3Passports and proof of residential address for every director, authorized signatory, and Ultimate Beneficial Owner (UBO) holding 10% or more
- 4Specific business description: what the company sells, who its customers are, what jurisdictions it operates in, and how money flows in and out
How to open a USD account for your Singapore Pte Ltd
- Pull your ACRA Bizfile profile. Download a current copy from the BizFile+ portal. This is your primary corporate ID document.
- Prepare director and UBO documentation. Passports and proof of address within 90 days for every director, signatory, and UBO at 10% or above.
- Apply with Hollis & Co. Submit your application fully remotely — no Singapore address required, no director residency requirement, no in-person visit.
- Get approved and start banking. Complete applications are typically reviewed in days. Once approved, your FDIC-insured USD account is ready for wires, ACH, and payment platform integrations.
How long does it take?
DBS, OCBC, and UOB typically take 2–6 weeks for non-resident-directed companies, and that clock doesn't start until your application is deemed complete. Hollis & Co. processes complete applications in days. Having your ACRA Bizfile and KYC documents ready before you apply keeps the process fast.
How much does it cost?
Hollis & Co. charges a $750 setup fee and a $600 annual fee for Singapore companies. There is no minimum deposit required to open or maintain the account.
Frequently Asked Questions
Does my Singapore Pte Ltd need a Singapore-resident director to open a USD bank account?
Not with Hollis & Co. Singapore company law requires at least one ordinarily resident director for the Pte Ltd to exist, but Hollis & Co. does not impose a director residency requirement on top of that for account opening.
Can I open a USD bank account for my Singapore company if I live outside Singapore?
Yes. Hollis & Co.'s application is fully remote and does not require you or any director to be based in Singapore. No branch visit is required at any point.
Is a Hollis & Co. USD account the same as a Singapore business bank account?
No — it's a US-based USD business account issued through Column N.A., Member FDIC. It operates in USD and is designed for international transactions. It complements, rather than replaces, a local SGD account if your business has Singapore-domestic banking needs.