Bank Account Opening for GMC Companies: Legal Advisory

A GMC company needs a bank account to pay staff, hold capital and, for financial services applicants, to satisfy a precondition of the GFSO In-Principle Approval. The bank that opens it is a Licensed Firm with statutory due diligence duties, so the quality of the file you hand over decides how quickly the account is opened. Basnet Law Pte. Ltd. is the first law firm incorporated in GMC.

Advise on the corporate file a bank expects: certificate of incorporation, constitution, registers of directors and members, and the resolutions authorising the account and signatories.

Advise on the beneficial ownership chart and supporting evidence, using the "registrable controller" concepts in the LLP Act 2026 as the reference model.

Draft source-of-funds and source-of-wealth narratives for founders, with documentary support.

For GFSO applicants, advise on sequencing the account within the IPA conditions so the capital injection, office and personnel milestones line up.

Advise on USD as the currency of account, since tax computations under the Income Tax Act 2025 must be denominated in US dollars unless a different functional currency applies.

Advise on payroll banking so salary can be paid into an account with a bank licensed in GMC, as the Employment Act 2025 requires.

Newly incorporated GMC subsidiaries of international groups that need an operating account before hiring. GFSO applicants at the IPA stage, including virtual asset firms, who must show an account in GMC before the licence issues. Founders relocating under a work pass who need a compliant payroll account. Fund and holding structures that need USD accounts aligned with the Income Tax Act's currency rules.