A director’s resignation and the bank’s mandate change are separate steps. Confirm that the resignation is valid and effective, complete the required company and ACRA records, and contact each bank to update signatories and online permissions. Do not assume an ACRA filing automatically removes bank access, or that an unchanged bank screen settles whether a former director still has authority.
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Confirm the resignation before changing the records
Check the written notice, the company’s constitution and the remaining board. ACRA explains that a director’s resignation requires the company still to have at least one ordinarily resident director. Establish the effective date and obtain advice if the notice, company records or remaining appointments do not align.
ACRA requires appointment or withdrawal of position holders to be updated within 14 days. Coordinate that filing with the internal records and handover, but keep the bank’s own requirements on the checklist. Each bank may ask for different documents and approvals.
List every form of financial access
- Account signatories and the combination of signatures needed.
- Online banking administrators, makers, checkers and approvers.
- Cards, payment platforms, cheque arrangements and recurring payment authority.
- Bank correspondence contacts and registered telephone numbers.
- Access to finance systems containing bank information or payment files.
Check the person’s roles individually. A director may also be an employee, authorised banking user or guarantor. Resignation from the board does not, by itself, answer what happens to every separate appointment or obligation.
Keep payments moving through valid authority
Before the handover, identify urgent payroll, tax and supplier payments. Ask the bank which documents are required to change the mandate and how it handles a transition. Arrange valid replacement authority and approval controls rather than continuing to use the former director’s personal credentials.
If removing one person leaves the company unable to operate an account, escalate the issue immediately. Do not share passwords, sign in as the departing person or assume that a staff member can sign a board resolution on their behalf.
A practical example
Illustration: A company uses two banking approvers. One resigns from the board and returns the office keys, but remains the only person able to approve the monthly payroll file. The handover must address the bank administrator and approval arrangements as well as the ACRA update. The company’s adviser and bank can help identify the valid documents needed for the replacement setup.
What if the former director is uncooperative?
Gather the resignation record, current company documents, bank mandate and access history. Contact the bank promptly to explain the problem and ask about protective steps it can take. Obtain legal advice where authority is disputed, records are withheld or a payment is unauthorised. Avoid treating an unresolved legal issue as a routine password reset.
Close the handover with evidence
Keep the ACRA acknowledgement, updated mandate, bank confirmation and access review. Test that the authorised replacement can perform the required role without making an unnecessary live payment. Record any separate guarantee or employment matter still outstanding. A checklist is complete when the relevant changes are confirmed, not merely when requests have been submitted.
Related guides
- When Can a Director Resign in Singapore? The Two Conditions, and the Date It Actually Takes Effect
- Practical Checklist for a New Director Joining a Singapore Company
- Reconciling Bank Accounts Properly: Why It Matters and How Often to Do It
Official sources
How Raffles Corporate Services can help
If you would like assistance with corporate secretarial and company compliance matters, email [email protected] or WhatsApp +65 8501 7133. We can coordinate relevant corporate services, tax advice and, where needed, legal assistance from advisers at associated law firms. Legal advice and representation are provided by those advisers. This article is general information and does not replace advice on your circumstances.