Yes, whilst it is not a mandatory requirement for new companies without staff, it is strongly advised that you look to open a local company bank account as soon as possible. It is beneficial not only for local business transactions but also once a company does have staff, they will be be paid through the Wage Protection System (WPS) banking system. Failure to do so will result in a block against the company. There are many local Banks to choose from, most of which offer competitive commercial rates.