Opening a corporate bank account in Singapore is a crucial step for any business aiming to operate professionally and compliantly. Whether you’re starting a local SME or expanding a global enterprise, Singapore’s business-friendly banking ecosystem offers numerous advantages but also comes with strict compliance standards.
In this guide, you’ll discover everything you need to know from eligibility requirements to choosing the right bank and avoiding common pitfalls.
Why You Need a Corporate Bank Account in Singapore
A corporate bank account in Singapore gives your business legitimacy and operational efficiency. Here’s why it matters:
- Separation of personal and business finances: Crucial for accounting, audits, and tax filings.
- Enhanced professionalism: Clients and partners prefer dealing with companies that transact from a proper business account.
- Access to business tools: Corporate accounts enable FAST payments, trade finance, credit lines, payroll services, and multi-currency support.
- Regulatory compliance: Required under Singapore’s financial and tax laws.
- Financial transparency: Maintains clear financial records for stakeholders and regulators.
Eligibility & Requirements
To open a corporate bank account, your business must meet certain legal and documentation standards. The specific requirements vary slightly between banks but generally include the following:
1. ACRA-Registered Business
Your company must be legally registered with the Accounting and Corporate Regulatory Authority (ACRA). Accepted entities include private limited companies (Pte Ltd), LLPs, and foreign branch offices.
2. Resident Signatory Requirement
At least one director, shareholder, or authorized signatory must be physically present in Singapore for the account opening (some banks allow virtual onboarding in limited cases).
3. Company Documents
You’ll need the following:
- Certificate of Incorporation
- Company Constitution (formerly M&A)
- Business Profile/BizFile
- Board resolution to open a corporate bank account
- NRIC/passport copies of directors and shareholders
- Proof of address for all parties involved
4. Business Information
Banks typically ask for:
- A short business plan
- Details of your products or services
- Projected transaction volumes
- Client and supplier details
- Source of funds and expected monthly turnover
5. KYC and AML Checks
Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols are strictly followed. Banks may request background checks on directors and Ultimate Beneficial Owners (UBOs).
Step-by-Step: How to Open a Corporate Bank Account in Singapore
Step 1: Choose the Right Bank
Singapore is home to both local and international banks that offer excellent corporate banking services. Common choices include:
- DBS Bank
- OCBC Bank
- UOB
- HSBC
- Citibank
- Standard Chartered
- Digital options like Aspire, Wise Business, and Airwallex
When comparing, look at:
- Minimum balance requirements
- Monthly account fees
- Availability of multi-currency features
- Online banking capabilities
- Speed and ease of setup
Step 2: Prepare Documentation
Get all your documents in order. Ensure they are certified true copies if required. Any missing or inconsistent information can delay the process.
Step 3: Submit Application
Applications can usually be submitted online or in person. Some banks require a face-to-face meeting with all directors or authorized signatories. Others allow for video verification or notarized documents if you are overseas.
Step 4: Bank Review
Once your application is received, the bank will perform its internal due diligence. This includes KYC verification, business model assessment, and compliance checks.
Step 5: Account Approval & Activation
If approved, you’ll receive your account details and online banking access. At this point, you can activate your FAST payments, PayNow corporate ID, and apply for debit/credit cards.
Fees and Timeline Overview
Here’s what you can generally expect in terms of costs and timelines:
- Setup Time: 1 to 2 weeks for local directors, 3 to 6 weeks for foreign-owned entities
- Initial Deposit: SGD 500 – SGD 3,000 depending on the bank
- Minimum Monthly Balance: SGD 1,000 – SGD 100,000 (varies widely)
- Monthly Fees: SGD 10 – SGD 40 (can often be waived)
- International Transfer Fees: SGD 10 – SGD 40 per transaction
Digital banks like Aspire or Wise usually have faster setup and lower fees but limited trade financing capabilities.
Comparison of Major Banks in Singapore
DBS
- Best for startups and SMEs
- Low minimum deposit
- Strong digital banking platform
OCBC
- Good for local and regional transactions
- Offers business financing tools
- Great mobile banking
UOB
- Ideal for growing businesses
- Strong trade finance capabilities
- Excellent regional network
HSBC
- Best for MNCs or companies with global operations
- Multi-currency and international support
Citibank
- Global network access
- Good for established companies dealing in large volumes
Aspire / Wise / Airwallex
- Fully digital onboarding
- Lower fees and fast approvals
- Ideal for new startups and e-commerce businesses
Common Challenges (And How to Overcome Them)
1. Incomplete Documents
Many account rejections are due to missing or incorrect paperwork. Make sure everything is certified and up to date.
2. No Local Director
Some banks require a Singapore resident director to be present. If you don’t have one, choose a bank that allows notarized or video verification.
3. Industry Risk
Businesses in crypto, forex, or adult services may face higher scrutiny or rejection. A well-prepared business plan can help mitigate this.
4. KYC Delays
Provide all requested background documents proactively. Banks are required by law to verify all business and personal details before approval.
Tips for a Smooth Application Process
- Choose a bank that aligns with your transaction needs (local vs. international)
- Keep your documents well-organized and certified
- Provide a clear business plan and explanation of your source of funds
- Work with a corporate services firm to expedite the process
- Consider opening a digital account temporarily while waiting for the main account approval
Do Foreign-Owned Companies Face Extra Hurdles?
Yes. If you’re a foreign national or foreign-owned company, expect:
- More intensive due diligence
- Longer processing times (3–6 weeks)
- More documentation (e.g. notarized ID, proof of foreign business activity)
- Higher minimum balance requirements
It’s advisable to partner with a Singapore-based consultant to ensure all bank requirements are met quickly and professionally.
Digital vs. Traditional Banks – Which Should You Choose?
Digital banks like Aspire and Wise Business are:
- Easy to set up
- Cost-effective
- Ideal for e-commerce, freelancers, and SMEs
Traditional banks offer:
- Trade finance and loans
- Physical branches
- Higher trust from clients and government agencies
Pro Tip: Use a digital bank for initial transactions and open a traditional corporate bank account later for more advanced services.
How Ease to Compliance Can Help You
At Ease to Compliance, our firm simplify the entire bank account opening process for entrepreneurs, startups, and foreign-owned entities. Here’s how we support you:
- We assess your business needs and recommend the best bank for your situation
- Our team prepares, reviews, and certifies all necessary documents
- We handle your bank appointment, submission, and follow-ups
- We assist in building your business profile and KYC documentation
- We offer digital banking options while your traditional account is being processed
With our help, you can open your corporate bank account in Singapore faster and with fewer obstacles.
Final Thoughts
Opening a corporate bank account in Singapore may seem complicated, but it’s a key step toward establishing a professional and fully functional business. Whether you’re a local startup or an international entrepreneur, getting your banking setup right ensures smoother operations, better cash flow management, and long-term growth.
Need expert support? Contact Ease to Compliance your trusted partner in corporate services and banking compliance.
FAQs on Corporate Bank Account in Singapore
Question 1. Can I open multiple corporate bank accounts in Singapore for one company?
Answer: Yes, Singapore companies can open multiple corporate bank accounts with the same or different banks to manage various business functions or currencies.
Question 2. Are there any tax implications for choosing a foreign bank vs. a local bank in Singapore?
Answer: While tax rates remain the same, using foreign bank accounts may require additional reporting and could affect the ease of transactions with local vendors.
Question 3. Can a newly incorporated company without active revenue still open a corporate bank account?
Answer: Yes, but the bank will likely ask for a detailed business plan, expected revenue forecasts, and background on the founders to assess legitimacy.
