How to Open a Company Bank Account in Singapore (2026 Guide for Locals & Foreigners)

How to Open a Company Bank Account in Singapore (2026 Guide for Locals & Foreigners)

 

Opening a company bank account in Singapore is a crucial requirement for any business seeking to operate or expand in Asia. A corporate account enables a company to receive payments, manage cash flow, and maintain financial transparency—key factors in building trust with clients, investors, and partners.

 

Singapore continues to be one of the world’s leading financial centres, known for its stable political environment, pro-business regulations, and sophisticated banking infrastructure. Both local entrepreneurs and foreign investors choose the country for its efficiency, security, and connectivity with global markets.

 

This guide outlines the step-by-step process of opening a corporate bank account in Singapore, the documents you’ll need, common challenges to anticipate, and key factors to consider when choosing the right banking partner.

Why Singapore Is Ideal for Business Banking?

Singapore’s banking system is widely regarded as one of the most advanced and secure in the world. Several factors make it an attractive destination for corporate banking:

  • Global financial reputation: Home to both domestic banks (DBS, OCBC, UOB) and international institutions (HSBC, Standard Chartered, CIMB).

 

  • Ease of doing business: Ranked among the top countries globally for business incorporation and operation.

 

  • Transparent regulations: Strong legal and compliance frameworks that uphold international anti-money-laundering (AML) standards.

 

  • Multicurrency convenience: Businesses can transact in SGD, USD, EUR, GBP, AED, and other major currencies without restriction
These advantages make Singapore an ideal base for regional headquarters, trading companies, and international subsidiaries.

Step-by-Step Process to Open a Company Bank Account in Singapore

Step 1: Incorporate Your Company with ACRA

Before a corporate account can be opened, the company must be legally registered with the Accounting and Corporate Regulatory Authority (ACRA) — the authority responsible for company incorporation in Singapore

Upon successful incorporation, the following documents are issued:

 

  • Certificate of Incorporation
  • Business Profile
  • Unique Entity Number (UEN)

Most banks require these as the foundation of the application. Without them, no corporate account can be processed.

Step 2: Choose the Right Bank or Fintech Provider

Businesses can choose between traditional banks and digital fintech platforms depending on their operational preferences.

Traditional Banks:


DBS, OCBC, and UOB are popular options offering comprehensive corporate services such as trade finance, business loans, and payment facilities. These banks are well-suited to companies with local offices or those requiring physical meetings for account management.

Digital Banks and Fintechs:


Platforms like Aspire and Airwallex provide online onboarding and multicurrency accounts, catering to startups or founders who prefer a faster, fully digital experience.

When evaluating options, consider:

 

  • Minimum deposit and balance requirements
  • Account maintenance fees
  • Digital banking capabilities and mobile apps
  • International transaction limits and currency support

Each provider differs in its approach to onboarding, so the best choice depends on the company’s structure, transaction volume, and geographic reach.

Step 3: Prepare the Required KYC Documents

Singapore’s banks adhere to strict Know Your Customer (KYC) and AML regulations. Applicants must submit detailed corporate and personal documents to verify legitimacy and ownership.

Company Documents:

 

  • Certificate of Incorporation (certified true copy)
  • ACRA Business Profile
  • Constitution or Memorandum & Articles of Association
  • Board Resolution authorising the opening of the account
  • Signature specimen of directors and authorised signatories

Personal Documents:

 

  • Passports or NRICs of all directors and shareholders
  • Proof of residential address (utility bill, bank statement)
  • FATCA and CRS declarations for tax compliance

Optional (if applicable):

 

  • Business plan or description of activities
  • Proof of business operations (invoices, contracts, website)
  • Audited financial statements for existing entities
For foreign-owned companies, some banks may request additional information or conduct a brief video or in-person interview before approval.

Step 4: Submit the Application

Depending on the institution, the corporate account application can be submitted online or in person.

  • Online submission: Some banks integrate with MyInfo Business and CorpPass for instant identity verification and faster approval.

  • In-person submission: Required if the company’s directors or shareholders are foreign nationals or if the ownership structure is complex.

Banks may conduct a short due diligence interview to understand the company’s operations, expected transaction volume, and customer base.

 

Processing time: typically ranges from 3 business days to 4 weeks, depending on the bank’s internal review and completeness of documentation.

Common Challenges Businesses Face in Singapore

Opening a corporate bank account in Singapore is relatively straightforward, but can be delayed by documentation or compliance issues. Common obstacles include:
  • Incomplete or uncertified paperwork

  • Mismatched information between the incorporation and KYC forms

  • Complex ownership structures involving multiple jurisdictions

  • Insufficient business proof for newly incorporated entities

To avoid these delays, companies should ensure all documents are certified true copies, directors are readily contactable for verification, and business activity descriptions are detailed and transparent.

Final Considerations

Before finalising your bank choice, review the institution’s service scope and international capabilities. It is also advisable to maintain digital records of all submitted documents, authorisations, and resolutions for compliance audits.

Keep in mind:

 

  • Select a bank that aligns with your currency needs and transaction size.

 

  • Maintain a minimum balance to prevent fall-below fees.

 

  • Monitor account activity regularly to remain compliant with local regulations.

 

  • Keep your ACRA details updated; changes in directors or shareholders must be reported promptly.
A well-maintained corporate account not only ensures regulatory compliance but also strengthens your company’s financial credibility.

Conclusion

Opening a company bank account in Singapore is an essential step for establishing operational legitimacy and financial trust. The process requires attention to documentation, understanding of compliance standards, and careful selection of a banking partner.

 

 

While the steps can be managed independently, many businesses—especially those with foreign shareholders—choose to work with experienced corporate service providers to ensure smooth incorporation and banking setup.


VIVOS Singapore
,for instance, supports entrepreneurs and investors through company formation in singapore, document preparation, and liaison with major banks, ensuring every stage complies with local requirements. Their structured approach helps businesses begin operations without unnecessary delays.

 

 

Whether you proceed independently or through professional support, careful preparation will ensure your company’s financial foundation in Singapore is built on efficiency, transparency, and compliance.

Ivan-McAdam-OConnell
Ivan-McAdam-OConnell

Open Your Singapore Corporate Bank Account Confidently

Ensure your documents and compliance are in order before applying.

Frequently
Asked Questions

  • Yes. Foreign entrepreneurs can open a corporate bank account in Singapore once their company is incorporated with ACRA and the required KYC documents are submitted. Some banks may request the directors or authorised signatories to attend a short video or in-person verification meeting.

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