Singapore is a global business hub and one key factor behind its stellar reputation is an internationally integrated banking system. With a world-class financial sector, a sophisticated banking network and a regulatory framework that is both robust and business-friendly, Singapore offers a wealth of corporate banking options.
If you are expanding into Singapore, opening the right corporate bank account is essential. A business account keeps your finances organized, ensures legal compliance and unlocks key banking services for local and international transactions. But setting one up requires planning, as banks in Singapore follow strict due diligence.
The process is straightforward, but missing a single document can send you back to square one. With numerous banks offering different account types and tailored financial services, choosing the right one for your business is just as important as the setup process itself.
In this blog post, we walk you through the key steps for opening a bank account in Singapore.
Choosing the right bank, not just the name
According to the Association of Banks in Singapore, there are over 130 banks in Singapore. This includes major global players like HSBC, Citibank and Standard Chartered, as well as strong local institutions like DBS, OCBC and UOB.
Singapore also has digital-only banks, like GXS Bank and MariBank, which offer fully online account setup and streamlined services. These can be an attractive option for businesses looking for speed, lower fees and a simplified onboarding experience—especially if you don’t need in-person branch support.
Before choosing a bank, consider the following:
- Global Reach vs. Local Expertise: In general, international banks offer strong global integration while local banks provide deeper market knowledge.
- Multi-Currency Accounts: If you operate across borders, a multi-currency account can reduce foreign exchange costs.
- Fees and Minimum Balances: Some banks require significant initial deposits and minimum balances. International banks often have higher minimum balance requirements while local banks—like DBS, UOB and OCBC—may offer SME-friendly plans.
- Online Banking and Integration: A seamless digital experience can save you time and effort.
The right bank is not just a financial partner. It is a strategic one. Pick wisely.
What you will need: the paperwork
To align with the country’s strong regulatory framework, Singaporean banks are meticulous about documentation. Here is what you will need:
- Completed Corporate Account Opening Forms: Signed by authorized signatories. In some cases, the physical copies may need to be submitted to the bank.
- Board Resolution: Approving the account opening and designating signatories.
- Certificate of Incorporation: A certified true copy. This is usually downloaded from ACRA’s Bizfile website.
- Company Business Profile: The Accounting and Corporate Regulatory Authority (ACRA) Extract is a snapshot of your registered business. It includes names of key officers and shareholders, paid up capital and registered address details.
- Company Constitution: Formerly called the Memorandum and Articles of Association, the company constitution outlines an organization’s principles for governance.
- Director and Signatory Documents: Passports, proof of address and sometimes employment details.
Banks may request additional documents, especially if your ownership structure is complex. If your company operates in a regulated sector (e.g., finance or hospitality), expect to provide business licenses or permits. It is important to have your company secretary certify all required documents in advance.
Be ready for in-person verification
Most banks require the company’s directors and account signatories to be physically present in Singapore for identity verification and document signing. This is a critical step and skipping it can delay your application. However, there are workarounds. Some banks may allow you to sign documents at an overseas branch or in front of a Notary Public.
If you need a fully remote solution, a digital bank or fintech provider may be a better fit. However, online solutions may have limitations as they are not a full-service bank in a traditional sense. With online banks, you may not be able to make CPF contribution payments as these payments must be made through approved local payment channels. It may also restrict application and disbursements of any government grants or incentives, as payouts may be made only to a local bank account.
Nonetheless, digital banks may be a good temporary solution while the process of opening a traditional bank account is ongoing.
Submit the application and wait
Once you submit your application, the bank will conduct due diligence. This involves:
- KYC (Know Your Customer) Checks: Banks verify your company’s structure, ownership and financial background with KYC checks.
- AML (Anti-Money Laundering) Screening: Transactions are screened to prevent financial crimes.
- Risk Assessment: Some industries, such as cryptocurrency and gambling, face additional scrutiny.
The approval process can take anywhere from a few days to a few weeks. Again, this timeline may depend on your company’s complexity, as well as the bank’s internal procedures.
Activate and start banking
Once your account is approved, you will receive online banking credentials and access to banking services. Depending on the bank, services may include:
- Trade Finance: Letters of credit, supply chain financing and invoice factoring.
- Corporate Credit Cards: Streamline business expenses and earn rewards.
- ATM Card: Available for Singapore dollar accounts.
- Foreign Exchange and Hedging: Reduce exposure to currency fluctuations.
- Payment and Payroll Integrations: Automate payments for efficiency.
Pro tips to speed up the process
The following can help support your bank account opening:
- Work with an Expert Partner/Corporate Secretary: A professional corporate secretary can prepare certified documents and liaise with the bank, reducing errors and delays.
- Leverage Local Relationships: If you have clients in Singapore, inform the bank. Existing business ties can strengthen your application. Additionally, if your partners hold accounts with a Singapore bank, they may be able to provide a referral, reinforcing your credibility.
- Check for Digital Banking Options: Some banks offer fast-track digital onboarding, saving you time and paperwork.
- Be Prepared for Follow-Ups: Banks may request additional documents after submission. Responding quickly keeps the process moving.
You do not have to do it alone
Opening a corporate bank account in Singapore is a fundamental step toward establishing your business in one of the world’s most dynamic markets. For a smooth process, it is necessary to choose the right bank, prepare your documents meticulously and stay on top of compliance.
Working with a local expert can make all the difference. They offer valuable insights into the various banking options available, whether you choose a local or international bank. Experts can also facilitate referrals and align services with your business goals, helping you navigate the complexities of Singapore’s financial landscape.
Do banking right the first time—and set your business up for success in this thriving global hub.
Contact us today to learn how our cross-border Entity Solutions can support your global business goals.
