How to Open a Corporate Bank Account in Singapore: A Guide for Indian Entrepreneurs
Expanding beyond India? Singapore’s world-class banking system and its territorial tax regime offer Indian entrepreneurs financial stability, global reach, and multi-currency flexibility. After registering your company in Singapore, your next strategic step is opening a corporate bank account.
Read our guide and let CorporateServices.com fast-track your account setup through our exclusive banking partnerships.
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Corporate Banking for Indian Entrepreneurs: Key Takeaways
Singapore Banking Advantages
Enjoy multi-currency accounts, secure online banking, and seamless global transactions with Singapore’s world-class financial system.
Secure, Trusted, and Selective
Singapore’s financial system is built on trust, requiring clear proof of business legitimacy before opening an account. With the right guidance, your company can meet these standards.
CorporateServices.com Simplifies the Process
We connect you with reputable Singapore banks and help you navigate the application process smoothly.
In this guide, we will cover all the key aspects of opening a Corporate Bank Account in Singapore from India:
- Why Indian Entrepreneurs Choose Singapore for Corporate Banking
- Tighter Singapore Banking Regulations—A Challenge for the Unprepared
- Steps to Open a Corporate Bank Account in Singapore
- Singapore’s Top Corporate Banking Institutions
- How CorporateServices.com Can Help
- Testimonials from Indian Entrepreneurs
- FAQs
Why Indian Entrepreneurs Choose Singapore for Corporate Banking
Singapore combines financial stability with global accessibility—making it the ideal banking hub for Indian founders with international ambitions.
Access to world-class global and local banks
Manage INR, USD, SGD, and other currencies effortlessly
No restrictions on international fund transfers
Fast, affordable digital banking alternatives like Wise and Aspire
Tighter Singapore Banking Regulations — A Challenge for the Unprepared
Singapore’s reputation as a financial powerhouse is no accident. Strict banking regulations ensure that only legitimate, credible businesses gain access to Singapore’s elite financial network. Before approving a corporate bank account for a non-resident, banks conduct rigorous Know Your Client (KYC) and Customer Due Diligence (CDD) checks, verifying:
Business legitimacy — is it a real company or a shell entity?
Financial history & source of funds — are they clean and transparent?
Background & risk profile — do you have political or regulatory red flags?
For Indian entrepreneurs and other non-residents, this process can be time-consuming and frustrating without expert guidance. CorporateServices.com has pre-established banking relationships that streamline the process — giving you an edge in securing your account efficiently.
Steps to Open a Corporate Bank Account in Singapore
Singapore banks lack direct access to Indian entrepreneurs’ financial and business data, making account verification a lengthy process. Standard reviews take 3-4 weeks, but working with an expert service provider can streamline approvals.
Step 1: Start with a Digital Bank Account
Many Indian entrepreneurs open a digital bank account first, ensuring smooth financial transactions while their corporate bank account application is being processed.
Step 2: Set Up Your Corporate Account with a Full-Service Bank
Choosing the right financial institution is crucial. Singapore offers a wide selection of both local and international banks. CorporateServices.com can help match you with the bank that best suits your business needs — and the banks we work with support remote account opening.
Step 3: Prepare & Submit Documentation
To meet Singapore’s banking regulations, you’ll need to provide:
- Company Registration Proof
- Director, Ultimate Beneficial Owner & Shareholder Identification – Passport, proof of address, and background details (CV or LinkedIn profile).
- Business Information – Share details like business activities, client profiles, transaction volume, website, and prior experience. A clear business plan and a reference letter from your Indian bank can also strengthen your application.
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Singapore’s Top Corporate Banking Institutions
As a top global financial center, Singapore offers a secure and business-friendly banking environment. The Monetary Authority of Singapore (MAS) ensures stability and security, with all deposits insured by the SDIC. CorporateServices.com has exclusive partnerships with top-tier banks to help streamline the account opening process.
| Bank | Key Features | Specific Details |
|---|---|---|
| DBS Bank | Singapore’s leading bank, consistently ranked safest in Asia. | Requires in-person ID verification and business operations in Singapore. Setup fee is SGD1,000+, with an initial deposit of SGD1,000+ and an SGD50,000+ balance requirement, waived for SMEs under three years. |
| OCBC Bank | Ranked second in Singapore by total assets; friendly for businesses. | Allows remote bank account opening. No setup fee, with an initial deposit of SGD1,000+ and no specified balance requirement. A nexus with Singapore or South East Asia is expected. |
| UOB | Singapore’s third-largest bank by assets, requiring a physical business presence. | Setup fee is SGD500+, with an initial deposit of SGD1,000+ and a balance requirement of SGD5,000+. |
| Citibank | First American bank in Singapore; best for large businesses. | No setup fee, with an initial deposit and balance requirement starting at SGD50,000. |
| HSBC | Singapore’s oldest bank, part of one of the world's largest banking groups. | Requires a minimum of 3 years of business track records unless there is an existing relationship. |
| Standard Chartered | Largest foreign bank in Singapore. | Requires at least one Singapore resident director or shareholder. No setup fee, with an initial deposit and balance requirement of SGD30,000+. |
| RHB Bank | Subsidiary of Malaysian RHB Bank. | Setup fee may apply, with an initial deposit of SGD30,000+ and a minimum balance requirement of SGD20,000+. |
| SBI Singapore | State Bank of India started operations in Singapore in 1977. | No setup fee, with an initial deposit and minimum balance requirement of SGD10,000+. |
Reviews from our clients
Abhishek Bhattacharjee
Very supportive team and seamless experience in setting up a business in SG. Very prompt turn around time in terms of query resolution and providing relevant...
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FAQs about Opening a Corporate Bank Account in Singapore from India
How CorporateServices.com Can Help
CorporateServices.com has built strong, trusted relationships with Singapore’s top banks — thanks to a consistent track record of referring high-quality, well-prepared clients. As we have worked with banks for many years, we understand the key areas they assess when reviewing your application. We are happy to share this information with you, as it will help you better prepare for your interview with the bank officer.
Fast-track your Singapore Corporate Banking with CorporateServices.com
