Opening a Corporate Bank Account in Singapore

Last Updated: Sep 2025

A corporate bank account is one of the first essentials for running a business in Singapore. It enables you to receive payments, manage expenses, and build credibility with clients and partners. While Singapore’s banking system is globally trusted and highly efficient, account opening has become more rigorous in recent years due to international KYC and AML standards.

This article provides a comprehensive guide to opening a corporate bank account in Singapore, explains recent regulatory changes, and outlines the enhanced Customer Due Diligence procedures implemented by traditional banks such as DBS, OCBC, UOB, and HSBC. By following this guidance, you can better understand the account opening requirements and process, and avoid common missteps that often lead to delays or rejection with these banks.

This article is Part 1 of our Singapore Business Banking Guide series. In Part 2: Digital Bank Accounts for Singapore Companies, we explain why digital bank accounts (also called neobanks) have become popular with startups and SMEs. In Part 3: Comparison of Aspire, Wise, Airwallex, and Revolut, we review the leading providers side by side to help you decide which neobank may be the right fit for your business.

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Table of Contents

Key Takeaways About Opening Corporate Bank Accounts

Who Can Open a Corporate Bank Account in Singapore?

Requirements for Opening a Singapore Business Bank Account

KYC and AML Checks by Singapore Banks

Required Documents to Open a Corporate Bank Account in Singapore

Steps to Open a Corporate Bank Account in Singapore

Traditional Banks vs Digital Business Accounts in Singapore

Best Banks in Singapore for Business Accounts

How to Avoid Rejection: Tips for Success

Special Cases: Holding Companies, Subsidiaries, and Startups

Frequently Asked Questions (FAQs)

opening a corpoarte bank account in singapore

Key Takeaways About Opening Corporate Bank Accounts for Singapore Companies

Singapore is a trusted global hub: Backed by a triple-A rated economy, Singapore ranks among the world’s top three financial centers, with banks fully integrated into global markets.

Foreign founders face closer scrutiny: Applications by foreign-owned companies may take weeks, as banks verify shareholder backgrounds and business intent.

Banks apply strict due diligence: Expect detailed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks before approval. Clear business plans, transparent ownership, and complete documentation greatly improve approval chances.

A digital bank account is easier: A digital bank account is the faster, easier choice. Digital banks like Wise, Aspire, and Airwallex are affordable and popular with startups in Singapore. Traditional banks offer full-service solutions but take longer to onboard. Most startups open a digital bank account first, then apply for a traditional bank account.

Competitive conditions: While fees and minimum balance requirements differ by bank, Singapore’s overall banking costs remain reasonable and competitive by global standards. All banks allow you to hold and transact in major currencies without restrictions.

Who Can Open a Corporate Bank Account in Singapore?

Any company incorporated in Singapore is eligible to open a corporate bank account, subject to the bank’s internal policies and approval procedures. This includes startups, subsidiaries of foreign corporations, and holding companies. The level of KYC and due diligence requirements differs for locally owned and foreign-owned companies.

Locally owned companies

Account opening is usually straightforward. With SingPass integration, some banks approve accounts in as little as 1-2 days.

Foreign-owned companies

Banks apply additional scrutiny since they cannot directly verify foreign shareholders and directors. This often means more documents, background checks, and a longer processing timeline (several weeks).
Banks prefer to speak directly with the company’s directors or key shareholders during the due diligence stage. Corporate service providers can assist with preparation, but the bank will always require direct communication with company stakeholders before approval.

Requirements for Opening a Singapore Business Bank Account

To open a corporate bank account in Singapore, companies must meet certain requirements. While the exact conditions vary by bank, the following are standard:

Incorporated Singapore company

The business must be registered with the Accounting and Corporate Regulatory Authority (ACRA). For details on how to incorporate in Singapore, see our Singapore company registration guide.

Compliance with bank policies

The company’s ownership structure, business activities, and stakeholders must fall within the bank’s acceptable risk profile.

Minimum initial deposit

Each bank sets its own deposit and minimum balance requirements, ranging from S$1,000 to S$100,000.

Required set of documents

Banks will only process an application if all supporting documents are provided, as listed in the section below: Documents Needed to Open a Bank Account in Singapore.

KYC and AML Checks by Singapore Banks

All Singapore banks are legally required to perform Know Your Customer and Anti-Money Laundering checks before approving a corporate account. These procedures ensure that only legitimate businesses with transparent ownership are onboarded into the financial system.

Key elements of the review include:

  • Verification of stakeholders: Banks confirm the identity, background, and source of wealth of directors, shareholders, and ultimate beneficial owners.
  • Assessment of business purpose: The bank must understand how the company operates, its target markets, transaction patterns, and why Singapore was chosen as a base.
  • Ownership transparency: Complex or layered structures are subject to additional scrutiny to confirm the actual beneficial owners.
  • Screening for risks: Checks are run for Politically Exposed Persons (PEPs), adverse media coverage, and potential links to sanctioned entities.
  • Not from a sanctioned country: Banks will not onboard companies, directors, or shareholders linked to sanctioned jurisdictions.
  • Ongoing monitoring: Due diligence does not stop at account opening; banks continuously monitor transactions for unusual or suspicious activity.
describing requirements for opening business bank account in singapore

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Required Documents to Open a Corporate Bank Account in Singapore

When applying for a corporate bank account, banks require a complete set of documents to verify the company and its stakeholders. Missing or incomplete paperwork is one of the most common reasons for delays or rejection.

Standard documents requested:

Company registration documents

Certificate of Incorporation and Business Profile from Accounting and Corporate Regulatory Authority (ACRA).

Identification of stakeholders

Passport (or NRIC for locals) and proof of residential address for all directors, shareholders, and ultimate beneficial owners.

Board resolution

A formal resolution by the company’s directors authorizing the opening of the bank account and appointing authorized signatories.

Business plan or description of activities

An overview of the company’s operations, target markets, suppliers, and expected transaction volume.
Note! Where available, banks may request additional supporting documents such as contracts, invoices, or reference letters from previous banking relationships.

For foreign-owned companies:

In addition to the above, banks often require:

  • Background details of shareholders and beneficial owners (e.g., CVs, professional history);
  • Explanation of why the company has chosen Singapore as a base;
  • Extra verification steps, usually through a video or in-person meeting with directors or major shareholders.

How to Open a Corporate Bank Account in Singapore:
Step-by-Step

Opening a corpoarte bank account in Singapore follows a structured process. While details vary by bank, you can expect these steps:

Step 1

Choose the right bank

Select a bank that fits your company’s needs and business activity profile. Consider minimum balance requirements, multi-currency facilities, international transfer costs, and digital banking features.

Step 2

Prepare all documents

Gather the required set of documents. Providing a complete package upfront reduces delays.

Step 3

Submit your application

Applications can usually be filed online. Your service provider can assist with corporate documents, but the bank will always require direct involvement from company directors or shareholders.

Step 4

Participate in KYC review

Banks may schedule a video call or an in-person meeting with directors or major shareholders to confirm identity, discuss business operations, and verify compliance information.

Step 5

Wait for compliance checks

The bank’s compliance team reviews all documentation, background checks, and business details. For local companies, this may take 1-2 days. For foreign-owned firms, it often requires several weeks.

Step 6

Account approval and activation

Once approved, you will receive your account details and online banking access. At this stage, you must deposit the required minimum balance.
A smooth process depends on preparation. Companies that provide clear information and respond quickly to bank queries usually complete account opening faster.

Traditional Banks vs Digital Business Accounts in Singapore

When starting a business in Singapore, many founders want to understand the difference between opening a corporate account with a traditional bank and with a neobank (digital bank). The right choice depends on your company’s needs. For some businesses, a digital account is sufficient, while others also require the full services of a traditional bank. Below is a comparison of the features of both options.
FeatureTraditional banksDigital business accounts
Services offeredMulti-currency accounts, credit facilities, trade financing, wide range of corporate servicesLow-cost digital banking, international transfers, multi-currency management
Account openingStricter due diligence, longer onboarding, higher minimum balanceFaster account setup, lower fees, user-friendly platforms
Best suited forEstablished companies with larger transaction volumes or complex needsStartups, SMEs, and businesses needing efficient cross-border payments
ExamplesDBS, OCBC, UOB, HSBC, Standard CharteredWise, Aspire, Airwallex
Most companies start with a digital account for speed and flexibility, then add a traditional bank account later for broader services.

Best Banks in Singapore for Business Accounts

As one of the world’s top three financial centers, Singapore offers an extensive range of banking and financial services. It is home to over 100 commercial banks, 28 merchant banks, 25 investment banks, and numerous private banks. The Monetary Authority of Singapore (MAS) carefully oversees the capital adequacy and leverage ratios of all locally incorporated banks to ensure financial stability. Depositor funds are protected by the Singapore Deposit Insurance Corporation (SDIC). Below is a list of main banks suitable for corporate clients:

Local banks

  • DBS Bank: Singapore’s largest bank, strong in SME services, trade financing, and regional expansion support.
  • OCBC Bank: Known for competitive SME packages, multi-currency accounts, and relationship-driven banking.
  • UOB: Offers wide branch coverage in Asia, strong treasury services, and corporate lending facilities.

International banks

  • HSBC Singapore: Suited for companies with global operations, offers advanced cash management and trade solutions.
  • Standard Chartered Singapore: Strong in cross-border banking, often chosen by multinational firms.
  • Citibank Singapore: Popular for treasury and foreign exchange solutions.

Digital providers

  • Wise Business: Efficient for international payments and multi-currency balances.
  • Aspire: Designed for startups and SMEs, low fees, and fast onboarding.
  • Airwallex: Offers global collection accounts and competitive FX rates.

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How to Avoid Rejection: Tips for Success

Bank account applications in Singapore can be rejected if banks are not satisfied with the information provided or if the company does not meet compliance standards. Careful preparation greatly improves approval chances. Practical tips:

Prepare a clear business plan

Explain your company’s purpose, operations, and target markets. Banks want to see genuine economic activity.

Highlight legitimate funding sources

Be ready to explain where your initial capital comes from and how the business will generate revenue.

Be transparent about ownership

Ensure beneficial owners are clearly identified. Avoid complex or opaque structures.

Respond quickly to bank queries

Delays in communication can raise concerns and prolong the process.

Provide complete documentation

Submit all required documents in full. Missing or inconsistent information slows down the process.

Choose the right bank

Different banks have different risk appetites. Select one that aligns with your company’s profile and transaction needs.

Special Cases: Holding Companies, Subsidiaries, and Startups

Certain types of companies face unique challenges when opening a bank account in Singapore. Understanding how banks view these cases can help you prepare better.

Holding companies

Since holding companies often do not conduct day-to-day operations, banks pay extra attention to their purpose and source of funds. A clear explanation of owned assets, shareholdings, or investment plans is essential to demonstrate legitimacy.

Subsidiaries of foreign corporations

Subsidiaries must provide details of both the Singapore entity and the parent company. Banks may request audited financial statements of the parent, background information on overseas directors, and an explanation of why the subsidiary is being set up in Singapore.

Startups

New companies without an operating history are common in Singapore, but they must show a realistic business plan and clear funding sources. Digital business accounts are often preferred by startups for faster onboarding, while traditional banks may require additional proof of viability.
In each of these cases, transparent information and strong supporting documents are critical for approval. Banks need to see the economic rationale behind the entity and assurance that funds are clean and traceable.

Final Thoughts

Opening a corporate bank account in Singapore can feel complex, especially for startups with foreign directors or shareholders. By preparing the right documents and understanding how banks apply enhanced KYC and AML standards, you can improve your chances of approval and avoid delays.

This article is Part 1 of our Singapore Business Banking Guide series. In Part 2: Digital Bank Accounts for Singapore Companies, we explain how neobanks have become a practical alternative for startups and SMEs. In Part 3: Comparison of Aspire, Wise, Airwallex, and Revolut, we review the leading providers side by side to help you decide which digital bank account may best support your business needs.

If you are planning to set up a Singapore company, we provide comprehensive incorporation services for global entrepreneurs. Our team also guides you through the bank account opening process.

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Jacqueline Low

Author

Jacqueline Low

Jacqueline has been in the corporate services industry for over 25 years. She has helped thousands of entrepreneurs and business clients understand and navigate the various statutory and regulatory requirements, avoiding expensive mistakes.

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