How to Open a Corporate Bank Account in Singapore

people opening corporate bank account in singapore

As a result of OECD Financial Regulation recommendations, Singapore banks have heightened their scrutiny of new clients, particularly foreigners. This comprehensive guide to opening a corporate bank account in Singapore covers recent regulatory changes and outlines the enhanced Customer Due Diligence procedures implemented by banks.

By following the guidance provided in this article, you can navigate the account opening process more smoothly and avoid common missteps that often lead to delays or rejection.

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Set Up Your Digital Business Account First

While this article focuses on opening a corporate bank account with traditional Singapore banks (such as OCBC, DBS, HSBC, and Standard Chartered), the lengthy processing times often associated with traditional banks have led many businesses to explore digital banking alternatives.

Digital banking offers numerous advantages for businesses, including quick account setup, low initial deposit requirements, minimal fees, cost-effective international transfers, and seamless multi-currency management. In many cases, it can be an excellent alternative to traditional banking. For more details, see our guide on opening a digital bank account for Singapore companies.

Digital banks like Wise, Aspire, and Airwallex operate entirely online without physical branches, allowing customers to manage their finances seamlessly through smartphones and computers.

Banking in Singapore - Key Facts

Ease of banking and stability of the banking system is one of top considerations for businesses when choosing their base for operations. Below are some of the key facts that you should know about the banking industry in Singapore:

Singapore is a highly respected, triple-A rated economy and ranks among the world’s top financial hubs. Following recent unrest in Hong Kong, Singapore is now widely considered the third most important financial center, behind only London and New York. Singapore’s banks are fully integrated into the global financial system and operate without government-imposed controls on fund movement.

All banks in Singapore offer multi-currency accounts, international and secure online banking. You can hold funds and conduct transactions in all major currencies without restriction. There are no limitations on receiving international funds or making cross-border payments, except where international sanctions apply. Account opening requirements, bank fees and minimum balance requirements vary by institution, but overall, Singapore's banking fees are globally competitive and reasonable.

All new account opening applications are subject to review and approval by the bank’s compliance and regulatory teams. If you are incorporating a shell company with no genuine business activity, your application is unlikely to be successful. However, if your business has a legitimate purpose, your company structure is transparent, the backgrounds of stakeholders are clean, there is a clear regional or operational nexus to Singapore, and your company's business activities fit the bank's target customer base, you should have no difficulty opening a corporate bank account.

Digital bank accounts are becoming increasingly popular among new startups in Singapore. Many founders now choose to open a digital account first, drawn by its ease of use, faster onboarding process, and lower transaction fees.

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Traditional Banking: More Rules, More Delays

A key reason Singapore’s banking system operates with such efficiency and integrity is its rigorous vetting of new participants to ensure they are trustworthy and compliant. In recent years, Singapore has implemented a robust regulatory framework aligned with anti–money laundering (AML) and counter–terrorism financing (CTF) standards. According to the latest Financial Action Task Force (FATF) report, Singapore demonstrated full compliance with all 40 FATF recommendations — a distinction few jurisdictions can claim.

As a result, every Singaporean bank is legally required to conduct a thorough “Know Your Customer” (KYC) review before onboarding new clients. This is not optional — it is mandated under Singapore’s financial regulations. The Customer Due Diligence (CDD) process includes verifying the identity and background of the company’s key personnel, assessing the source of funds, understanding the company’s legal structure, and confirming the nature of its business operations and its proximity to Singapore.

Banks also conduct checks for Politically Exposed Persons (PEPs), adverse media, and potential involvement in illegal or unethical activities. If any red flags are identified, banks may request additional documentation or reject the account application altogether.

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), supports these efforts with sophisticated data analytics tools to monitor transactions and detect suspicious patterns. Furthermore, banks must be confident that there is a legitimate business rationale for setting up a company in Singapore — not merely the creation of a shell entity.

What to Expect When Opening a Corporate Bank Account in Singapore

Opening a bank account is essential to operate your company. Here’s what you should know:

  • Banks are required to follow strict regulations.
    Due to Singapore’s strong anti–money laundering (AML) and counter-terrorism financing (CTF) framework, banks must perform detailed due diligence before onboarding new clients.
  • Legitimate businesses are welcomed.
    As long as your company has a real economic purpose, is not from a sanctioned country, and has a straightforward structure, account opening is achievable.
  • Customer Due Diligence (CDD) is mandatory.
    Banks must understand who you are, how your business operates, your source of funds, and the intended nature of transactions.
  • Foreign founders face more scrutiny.
    Without local business history, foreign-owned companies undergo deeper reviews. However, many banks now allow video interviews instead of in-person meetings, enabling remote account opening.
  • Banks evaluate your overall risk profile.
    Key considerations include:
    • Complexity of company structure;
    • Background of directors and shareholders;
    • Business activities and target markets;
    • Typical clients, suppliers, and transaction patterns.
  • Documentation matters.
    Your ability to clearly present your business model, intentions, and supporting documents can determine the outcome.

Expert Guidance Makes a Difference

Opening a bank account in Singapore isn’t just about paperwork — it’s about knowing what banks need and how to deliver it clearly. Our experienced service teams will guide you through the process giving your application the best chance of success.

Your guidance for opening our bank account was invaluable. With our complex holding structure it would have taken us weeks to get through the Due Diligence checks, but with your guidance and recommendation, we got it all done in one meeting. Thanks!

Tom Koningsberg, CEO AWI

Information Requested by Banks in Singapore

For Locally-Owned Singapore Companies

If your company is fully owned by Singaporeans, the account opening process is exceptionally straightforward. Through our fast-track procedure with selected partner banks, your corporate bank account can often be opened online in 1-2 days. We’ll connect you directly with the bank, and if you have a SingPass, no additional documents are typically required.

For Foreign-Owned Singapore Companies

Because Singapore banks do not have direct access to government data on foreign nationals, they are required to collect more detailed information about each foreign client’s identity, professional background, and proposed business activities. The collection, verification, and internal vetting of this information can take time. As a result, when a company is owned by foreign nationals, the bank account opening process may take several weeks

Foreign nationals should be prepared to provide the following documents and information:

Traditional Bank Account Opening - Gimmicks vs Facts

Gimmick 1: Guaranteed Account Opening
Be wary of any firm that promises guaranteed corporate bank account opening with a traditional banks in Singapore, especially for foreign-owned companies. While banks are in the business of opening accounts, they are also required to perform rigorous Customer Due Diligence (CDD) in compliance with Singapore’s stringent anti-money laundering and counter-terrorism financing regulations.

No third-party service provider can override or bypass this process. Banks must independently verify the identity of stakeholders, understand the nature of the business, and assess the legitimacy and risk profile of the company. Claims of guaranteed approvals are misleading and often signal providers that lack transparency or use unethical tactics.

Gimmick 2: Instantaneous Account Opening
Same-day corporate bank account opening is possible only for companies that are wholly owned and operated by Singapore residents. These cases are fast-tracked because banks can easily verify identity and background information through local databases.

However, if a firm promises immediate or near-instant account opening for a foreign-owned entity, that should raise a red flag. Singapore banks do not offer fast-track processing for foreign-owned companies due to the additional regulatory scrutiny involved. As outlined earlier in this article, banks must conduct deeper checks on foreign nationals — including identity verification, business intent, and source of funds — before approving an account. As a result, the process typically takes several weeks.

Work with experienced professionals who understand how banks think, what they require, and how to guide you through the process without false promises or gimmicks.

Business Bank Account Opening Checklist

Below are some guidelines that will help you prepare the information necessary for a smooth bank account opening experience.

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Major Banks in Singapore

As one of the world’s top four 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

International Banks

Digital Banks

We Have Helped Thousands Incorporate In Singapore

The challenge we faced was finding a partner who could add the value and benefits of an easy-to-use online platform but couple it with the provision of astute guidance about the most efficient company setup structure. We found the online platform very simple, very easy-to-use, and backed up with very effective messaging tools to ask and receive timely guidance. On top of this, if you need to send a simple email or schedule a call outside of the system, the response rate has been very impressive. I would not hesitate in recommending the friendly team at Corporate Services to anyone looking to set up a venture in Singapore.

ROGER SMART, TIGER PARTNERS (SG) PTE. LTD.

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Frequently Asked Questions about Opening Corporate Bank Account in Singapore

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