Opening a Corporate Bank Account in Singapore

Opening a Corporate Bank Account in Singapore

In the past, opening a bank account in Singapore has been a complicated procedure because banks frequently demand that businesses maintain a significant presence in the region. But recent changes brought forth by the banking industry's desire for modernization are changing this picture.
A new market dynamic is being created for businesses looking for the best banking solution by the move to paperless, online, and quick operations as well as the rise of online banking options.

In this article, we delve into the available options for companies in Singapore and outline the document requirements set by banks.

How to Select the Right Bank for a Business Account in Singapore?

Selecting the appropriate bank for your business account is a crucial choice that has a big impact on the functioning and reputation of your organisation. Like a business card, your bank gives potential customers their initial impression of your company. It's crucial to do your homework and choose a bank that fits your preferences and financial demands. Let's examine the distinctions between traditional and online banks to help you make this decision:

Online Solutions (e.g., Aspire, Neat, Revolut):


  • Digital-First Approach: Online banks operate exclusively on the internet, eliminating physical branches.
  • Paperless: Transactions, account management, and communication are conducted digitally, minimizing the need for physical paperwork.
  • Fast and Convenient: These banks offer 24/7 services, enabling swift account setup and transactions at any time.
  • Specialized Services: Some online banks provide unique features such as multi-currency accounts or tailored services for businesses.
  • Lower Fees: Thanks to streamlined operations, online banks often have lower fees compared to traditional counterparts.
  • Higher Interest Rates: Online banks may offer more competitive returns on savings compared to traditional banks.
  • Restricted Services: They may not provide the full spectrum of financial services available at traditional banks.
  • Perception of Risk: Some individuals might approach online banks cautiously due to concerns about security and legitimacy.

Traditional Banks (e.g., DBS, OCBC, UOB):

  • Physical Presence: Traditional banks maintain physical branches and ATMs, offering face-to-face services.
  • Wide Range of Services: They provide diverse financial services, including personal and business accounts, loans, investments, and multi-currency offerings.
  • Established Reputation: Traditional banks are typically well-known and have a history of serving customers over an extended period.
  • In-Person Assistance: Customers can visit branches for personalized assistance and advice.
  • Higher Fees: Due to their broader range of services and overhead costs, traditional banks may have higher fees.

In essence, online banks offer convenience, speed, and specialized features with lower fees, while traditional banks provide physical presence, a comprehensive array of services, and a long-standing reputation.

What Documents Are Needed for Opening a Business Bank Account in Singapore?

After selecting your preferred bank, the next step is to gather the necessary documents. While this list is a general guideline, requirements may vary between banks:

  • Incorporation Documents: Business registration certificate, certificate of incorporation, and articles of association obtained during the incorporation process.
  • Proof of Identity and Address: Documents for authorized signatories, directors, and beneficial owners. Some banks accept a utility bill as address proof.
  • Business Plan: Required for entrepreneurs or businesses applying for corporate accounts.
  • Curriculum Vitae of Directors and Shareholders
  • Proof of Business: Sales and purchase agreements, invoices, and existing bank statements showcasing your business activities.
  • Initial Deposit: Some banks may require an initial deposit to open the account.

Is It Necessary for Company Representatives to Visit a Bank Branch in Person, or Can It Be Done Remotely?

The times are no longer the same! The majority of banks in Singapore now provide completely online account opening processes due to the popularity of online solutions and the difficulties traditional banks encountered with travel limitations. Even in situations when certain enterprises with well defined organisational structures might still need to be physically present, banks frequently permit representatives to visit the closest branch, even if it's not in Singapore.

Can Foreign Companies Open a Corporate Bank Account in Singapore?

Yes, foreign companies can open a bank account in Singapore upon establishing a presence within the territory. Foreign companies can choose to set up a branch, establish a representative office, or form a subsidiary.

How Long Does It Take to Open a Bank Account in Singapore?

Upon receiving the required documents, the bank will conduct a swift verification. Upon approval, you will receive your account details, including the account number and instructions for accessing online banking services. The entire process typically takes a minimum of 3-4 weeks, with a faster timeline for start-ups and small companies.


In conclusion, it doesn't have to be difficult to open a bank account in Singapore. You may enjoy the benefits of modern banking services customised to your needs by navigating the procedure with ease, provided you get the correct assistance and choose the right bank.

Please get in touch with us if you need help opening a bank account in Singapore. Your journey to ideal banking solutions begins with a single click - we are here to assist.

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