Opening a corporate bank account in Singapore is essential for establishing credibility and conducting business with local and international partners.
Having guided many foreign entrepreneurs through this process, we’ll share everything you need to know about the requirements, timeline, and banking options available to you.
Who Can Open a Corporate Bank Account
Only the executive director can initiate and apply for a corporate bank account. This is a critical distinction that many foreign entrepreneurs overlook.
The nominee resident director cannot access the bank account, authorize or approve any transactions, or apply for accounts on behalf of the company. However, banks will contact the nominee director during the verification process.
If you engage a corporate service provider like Singbac, we cannot check your account opening status or expedite applications. All communications must happen directly between you and the assigned banker processing your application.
Basic Requirements
Before applying for any corporate bank account, you must register your company with the Accounting and Corporate Regulatory Authority (ACRA).
Your company structure can be a private limited company, a branch office, or a representative office, depending on your business needs.
All banks in Singapore conduct due diligence to comply with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations. This means processing times vary, and banks require comprehensive documentation to verify your business’s legitimacy.
Key eligibility requirements include having:
- At least one company director who is a Singapore resident
- Legitimate business activities that comply with local laws
- Obtaining any required industry licenses or permits, and
- To provide proper documentation to verify your business activities and funding sources
Documentation for Corporate Bank Account Opening
You will need several documents regardless of which bank you choose.
These include:
- Business Profile from ACRA
- Passport & Proof of address (dated within last 3 months) from all directors & shareholders
- CV/LinkedIn Profile of key Directors
- Website of company (Optional, but recommended)
Banks require evidence of business activities such as invoices, contracts, purchase orders, or business licenses. Reference letters from existing banks or professional service providers help establish your financial credibility.
Required for Traditional Banks
If you’re applying to traditional banks, at least ONE of these documents are important.
- Office lease agreement or proposal – Virtual addresses or corporate service provider addresses are not considered physical offices by banks
- Contracts with local suppliers, clients, contractors, or vendors in Singapore
- Letters of offer or intent with local suppliers, clients, contractors, or vendors in Singapore
- Employment agreements or job offers for Singapore staff
Without these documents showing local business activities, traditional banks often reject applications (unless you are a Citizen from ASEAN Countries).
If you don’t have them yet, we recommend starting with digital banks first, building business activities for at least three months, then applying to traditional banks with proven local operations.
Traditional Banks vs Digital Banks
Singapore offers two main categories of corporate banking: traditional banks and digital banks.
Each has distinct advantages and requirements that suit different business needs.
Traditional banks typically require more documentation and longer processing times, but they offer comprehensive banking services and established reputations.
The application process usually takes three to four weeks, and some banks require in-person visits to complete account opening.
Digital banks, also known as neo banks, process applications faster, typically within seven to fifteen working days. They operate entirely online, eliminating the need for physical branch visits. However, they may have limited services compared to traditional banks.
Traditional Bank Options
DBS Bank
Requires an account setup fee starting from S$2,000, charges a monthly service fee of S$200 that is waived if you maintain an average daily balance of at least S$200,000, and imposes an annual account fee of S$40.
In-person visits are mandatory for account opening.
OCBC Bank
May process applications entirely online, making it more convenient for foreign entrepreneurs. Specific fee structures vary based on account type and business requirements.
Note: Singbac has direct contacts with DBS and OCBC for corporate bank opening. Contact us for personalized support.
UOB Bank
Requires in-person visits to complete the account opening process.
Standard Chartered and Citi Commercial Bank
Applications are assessed on a case-by-case basis and typically require minimum assets under management, making them suitable for larger businesses or those with substantial capital requirements.
Digital Bank (also known as Neo Banks)
Aspire
Pioneered online payment services in Singapore and supports multiple currencies including USD, EUR, GBP, SGD, and IDR. Local SGD payments are free, and they provide virtual MasterCard debit cards for corporate customers.
Airwallex
Originated in Australia and holds a Singapore financial license. They support corporate accounts in 50 different currencies and process most international transfers within hours.
Virtual Visa debit cards are included with accounts.
Note: Singbac has direct contacts with Aspire and Airwallex for corporate bank opening. Contact us for personalized support.
Wise, formerly TransferWise
Offers current accounts in USD, EUR, and GBP with both virtual and physical debit cards. They connect to PayPal and charge a setup fee of S$99 if your application is approved.
Revolut
Provides Singapore business accounts and virtual debit cards for businesses whose legal home address is in the UK, EEA, Switzerland, Australia, Singapore, or the US.
Green Link Digital Bank
Offers multi-currency accounts in SGD and USD with no minimum deposit requirements. The entire account opening process can be completed online.
Wallex
The only platform in Singapore that allows corporate customers to work with cryptocurrency alongside traditional banking services.
If your business involves cryptocurrency investments or trading, you can legally withdraw crypto funds through your Wallex account. They offer accounts in USD, EUR, and GBP with PayPal integration for online payments.
Payoneer
Provides checking accounts in multiple currencies, including USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD, and MXN, along with MasterCard debit cards.
WorldFirst
Integrates with platforms like Amazon, Shopee, Shopify, and PayPal when expanding your international trading.
They allow you to receive payments in multiple currencies as if you were a local business in each country. You can collect payments from international buyers by providing them with local bank details on your invoices.
YouBiz
A Singapore-based fintech that offers both personal and business accounts with a swift and straightforward online setup process.
They provide multi-currency accounts supporting USD, SGD, and nine additional currencies.
YouBiz also offers SME corporate cards with unlimited 1% cashback on all spending and 0% foreign exchange (FX) fees, plus an integrated multi-currency expense management platform in their app.
Your Corporate Bank Account Journey
Opening a corporate bank account in Singapore requires careful preparation and choosing the right banking partner for your business needs.
Start with digital banks if you lack local business activities, then expand to traditional banks as your operations grow.
After setting up your company in Singapore, we can facilitate the bank account opening process through our contacts with traditional or digital banks.
With proper preparation and the right guidance, you can establish banking relationships that support your business growth in Singapore and throughout Asia.
Frequently Asked Questions
Can a nominee director open a corporate bank account for my company?
No, only the executive director can initiate and apply for a corporate bank account. The nominee resident director cannot access the account, authorize or approve transactions, or apply on behalf of the company. However, banks will contact the nominee director during their verification process.
What’s the difference between traditional and digital banks for corporate accounts?
Traditional banks offer comprehensive services but require more documentation, longer processing times (3-4 weeks), and often need in-person visits. Digital banks process applications faster (7-15 days), operate entirely online, but may have limited services.
What documents do I need to improve my chances with traditional banks?
Beyond basic incorporation documents, traditional banks want to see local business activities. Prepare an office lease agreement (virtual addresses don’t count), contracts with Singapore suppliers or clients, employment agreements for local staff, or letters of intent with Singapore partners. Without these, traditional banks often reject applications.
