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Opening a corporate bank account in Singapore is key for any business, whether you're a local startup or a foreign-owned company. Singapore’s robust banking system offers services like multi-currency accounts, credit facilities, and global transaction capabilities, making it an ideal choice for subsidiaries, branch offices, and SMEs.
To open an account, businesses must meet regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.
In our upcoming article, we cover key requirements, top banks, and business accounts in Singapore, and key tips for effectively managing a business account in Singapore.
1. Can a foreigner open a corporate bank account in Singapore?
Yes, foreigners can open a corporate bank account in Singapore. To open a corporate account in Singapore, you must satisfy one of these 2 requirements
- You must have a company registered in Singapore or;
- You must have an overseas company to open an offshore company bank account in Singapore.
2. Key requirements for opening a company bank account in Singapore
Before approaching a bank, ensure you have the necessary documents. While requirements vary by bank and business structure, typically you’ll need.
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Incorporation Documents: Proof of registration with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
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Company Constitution: Details of the company's structure, directors, and shareholders.
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Proof of identity: Passport copies for directors, beneficial owners, and authorized signatories.
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Proof of residential address: Required for directors and significant shareholders. (Ultimate beneficial owners or UOB)
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Board Resolution: Authorize the account opening and assign signatories.
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Business Plan, brochure, website: especially for newly formed companies.
- Contracts and sales invoices, financial statements: For the bank officer see the financial health of the company
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Bank account application (provided by the bank): We will assist you in completing this application g to enhance your chances of success;
Additional documents like a certificate of incumbency or notarized documents from the home country may be required for foreign businesses.
3. Top banks in Singapore for business bank accounts
As one of the world’s leading financial hubs, Singapore is home to over 150 banks regulated by the Monetary Authority of Singapore (MAS).
The top recommended banks in Singapore are reputable banks with a global presence, ideal for business clients.
Formerly known as the Development Bank of Singapore, DBS has maintained its status as Singapore's premier bank, securing the title of Asia's safest bank for 15 consecutive years (from 2009 to 2023) as per Global Finance's ratings. With over 12 million customers, and more than 100 branches in Singapore, DBS offers a comprehensive suite of services for all, including small and medium enterprises (SMEs).
Oversea-Chinese Banking Corp (OCBC) is Singapore’s second-largest bank by assets, providing a wide range of services from commercial banking to investment management.
With a global presence in 18 countries and over 600 branch offices, including locations in Sydney, London, Los Angeles, and New York, OCBC extends its services across multiple regions.
With a presence in 18 countries, including Sydney, London, and New York, OCBC is a strong choice for SME clients.
United Overseas Bank, Singapore's third-largest bank by assets, provides extensive services and excels in offering excellent solutions to SME customers. Operating not only in Singapore but in multiple countries across the globe, UOB covers regions like Australia, Hong Kong, Malaysia, the UK, the US, and many more.
The first American bank to operate in Singapore, Citibank is part of Citigroup Inc., which operates in over 160 countries. It provides a wide range of corporate banking services suited for global businesses.
A subsidiary of HSBC Holdings, this bank is one of the oldest in Singapore, offering diverse financial solutions for businesses involved in international trade.
The largest foreign bank in Singapore, Standard Chartered has been operating since 1858. With a strong footprint in over 70 countries, it offers a wide array of financial services tailored for businesses.
RHB Bank Berhad Singapore, a subsidiary of RHB Bank Malaysia, is Malaysia's fourth-largest bank. It provides full-service corporate banking, including asset management, investment consulting, and risk management.
4. Top business bank accounts in Singapore
4.1. Best corporate/SME bank accounts
| Types of bank account | Best for |
Minimum deposit (in SGD) |
Features |
| DBS Business Digital Account | SMEs and Startups |
$1,000 |
|
| OCBC Business Growth Account | Growing businesses in local markets | $1,000 |
|
| Start-ups and SMEs | $1,000 |
|
|
| HSBC Smart Business Account | Global businesses and import/export firms | $5,000 |
|
5.
6. Multi-Currency Accounts
If you frequently deal with multiple currencies, a multi-currency account is an essential tool for avoiding hefty currency conversion fees and handling international transactions.
| Types of bank account |
Best for |
Minimum deposit (in SGD) |
Features |
| Wise Multi-Currency Account |
SME, Start-ups |
None |
|
| HSBC Everyday Global Account |
Expats and frequent travelers |
$2,000 to qualify for cashback |
|
| DBS Multi-Currency Account |
SMEs with cross-border dealings |
No initial deposit if the Singapore company is incorporated less than 3 years |
|
| UOB Global Currency Account |
SMEs with cross-border dealings |
$1,000 (Initial deposit depending on the currency) |
|
| Standard Chartered Multi-Currency Account |
Individuals looking for both savings and FX |
$2,000 |
|
7. How to open a corporate bank account in Singapore with 100% success?
7.1. Step 1: Select the right bank
Selecting the right bank is crucial for your business’s financial success. This choice can significantly minimize potential banking issues in the future. The top 6 banks listed above can aid in your decision-making process.
The questionnaire below can help to decide which bank is the right choice for the company neeeds
In addition, we prepare a list of essential questions for your decision-making process about the most suitable bank.
- What is the estimated banking transaction volume for your company?
- What is the expected initial deposit amount? Different banks in Singapore have varying minimum deposit requirements.
- What is the average monthly minimum balance you intend to maintain?
- Do you require additional services, such as loans, financial consultation, or investment management?
- What level of customer service do you expect?
- How easy is it to manage cash flow with this bank account?
- Does the bank offer payment methods such as a Letter of Credit (LC), and how user-friendly is this service?
After choosing the right bank, the next step you need to do is document preparation.
7.2. Step 2: Prepare the necessary documentation
Refer to the list of required documents, ensuring you have them notarized if necessary. Foreign-owned businesses may need additional paperwork, so confirm with your chosen bank beforehand.
The more precise, transparent, and comprehensive your information is about your business's background and plans, the higher the likelihood that Singapore banks will understand your business model. This clarity significantly increases your chances of successfully opening a corporate bank account.n
If inaccuracies are found by the bank appraiser, it can negatively impact your chance of account opening
7.3. Step 3: Schedule an appointment
Most banks require you to visit the branch in person, though some may offer online pre-application processes.
For businesses with foreign directors and foreign shareholders, the majority of banks will schedule a meeting where all authorized signatories need to be present.
During the meeting, the bank officer will review your application and request any additional paperwork if needed.
If your company structure or operations are complex, a Singaporean bank interviewer will ask for more details during the interview process. Be ready to answer questions and provide clear explanations upfront.
Some common questions the banker will ask are:
- Who are the main figures in the business?
- Where does the capital come from?
- How does your company generate revenue?
- Who is involved in the company's transactions?
After submitting the necessary documents, the bank will verify them and conduct a Know Your Customer (KYC) process to eliminate any potential financial threats. For foreign-owned companies, this process can take 3-4 weeks or as long as 3-4 months.
7.4. Step 4: Activate the business account
Once approved, you'll receive the account details and can deposit the minimum required amount. You’ll be able to start using your corporate bank account immediately once it’s activated.
8. Alternate banking solution for business
In recent years, fintech companies have become an increasingly popular alternative for corporate banking services. For businesses that prioritize convenience and low fees, fintech solutions like Wise (formerly TransferWise), Revolut, and Aspire offer various business account options.
- Wise: Offers multi-currency accounts with low international transaction fees, making it an attractive choice for startups and SMEs, trading companies, and e-commerce businesses.
- Revolut: Provides quick, digital-only corporate accounts, suitable for businesses looking for fast and easy setups.
- Aspire: Offers features like a no-fee corporate account with unlimited local transfers, expense management tools, and integrations with accounting software
These options may not have the full suite of services provided by traditional banks, such as L/C payment transfer, or trade financing, but they can be a great supplement to a traditional account, especially for international businesses.
9. How to increase your chance of opening a Singapore business bank accounts?
For a better chance of business account openings, you should consider these key points
- The business intending to open a bank account in Singapore should have a registered company in Singapore.
- For account holders (mainly foreign directors), you must be physically present in Singapore during the interview with a banking specialist.
- The involvement and signatures of the nominated director (Nominee director) and the Singapore company secretary are essential. These roles are fundamental prerequisites when registering a Singapore company for foreigners
- The banker will check your company transactions to see if you can maintain the minimum account balance, be sure to prepare invoices showing a higher value than the required account balance
10. Key notes to remember when managing a corporate bank account
There are crucial considerations that account holders should keep in mind to avoid potential issues
Avoid conducting transactions with countries identified as potential sponsors of terrorism, involved in money laundering, or those on the EU's blacklist.
Engaging with these nations may lead to permanently closing your bank account in compliance with Singaporean law, often without prior notification from the bank.
Ensure that your transactions do not involve activities related to weapons financing, terrorism, or virtual currencies. Such actions are strictly prohibited in Singapore.
Make sure fund transfers from your Singapore company accounts are supported by valid and well-documented reasons. Significant foreign currency transfers should be accompanied by clear invoices and documentation indicating legitimate business transactions.
Be aware of the maximum transfer limits set by your bank when opening the account. Avoid exceeding these limits to ensure compliance and prevent complications.
The initial deposit amount for USD accounts is USD 1,000, while for SGD accounts, it's SGD 3,000. During the meeting with the bank specialist, the account owner must present a corresponding check of the required value to initiate the account opening in Singapore.
You should always maintain a minimum account balance of USD 1,000 for USD accounts and SGD 3,000 for SGD accounts to avoid changes for fall-bellow fees.
11. How can we help you open your Singapore corporate bank account with success?
As a recognized partner of Singaporean banks, our expertise lies in simplifying the process of opening Singapore bank accounts. We ensure a smooth, prompt, and thorough experience for our clients, prioritizing professionalism throughout the entire procedure.
- Choose a reputable bank (top 10 in Singapore) for peace of mind and meeting individual needs;
- Support you in opening a reliable, trusted digital bank account or traditional bank account;
- Prepare necessary documents for account opening;
- Schedule an appointment with a Singapore bank representative;
- Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Register a company in Singapore;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for Singapore business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
12. FAQs for Singapore company bank account opening?
You can find detailed information and instructions for the account opening process on this page Opening a bank account in Singapore.
While physical presence is typically required for interviews, you can opt for online interviews with Singapore physical banks or choose fully digital e-banking options. Contact us today for more information
Opening a business account in Singapore can take several months to complete. This extended duration stems from challenges within the Singapore government's information system, which faces difficulties in promptly obtaining data on foreign individuals.
Consequently, Singaporean banks invest considerable time in requesting and authenticating detailed information. Collecting and verifying this data requires substantial resources and time to process and execute the account opening procedure.
As a result, many international companies opt to engage in professional consulting and support services like Global Link Asia Consulting. Our expertise and detailed guidance provide invaluable assistance, enhancing the potential for successfully and promptly opening accounts.
A digital bank, also known as an online bank or neobank, operates entirely online without physical branches. It provides banking services and financial transactions through digital platforms, offering convenience, accessibility, and often innovative features compared to traditional brick-and-mortar banks.
Fees vary between banks and depend on factors like account type, transaction volume, and services used.
Some common fees include:
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Fall-below fees: If the account holder doesn’t keep the minimum account balance
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Annual account maintenance fees:
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Transaction charges:
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ATM withdrawal fees
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Cheque book fees
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Fund transfer fees
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Overdraft fees
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Foreign currency exchange fees:
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
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