Smoothly Open a Singapore Bank Account for Your Mainland Company? Here’s the Guide You Need!

How to Successfully Open a Singapore Bank Account for a Mainland Company Your Comprehensive Guide

In the context of global economic integration, an increasing number of mainland Chinese companies are choosing to expand overseas in pursuit of broader growth opportunities. Singapore, with its stable financial environment, robust legal system, and strategic geographical location, has become a top destination for mainland enterprises looking to establish a global presence. Opening a Singapore bank account is often the first critical step in launching overseas operations.

Why Choose Singapore?

According to the 2025 Global Financial Centres Index GFCI, Singapore has consistently ranked among the world’s top five financial centers for several years. Its resilient financial system, transparent regulatory framework, and openness to international capital have solidified its position as one of Asia’s most attractive financial hubs. The country maintains a welcoming stance toward foreign investment and offers a relatively favorable tax regime, particularly for multinational corporations.

For mainland companies, opening a Singapore bank account facilitates cross-border fund management, foreign exchange settlement, and enhances international credibility. It also streamlines future financing, investment activities, and international trade operations.

Basic Process for Opening a Singapore Bank Account

Despite Singapore’s open financial environment, the process has become more rigorous in recent years due to tightened global Anti-Money Laundering AML and Know Your Customer KYC regulations. Here is a general overview of the process and key considerations

1. Choose the Right Bank

Major banks in Singapore include DBS Bank, OCBC Bank, and UOB. Each bank differs slightly in terms of account opening policies, service fees, and account features. Companies should evaluate their business needs, such as whether they require multi-currency accounts or online payment capabilities, when selecting a bank.

2. Prepare Complete Documentation

Banks typically require the following documents during the account opening review

Company registration documents e.g., business license, articles of association

Identity and address proof for directors and shareholders

Company profile and business plan

Recent financial statements or bank statements if available

Board or shareholder resolutions if applicable

In 2025, many Singapore banks have strengthened internal due diligence, especially for clients from high-risk jurisdictions. It is crucial to ensure all documents are complete and accurate to avoid rejection.

3. Schedule an Interview or Video Conference

Most banks require company directors to attend an in-person interview in Singapore. However, remote account opening via video call has become more common in recent years, especially since the pandemic. That said, remote procedures often demand more documentation and may take longer to process.

4. Account Approval and Activation

After submitting all required documents, banks typically take 2-4 weeks to complete the review. Upon approval, the company will receive notification from the bank and proceed with account activation and setting up online banking access.

Common Issues and Recommendations

Account Rejection?

Banks in Singapore are particularly cautious about high-risk industries such as cryptocurrency, money brokerage, and health supplements. If your business operates in such a sector, it is advisable to communicate with the bank in advance or seek assistance from a professional advisor to help prepare your application.

Is a Local Director Required?

While Singapore law permits 100% foreign ownership, some banks may require at least one local director or authorized representative. This requirement can be fulfilled by incorporating a local entity or appointing a qualified compliance secretary.

How to Improve Approval Chances?

Companies should ensure their business model is clearly defined, their documents are comprehensive, and their source of funds is legitimate. A well-prepared business plan can significantly enhance the bank’s confidence in the company’s operations.

Leverage Professional Services for Efficiency

For companies unfamiliar with Singapore’s banking system, engaging professional service providers-such as corporate registration agents, accounting firms, or legal consultants-can greatly expedite the process. These firms often have strong relationships with banks and can assist in document preparation, interview coordination, and addressing bank inquiries.

According to 2025 media reports, numerous mainland enterprises successfully opened Singapore bank accounts by partnering with local service providers. Many have since launched cross-border e-commerce operations and overseas investments, demonstrating that with expert guidance, the account opening process can be significantly smoother.

Conclusion

Opening a Singapore bank account for a mainland company may seem challenging, but with thorough planning, comprehensive preparation, and the support of professional resources, businesses can complete the process efficiently and in compliance with local regulations. As a vital financial bridge between China and the world, Singapore continues to open doors for mainland enterprises pursuing international growth.