How to Smoothly Register a Company Account in Singapore? Master These Key Points and Get It Done Easily!

How to Successfully Register a Company Account in Singapore Master These Key Points for a Smooth Process

In recent years, Singapore has become a top destination for entrepreneurs and businesses looking to expand overseas, thanks to its stable environment, efficient financial system, and strategic geographical location. According to data released by Enterprise Singapore, the number of newly registered local companies in the first quarter of 2025 increased by nearly 12% year-on-year, indicating a continuously growing market.

For entrepreneurs planning to set up a company in Singapore, registering a corporate bank account is the first and most crucial step. This article outlines the essential steps and key considerations for successfully registering a company account in Singapore, based on the latest policies and practical procedures.

1. Choose the Right Company Structure

Before registering a company account, it’s essential to determine the legal structure of your business. Common types in Singapore include

Private Limited Company Pte Ltd

Partnership

Limited Liability Partnership LLP

Among these, the Private Limited Company is the most popular due to its separate legal identity, limited liability for shareholders, and strong financing capabilities.

In 2025, the Monetary Authority of Singapore MAS further streamlined the registration process, especially offering more policy support for tech startups and green energy businesses. When choosing a structure, consider your industry characteristics and long-term development plans.

2. Complete the Company Registration Process

Once the company type is selected, the next step is to register the company name and submit relevant documents via the Accounting and Corporate Regulatory Authority ACRA website.

This process is typically handled through a registered agent, such as a law firm or accounting firm, to ensure compliance with regulations.

According to ACRA’s latest requirements, the following documents are generally required

Company name approved by ACRA

Registered office address in Singapore

Identity proof and contact details of directors and shareholders

Company Constitution formerly known as the Articles of Association

Paid-up capital usually starts at SGD 1

Upon successful registration, ACRA issues a Business Profile, which is essential for opening a corporate bank account.

3. Prepare Documents for Opening a Corporate Bank Account

Registering the company is just the beginning. The next critical step is opening a corporate bank account. Singapore is home to world-renowned banks such as DBS Bank, OCBC Bank, and UOB, all of which offer corporate banking services.

As of 2025, banks typically require the following documents

Business Profile issued by ACRA

Company Constitution

Identity proof of directors and shareholders passport or national ID

Proof of company address in Singapore e.g., lease agreement or utility bill

Business plan some banks require this

Proof of source of initial funds for anti-money laundering checks

Some banks may require directors to visit Singapore in person for account opening, especially for first-time accounts. However, with the development of remote onboarding, certain banks now allow video verification and online account setup.

4. Choose the Right Bank and Account Type

Singapore’s banking system is highly developed and competitive, offering businesses flexibility in choosing their banking partner. Each bank has its own strengths in service fees, digital banking capabilities, and international remittance convenience.

DBS Bank is known for its strong digital banking services, ideal for tech startups.

OCBC offers extensive experience in serving SMEs.

UOB is particularly friendly to clients from Asia, especially China.

Common corporate account types include

Current Account For daily transactions, suitable for most SMEs.

Multi-Currency Account Supports multiple currencies, helping reduce forex costs for cross-border businesses.

Savings Account Offers slightly higher interest rates, suitable for businesses with lower liquidity needs.

5. Ensure Compliance and Tax Reporting

Singapore has strict compliance requirements, especially in taxation and anti-money laundering AML regulations. After opening a bank account, companies should ensure transparent fund flows and avoid frequent large transactions or suspicious activities that may trigger bank risk controls.

According to the Inland Revenue Authority of Singapore IRAS, all registered companies must submit annual financial statements and pay corporate income tax on time. The current corporate tax rate is 17%, with tax exemption on the first SGD 100,000 of taxable income, which is beneficial for startups.

6. Seek Professional Support to Improve Efficiency

For first-time entrepreneurs, the registration process can be complex. It’s highly recommended to seek assistance from professional agencies such as registered agents, accounting firms, or legal consultants. They are familiar with ACRA and IRAS regulations and can help with bank account opening, tax registration, annual compliance, and more.

In 2025, with Singapore’s push for digital transformation, more administrative procedures have moved online. For example, ACRA’s BizFile+ system makes company registration and annual compliance more efficient. Entrepreneurs can leverage these tools to save time and reduce errors.

Conclusion

While the process of registering a company account in Singapore is clear, it involves many details, especially when it comes to bank account opening and compliance reporting. A small mistake can lead to delays. Understanding the key steps-choosing the right company type, completing registration, preparing bank documents, selecting the right bank, and managing compliance-will help your business get off to a smooth and stable start in Singapore.

With proper planning, thorough preparation, and the support of professionals, registering a company account in Singapore doesn’t have to be difficult.