How Mainland Cos. Can Easily Open a SG Bank Account

In recent years, as global economic integration accelerates, more and more mainland Chinese companies are turning their eyes overseas in search of broader markets and more efficient resource allocation. Among potential destinations, Singapore has emerged as a top choice for many Chinese enterprises looking to go global-thanks to its stable financial environment, strategic geographical location, and highly open business policies. A growing number of companies are incorporating there to expand into Southeast Asia, streamline cross-border fund management, or even lay the groundwork for future international financing.

Yet while setting up a company in Singapore is relatively straightforward, one critical step often trips people up opening a corporate bank account. This seemingly simple task has become a major headache for many entrepreneurs.

Over the past few years, banks worldwide-including in Singapore-have tightened their anti-money laundering AML checks and raised compliance standards, making it significantly harder to open business accounts. Many China-linked companies in Singapore report facing lengthy paperwork, drawn-out review periods, and high rejection rates when applying at local banks. Startups or firms without physical office space are especially vulnerable to being labeled high-risk customers. As a result, successfully opening a corporate bank account has become a pressing real-world challenge for many business owners.

Still, challenges come with solutions. Drawing from recent cases and industry trends, it's clear that with proper preparation and the right approach, mainland companies can efficiently and smoothly navigate the process of opening a bank account in Singapore.

First, choosing the right bank is crucial. Singapore’s three major local banks-DBS Bank, OCBC, and UOB-have extensive experience serving Chinese businesses. International banks like HSBC and Standard Chartered also offer multilingual services and tend to be more accommodating to multinational clients. According to a 2025 report by The Asian Banker, DBS stands out in digital banking services for small and medium-sized enterprises SMEs, offering a relatively user-friendly online account opening process-ideal for companies eager to get started quickly. On the other hand, HSBC excels in cross-border fund transfers and international settlements, making it a better fit for companies already operating overseas.

Second, documentation must be genuine, complete, and logically consistent. Banks care most about whether your business is legitimate and sustainable. Commonly required documents include certificate of incorporation, company bylaws, identification of directors and shareholders, business plan, lease agreement or proof of office address, and transaction records such as contracts or invoices. Importantly, banks now place strong emphasis on identifying ultimate beneficial owners UBOs-they want to know who truly controls the company. It’s wise to establish a clean ownership structure from the start and avoid red flags like nominee arrangements or shell company setups.

Take Mr. Li, an e-commerce entrepreneur based in Shenzhen. He shared his experience We registered our company in Singapore last year and got rejected twice by local banks for ‘lacking evidence of actual operations.’ After we submitted three months of sales data from our platform, a warehouse lease contract, and a feasibility letter from a local Singaporean accountant, our third application was approved. His story shows that banks aren’t automatically biased against Chinese companies-they just want to see real business activity and a viable operating model.

Third, working with professional service providers can greatly boost success rates. Numerous agencies now offer one-stop solutions for company registration and bank account opening in Singapore. These experts understand each bank’s preferences and can help clients steer clear of common pitfalls. For example, some recommend securing a virtual office or co-working space to meet banks’ requirements for a physical business address. Others provide tailored support in drafting compelling business plans that clearly communicate the company’s value proposition. That said, choose carefully-opt for reputable firms with solid track records, transparent pricing, and no promises of guaranteed approval.

Digitalization is also making the process easier. DBS, for instance, offers video-based remote interviews through its IDEAL corporate banking platform. Certain qualified applicants can even complete the entire account opening process online. In early 2025, the bank upgraded its AI-powered risk control system, enabling faster analysis of company backgrounds and shorter processing times. With all documents in order and a clear business purpose, some companies have opened accounts within just two weeks.

Of course, opening the account is only the beginning. Ongoing account maintenance matters just as much. Companies should maintain clean transaction histories-avoid frequent large-volume transfers in short periods or dealings with high-risk jurisdictions. Regularly updating company information, filing taxes on time, and keeping thorough financial records are essential for keeping the account active and secure.

While there are hurdles to opening a bank account in Singapore today, they’re far from insurmountable. For mainland companies serious about expanding abroad, Singapore isn’t just a stepping stone-it’s a vital hub connecting them to global resources. The journey across the ocean may not be easy, but every careful step taken builds momentum for long-term growth.