A Complete Guide to Opening a Corporate Bank Account in Singapore - All Key Details Explained in One Article

Lately, more and more entrepreneurs and small business owners have been turning their eyes overseas-especially to places like Singapore, where the business environment is strong, tax policies are favorable, and the financial system is well-developed. I’ve been getting questions from friends “I want to set up a company in Singapore-but how do I open a bank account? Is the process complicated?”

Today, let’s break down exactly how to open a corporate bank account in Singapore-the full picture-so you can get clarity and avoid common pitfalls.

Here’s a recent update In early 2025, the Monetary Authority of Singapore MAS announced further improvements to streamline the corporate account opening process, encouraging more fintech firms and SMEs to complete bank verifications through digital channels. That means it’s now faster and easier than ever to apply-great news for founders managing things remotely.

But don’t be fooled-just because the process has gotten smoother doesn’t mean it’s a one-click operation. Opening a compliant and reliable company bank account in Singapore still requires attention to detail.

First things first You need a registered Singapore company. That’s non-negotiable. Most people use a local licensed corporate secretarial firm to handle registration, which usually takes just 3-5 working days. Once done, you’ll receive key documents like your ACRA BizFile certificate, company constitution Memorandum Articles of Association, and details of directors and shareholders-all of which banks will require when you apply for an account.

Next comes choosing your bank.

Singapore’s “Big Three” local banks-DBS, OCBC, and UOB-are the most popular choices. They’re well-established, have extensive branch networks, and offer solid support for local businesses. International banks like HSBC and Standard Chartered also provide corporate banking services and are often preferred by companies with cross-border operations.

While each bank has slightly different requirements, the core documents are generally the same

1. Company registration documents ACRA file

2. Company constitution Memorandum Articles of Association

3. ID and proof of address for all directors and shareholders usually passport and utility bill or bank statement

4. Business profile outlining your main activities, expected transaction volume, and customer base

5. Proof of company’s physical office address lease agreement or confirmation from your secretary company

6. Resume or background summary of the primary executive typically a director

One thing to keep in mind Banks take KYC “Know Your Customer” very seriously. They’ll closely examine your business model and the legitimacy of your funds. If you’re in e-commerce, digital marketing, consulting, or similar mainstream sectors, you’ll likely sail through. But if your business involves cryptocurrency, high-risk trading, or unclear revenue sources, expect extra scrutiny-or even rejection.

Nowadays, many banks allow online applications. For example, DBS’ IDEAL platform lets you upload documents and schedule video interviews. Still, in most cases, directors must verify their identity and sign documents either in person or via video call. Overseas shareholders who can’t travel to Singapore may appoint someone via a notarized power of attorney, but this route varies by bank and often requires certified paperwork.

Processing time? It depends. With everything in order, you could have your account active in as little as a week. More commonly, it takes two to four weeks. The biggest factors are completeness of documentation and clarity of your business purpose.

Let me share a real example A friend running a Shopify store got rejected on his first try. Why? His business description was too vague-just “selling goods.” The bank couldn’t assess what he was selling or whether it was legal. After resubmitting with a detailed product list, website URL, and sample orders, his application was approved on the second attempt.

Another important point Getting the account open isn’t the finish line. Banks actively monitor activity. If your account sits idle for months or suddenly sees large, unusual transfers, red flags go up-and your account could be frozen. So once it’s live, start using it for real business transactions and maintain steady, reasonable cash flow.

Fees vary. Traditional banks typically charge annual fees, transaction charges, and online banking service fees. For instance, DBS’ SME account runs around SGD 200-300 per year. On the other hand, digital banks like Aspire or Airwallex offer zero monthly fees and lower transaction costs-ideal for startups and lean teams.

Speaking of digital banks They’re worth considering. Platforms like Aspire, ODI, and Revolut Business have gained traction in Singapore thanks to their tech-first approach. They offer faster approvals, simpler processes, and built-in tools for invoicing, expense tracking, and multi-currency-perfect for freelancers, solopreneurs, or anyone testing international markets.

That said, traditional banks still hold advantages stronger reputation, better access to trade financing, and wider global payment networks. So your choice really depends on your needs. If you're doing B2B bulk trading or need letters of credit, go with DBS or OCBC. If you're running a direct-to-consumer brand and receiving payments via PayPal or Stripe, a digital bank might give you more flexibility.

Final tip Always be honest and thorough. Avoid agencies that promise “guaranteed approval,” and never falsify documents. Singapore’s financial regulations are strict. If wrongdoing is discovered, your account will be shut down-and you could face personal credit consequences. Not worth the risk.

Opening a company bank account in Singapore isn’t some mysterious ritual. With proper preparation and a clear, legitimate business setup, most companies can succeed. The key is planning ahead, picking the right bank, and being transparent.

After all, a solid, functional bank account is one of the first and most important steps toward building a global business.

Hope this guide helps you avoid the common traps and gives you confidence as you take your first step into international expansion.