Opening a Corporate Bank Account in Singapore

Foreign companies can open corporate bank accounts in Singapore once the company is fully registered with ACRA. Banks have strict due diligence requirements but foreign-owned companies are welcome.

• Company must be registered with ACRA
• Valid business activities with clear purpose
• Directors/shareholders must pass KYC/AML checks
• Genuine business operations expected

Prepare comprehensive documentation to streamline the account opening process:

• ACRA Business Profile (BizFile extract)
• Certificate of Incorporation
• Company Constitution (M&AA)
• Board Resolution authorizing account opening
• Passport copies of all directors and UBOs
• Proof of residential address for all signatories
• Business plan and projected turnover
• Supporting documents (contracts, invoices) if available

Singapore has a robust banking sector with several options for foreign businesses. Local banks typically have more streamlined processes for Singapore companies.

• DBS Bank - Largest local bank, Asia's safest for 15 consecutive years
• OCBC Bank - Among world's 50 safest banks (2024)
• UOB Bank - Strong regional presence across ASEAN
• Standard Chartered - Largest foreign bank, 70+ country presence
• HSBC - Global network, good for international businesses
• Maybank - Malaysian bank with strong Singapore presence

The process varies by bank but typically follows similar steps:

• Step 1: Contact bank or use corporate service provider introduction
• Step 2: Submit initial documentation for pre-screening
• Step 3: Attend in-person meeting (some banks offer video calls)
• Step 4: Due diligence review by bank's compliance team
• Step 5: Account approval and setup (1-8 weeks depending on complexity)

Account opening timeline varies based on company structure and documentation completeness.

• Local companies with local directors: 1-2 weeks
• Foreign-owned companies: 3-4 weeks typically
• Complex structures (multiple UBOs, offshore parent): 6-8 weeks
• Pre-approval screening: 2-5 business days
• Some fintech options offer faster onboarding

Traditional banks often require in-person verification, though options are expanding.

• Most local banks require at least one director to visit Singapore
• Some banks accept video verification for certain profiles
• Corporate service providers can facilitate introductions
• Digital banks (Aspire, Airwallex) may offer fully remote onboarding
• Having a resident director simplifies the process significantly

Understand why applications fail to improve your chances of approval:

• Unclear or high-risk business activities
• Incomplete documentation
• Poor explanation of business model during interview
• No clear Singapore nexus or business purpose
• Directors from high-risk jurisdictions without proper documentation