Open a Business Bank Account in Singapore 2025 – Risk Free Complete Guide

Opening a business bank account in Singapore is a critical step for any company operating in the city–state. A dedicated corporate bank account keeps business finances separate from personal ones, making it easier to manage cash flow, record expenses and income, and properly handle taxes.

For companies with international operations, having a Singapore‑based business bank account offers the benefits of global banking infrastructure, secure regulation, and access to multi‑currency services if needed.

Whether you are a local startup, a foreign‑owned company, or a global entrepreneur expanding into Singapore, following the right process and preparing proper documentation will make opening a business bank account fairly straightforward.

In this article, we explain how to open a business bank account in Singapore — from choosing the right bank to submitting documentation, clearing compliance checks, and activating your account.

Choosing the Right Bank for Your Business

When preparing to open a business bank account in Singapore, your first major decision is choosing the right bank or banking provider. The choice depends on your business size, ownership structure (local vs foreign), expected transaction volume, and whether you need multi‑currency support or more sophisticated services.

Many companies in Singapore — especially small‑medium enterprises (SMEs) and startups — turn to well-established banks such as DBS Bank, OCBC Bank, or United Overseas Bank (UOB).

Each bank offers different account types and fee structures. For example:

• DBS often requires a higher initial deposit and average balance requirement depending on account type.
• OCBC’s business‑banking plans tend to have lower upfront setup cost but may have monthly fees or minimum balance requirements.
• UOB provides business banking solutions that many companies use when they anticipate regular online banking and corporate transaction flows.

Besides traditional banks, there is also an increasing number of digital banking providers and fintech firms offering business banking with more flexible requirements — often useful for startups, remote founders, or foreign‑owned companies.

When choosing a bank, consider:

• Minimum initial deposit and ongoing balance requirement
• Fees (monthly maintenance, fall‑below fees, international transfer fees)
• Whether local signatory presence is required or remote/digital onboarding is possible
• Multi‑currency account support, especially if you deal with international clients or suppliers
• Ease of online banking, international transfers, and compliance support

Prepare Required Documents and Company Information

Once you have selected a bank (or a shortlist), next is gathering the necessary documentation. Singapore banks follow strict Know‑Your‑Customer (KYC) and Anti‑Money Laundering (AML) protocols, especially when dealing with foreign‑owned companies.

Typical Documents Required

• Corporate documents:
  • Certificate of Incorporation (from the company registrar)
  • Business Profile (for example, BizFile / extract from the registrar)
  • Company Constitution / Memorandum & Articles of Association (MAA) or equivalent governing documents
  • Shareholding chart (often including Ultimate Beneficial Owners), especially for foreign‑owned companies
  • Board resolution authorizing the opening of the account and listing authorised signatories. That resolution must be certified “true copy” by the company secretary or a director.
• Personal identity documents:
  • Passport (or Singapore IC if applicable) of all directors, shareholders, authorised signatories and Ultimate Beneficial Owners (UBOs)
  • Proof of residential address (e.g. utility bills, bank statements, lease agreement) for those individuals. Must be recent (often within last 3 months)
• Business‑related details:
  • A short business description or business plan (especially for new or foreign businesses) — what your company does, nature of clients/suppliers, expected operation scale.
  • Source of funds/funding proof or initial capital proof (for some banks, especially for foreign or “offshore” entities)
• Completed account opening forms provided by the bank, signed by the authorised signatories according to the board resolution.

Some banks may also request additional documentation depending on the complexity of ownership or business model. This may include past audited financial statements (for established companies), contracts with suppliers or clients, or other proof of business operations.

For Foreign‑Owned Companies

If your company is foreign‑owned or has foreign directors/shareholders, banks tend to enforce stricter requirements. They may ask for more detailed background information, “source of funds” documentation, and sometimes require at least one director or authorised signatory to be physically present in Singapore for KYC verification.

Digital banks and fintech providers sometimes offer more flexible remote or video‑interview based KYC, which can be helpful for foreign founders who cannot travel to Singapore.

Step-by-Step Process: From Application to Bank Account Activation

Here is a commonly followed step-by-step process to open a business bank account in Singapore.

Step 1: Prepare all required documents and information

As described above, collate every corporate, personal, and business‑related document. Ensure passports and address proofs are valid, corporate registration is up‑to-date, and that the board resolution and account opening forms are properly signed and certified.

Step 2: Select the bank/account type and check their requirements

Decide on the bank and the specific corporate/business bank account type. Review their requirements for minimum deposit, monthly balance, in‑person presence, and other conditions. If you are a foreign‑owned company, check whether they require your director or authorised signatory to be present in person or allow remote onboarding.

Step 3: Submit the application (online or in-person)

Depending on the bank:

• For some traditional banks, you may need to visit the branch in person for document verification and signing, especially if directors or signatories are foreign.
• Some banks (or digital providers / fintech) may allow initial application forms to be submitted online, followed by remote KYC verification (video interview).

Step 4: Bank Due Diligence, KYC / AML Checks

Once submitted, the bank will conduct due diligence: verify identity of all directors/owners, confirm corporate documentation, review business plan/operations, and check for compliance with anti‑money laundering regulations.

For foreign‑owned companies or complicated corporate structures, this process may take longer (sometimes a few weeks).

Step 5: Deposit initial funds (if required)

Many banks require a minimum initial deposit or minimum balance for corporate accounts. The amount depends on the bank and account type.

Once funds are deposited and verification is complete, the bank will activate your business bank account — giving you access to online banking, corporate debit/credit cards, multi‑currency services, and other banking features.

Step 6: Start operating — manage transactions, compliance, and banking relationship properly

After account activation, treat this account as the primary channel for all company-related income and expenses. Maintain clear records, adhere to local compliance requirements, and — if your business is foreign‑owned — keep the bank updated with any changes in ownership, management, or business activities.

Typical Costs, Minimum Deposits and Ongoing Requirements

Costs and requirements for business bank accounts in Singapore vary depending on the bank and account type. Here are common ranges based on recent market data.

• Minimum initial deposit: often between SGD 1,000 to SGD 5,000, though some account types may require higher.
• Monthly or ongoing minimum balance requirement: some banks require a fixed average balance each month, or fall-below fees if balance drops under a threshold.
• Setup fee: some banks have a setup fee (especially for foreign‑owned companies), though several waive it — or charge minimal fee — depending on account type.
• Monthly or annual maintenance fees: depending on account type, may apply. Some digital providers or fintech business bank accounts offer zero monthly maintenance fees.
• Fees for services: such as cheque books, international transfers, multi‑currency conversion, etc., especially if your business deals across borders.

Because of these variations, it is always wise to review the bank’s fee schedule carefully — and if you expect regular international transactions or multi-currency operations, choose a banking solution tailored for that.

Common Challenges and How to Overcome Them

Opening a business bank account in Singapore can present some challenges — especially for foreign‑owned companies or founders based overseas. Here are common issues and how to address them:

Strict KYC and compliance checks
Because Singapore banks follow rigorous AML and KYC regulations, you may face delays if documentation is incomplete, ownership structures complex, or background checks extensive. To avoid this, prepare all documents carefully, ensure passports and address proofs are valid, and submit a clear business plan and source-of-funds information.

Requirement for physical presence
Some traditional banks insist that directors or authorised signatories visit a branch in person for document verification and signing — which can be difficult for non-resident founders. One solution is to seek banks or fintech providers that support remote onboarding (video interviews) or allow notarised documentation. One IBC Limited+2Yobbi Consultancy+2

Minimum deposit and balance requirements
If your business is a startup or you are trying to minimize initial costs, high initial deposit or minimum balance requirements can be a burden. In that case, consider business bank accounts from fintechs or digital banks with lower or no minimums. Sleek Australia+2Airwallex+2

Longer processing for foreign-owned companies
Because of added scrutiny on foreign ownership and funds, approval may take several weeks — sometimes up to a month or more. Plan accordingly and avoid urgent fund needs during this period. Statrys+2One IBC Limited+2

Ongoing compliance and documentation upkeep
Even after account opening, banks may require periodic updates about beneficial ownership, business nature, or funding sources — especially if your business evolves or you add new shareholders. Maintain clear records and stay ready to provide updated information when asked.

Tips for Foreign Entrepreneurs and Startups

If you are a foreign entrepreneur, a non‑resident, or running a startup — here are some practical tips to simplify the process of opening a business bank account in Singapore:

• Choose a bank or fintech that supports remote onboarding and video‑interview KYC to avoid needing to travel.
• Prepare a concise but clear business plan or business description. Banks often want to understand what your company does, who your clients or suppliers are, and expected transaction volumes.
• Keep your company structure simple during the early phase — complex shareholding or many layers of ownership can complicate due diligence.
• If you expect to receive or make multi-currency or international payments, consider a multi-currency business bank account (or fintech solution) from the start, to reduce conversion costs and banking friction.
• Maintain a clear separation between personal finances and business finances from the beginning. Once your corporate account is open, channel all business income and expenses through it.
• Ensure all identity and address proofs for directors, signatories, and beneficial owners are valid and up-to-date. Old or expired documents can cause delays or rejection of the application.

FAQ

Conclusion

Opening a business bank account in Singapore is a vital step for any company — whether you are a local startup or a foreign entrepreneur. With the right preparation, documentation, and a clear understanding of bank requirements and costs, you can get your corporate account up and running smoothly.

Given Singapore’s global banking environment, regulatory security, and support for multi‑currency operations, having a Singapore business bank account can give your company a strong base for growth, international transactions, and regulatory compliance.

If you are ready to expand your business operations to Singapore, or already have a company registered there — the sooner you open your business bank account, the faster you can unlock the benefits of corporate banking in the region.

For expert legal support, compliance guidance, or help with corporate setup and banking matters in Singapore or elsewhere, feel free to contact Dewey & LeBoeuf.

Ready to open your business bank account in Singapore with confidence? Contact Dewey & LeBoeuf today to get professional assistance every step of the way — from company setup, regulatory compliance, to banking and cross‑border operations. Let us handle the details so you can focus on growing your business.