Open a Business Bank Account in Singapore (2026 Guide)

You've incorporated your Singapore company, or you're planning to. The next step is opening a business bank account, a process that often takes foreign founders longer than expected due to compliance requirements and verification procedures.

A corporate bank account in Singapore is essential for:

Receiving customer payments and processing transactions
Paying suppliers and employees through proper channels
Filing taxes and meeting regulatory obligations with IRAS
Accessing trade finance or business credit as your company grows
Maintaining legal separation between personal and business finances

This guide walks you through the complete process: what you need before applying, how to choose the right bank, realistic timelines to expect, and practical steps to improve your approval chances.

Key Takeaways

Company incorporation is mandatory. You must incorporate your business with ACRA before applying for a business bank account. Banks will not assess your application without a valid Unique Entity Number (UEN) and proof of a legally appointed local representative.
Physical presence is still required by most traditional banks. While digital banks and fintech providers allow 100% remote onboarding, most traditional banks require all authorised signatories to be physically present in Singapore for an in-person interview. If travel is not possible, prioritise fintech banks or institutions that support video-link verification.
Foreign-owned companies face stricter scrutiny in 2026. With tighter Source of Wealth and anti-money laundering (AML) regulations, foreign-owned businesses can expect more detailed due diligence. Plan for a 4 to 8-week approval timeline before your account becomes fully operational.

Can Foreigners Open Business Bank Accounts in Singapore?

Yes. Singaporean banks open corporate accounts for locally incorporated companies, regardless of the nationality of shareholders or directors.

However, foreign-owned companies typically face:

Enhanced AML and KYC verification
Additional source-of-funds documentation
More detailed business activity reviews
Longer processing timelines

Key evaluation factors include:

Business purpose and commercial activity
Expected transaction patterns and volumes
Operational presence in Singapore
Source of initial capital
Industry risk profile
Director residence status

What You Need Before You Apply

1. A Registered Singapore Company

Banks only accept applications from companies already incorporated in Singapore. The sequence is fixed:

Incorporate the company
Obtain ACRA documents
Apply for bank account

2. Required Documentation

Ensure all documents are current (issued within 1-3 months) and consistent across all submissions.

Company Documents

ACRA Business Profile (recent extract)
Company Constitution
Register of Directors and Shareholders
Board Resolution authorizing account opening

Directors and Shareholders:

Passport copies for all directors and Ultimate Beneficial Owners (UBOs)
Proof of residential address (utility bills or bank statements within 3 months)
Singapore entry pass or visa (if applicable)

Business Information:

Clear description of business activities
Supporting materials (website, contracts, invoices if available)
Explanation of expected transaction patterns
One-page business summary (highly recommended)

Financial Information:

Source of initial capital with supporting documentation
Estimated monthly transaction volumes
Expected counterparties and transaction countries

Administrative Requirements:

CorpPass registration (required by most traditional banks)
MyInfo Business verification (optional but speeds up processing)

Preparation Tip: Create a concise one-page summary explaining what your company does, who your customers are, and how money flows in and out. This significantly reduces follow-up queries from banks.

Do You Need to Visit Singapore?

For traditional banks: Generally, yes.

Local banks like DBS, OCBC, and UOB typically require:

Physical attendance by at least one director
Original identification documents
Face-to-face business discussion

Some banks now offer video KYC in select cases, though in-person verification remains standard for most new foreign entrepreneurs.

Plan for:

1-2 working days in Singapore
Appointments booked 1-4 weeks in advance

Digital banks do not require a visit but operate with defined transaction limits.

Timeline: What to Expect

Total Duration: 4-8 weeks

Stage	Duration
Company incorporation	1-3 days
Document preparation	3-5 days
Appointment scheduling	1-4 weeks
Bank review and approval	1-4 weeks (up to 6-8 weeks for complex cases)
Account activation	1-3 days

Start your application at least 6 to 8 weeks before you need to make or receive payments to avoid operational disruptions.

Step-by-Step: How to Open Your Account

Step 1: Choose the Right Bank Type

Traditional Banks (DBS, OCBC, UOB)

Full corporate banking services
Higher credibility with business partners
Initial deposit: S$1,000-3,000 (varies by account type)
Approval timeline: 4-8 weeks
Services available after relationship establishment: credit facilities, trade finance
Best for: Operating companies with substantial transaction volumes

Digital Banks (Aspire, Airwallex, Wise Business)

Faster onboarding: 3-5 days
No in-person visit required
Initial deposit: Usually S$0
Transaction limits apply (though increasingly flexible for verified businesses)
Best for: Early-stage companies, remote teams, international transactions

Your choice depends on:

Expected monthly transaction volume
Currency requirements
Client and investor expectations
Need for credit or trade finance (available only through traditional banks)

Practical Strategy: Many entrepreneurs open a digital bank account first for immediate operations, then add a traditional bank account when visiting Singapore for business.

Step 2: Prepare a Clear Business Explanation

Banks need to understand:

What your company does (specific services or products)
Who your customers are (target market and geography)
Why you chose Singapore as your operating base
How funds flow (transaction patterns, amounts, frequency)

Generic or vague explanations trigger enhanced reviews and delays. Be specific and concrete in describing your business model.

Step 3: Submit Your Application

Traditional Banks:

Schedule appointment (book 1-4 weeks in advance)
Attend meeting with all original documents
Answer compliance and business questions
Submit documents for internal review

Approval decisions come after the meeting, not during it.

Digital Banks:

Complete online application
Upload required documents
Complete video verification if requested
Receive decision within days to 2 weeks

Step 4: Bank Review Process

During review, banks conduct:

Background checks on all directors and UBOs
Business legitimacy verification
AML and KYC screening
Transaction risk assessment
Source of funds verification

Respond promptly to any additional information requests. Delays in providing requested information extend your overall timeline significantly.

Step 5: Account Activation

Once approved:

Make initial deposit (if required)
Set up online banking access
Configure authorized signatories
Order corporate cards if needed

Important: New accounts are subject to 3-6 month monitoring periods with possible transaction limits that are gradually lifted. Banks conduct closer reviews during this period, and your actual business activity must match what you stated in your application to avoid restrictions or account freezes.

Common Reasons for Rejection

Unclear Business Activity

Vague descriptions without specifics about services, products, or target customers.

Lack of Operational Substance

Virtual office addresses are major red flags and often lead to automatic rejection. Banks scrutinize physical presence carefully and may request proof of actual occupancy such as utility bills or lease agreements. Even serviced offices now face enhanced review.

Regulated Industries Without Proper Authorization

Operating in fintech, cryptocurrency, NFT/Web3, payment services, money services, or virtual asset services without appropriate licenses.

Insufficient Documentation for Non-Resident Directors

Standard submissions that don't address banks' enhanced compliance concerns for companies without Singapore-resident directors.

Unclear Source of Funds

Inability to provide transparent documentation showing where initial capital originates.

Incomplete or Inconsistent Applications

Missing documents, outdated paperwork, or contradictory information across submissions.

Most rejections are procedural and avoidable with proper preparation and attention to documentation requirements.

How to Improve Your Approval Chances

Complete Incorporation First

Have all ACRA documentation finalized before starting bank applications.

Demonstrate Operational Substance

Physical office or legitimate serviced office (avoid virtual offices)
Plans to hire locally or existing Singapore-based employees
Singapore customers, suppliers, or business partners
Business licenses if applicable
Proof of actual business operations

Provide Transparent Financial Documentation

Clear evidence of where initial capital comes from:

Personal savings (bank statements showing accumulation)
Investor funding (investment agreements and transfer records)
Parent company transfers (corporate resolutions and documentation)
Business loans (agreements with reputable lenders)

Submit Consistent, Complete Documentation

Ensure all documents are current, complete, and tell the same business story across all forms.

Consider Appointing a Singapore-Resident Director

This significantly improves approval odds and processing speed, especially for foreign entrepreneurs.

Apply to Multiple Banks Simultaneously

Submit to 2-3 banks (mix of traditional and digital) to increase approval probability and reduce overall timeline.

Allow Adequate Processing Time

Start applications 6-8 weeks before you need the account operational. Banks prioritize thoroughness over speed.

Where Professional Support Helps

Foreign founders commonly seek assistance with:

Company incorporation coordination
Bank-ready documentation preparation
Bank selection based on business profile
Application logistics and follow-ups
Professional introductions (may expedite appointment scheduling)

Professional support doesn't guarantee approval but reduces errors, delays, and misaligned applications.

Swiftly provides corporate services in Singapore, including company incorporation and banking support that helps foreign entrepreneurs prepare complete documentation and navigate Singapore's banking requirements.

Contact our team today to discuss your banking needs!

Frequently Asked Questions

Can foreigners open Singapore business bank accounts online?

Digital banks allow fully remote onboarding. Some traditional banks offer video KYC in select cases, though in-person verification remains standard for most new foreign entrepreneurs.

How long does the process take?

Digital banks typically complete the process in one to three weeks. Traditional banks require four to eight weeks including appointment scheduling and compliance review. Companies with non-resident directors often experience longer timelines at both bank types.

Can non-resident directors open accounts?

Yes, but expect lower approval rates, additional documentation requirements, and longer processing. Appointing at least one Singapore-resident director substantially improves approval chances.

Which bank is easiest for foreigners?

Digital banks have simpler processes but different service capabilities. For traditional banks, outcomes depend on business profile, industry, documentation quality, and whether you have a resident director. There's no universal "easiest" option.

Do I need a physical office?

Not legally required, but virtual offices typically lead to rejection. Demonstrating operational substance through physical offices, serviced offices with proof of occupancy, or other tangible Singapore presence significantly improves approval chances.

What if my application gets rejected?

Address the gaps identified, strengthen operational substance, consider appointing a Singapore-resident director, or try different banks. Working with professional service providers can help strengthen subsequent applications.