Opening a Corporate Bank Account in Singapore: Requirements and Process

Which banks accept foreign-owned companies, the KYC documents you need, and how long corporate account opening really takes in Singapore.

Banking Landscape

Singapore hosts over 200 banks, with DBS, OCBC and UOB dominating the local corporate market. Digital alternatives such as Aspire and Airwallex have significantly lowered the barrier for foreign-owned startups.

Requirements

Banks require: certificate of incorporation, company constitution, board resolution authorising the account, directors' and shareholders' passports and proof of address, and a description of business activities with expected transaction volumes. Most traditional banks require at least one director to be physically present, while digital providers onboard fully remotely.

Timeline and Costs

Digital account opening completes in 3–10 days; traditional banks take 2–6 weeks for foreign-owned entities. Minimum deposits range from S$0 (digital) to S$50,000 (private banking tiers). Monthly fees are typically S$0–40.

Practical Tips

Prepare a clear business plan and supplier/customer evidence — Singapore banks apply strict AML screening to newly incorporated foreign-owned companies, and incomplete documentation is the leading cause of rejection.