How to Open a Corporate Bank Account in Singapore

Before approaching any bank, ensure you have completed these foundational steps:

1. Company Registration with ACRA

Your company must be registered with ACRA and have a valid UEN (Unique Entity Number). The BizFile+ profile must be dated within 3 months. If you have not incorporated yet, see our Singapore company formation guide.

2. Corporate Secretary Appointment

Singapore law requires every company to appoint a corporate secretary within 6 months of incorporation. Banks may ask for your secretary's details during the application. Appointing one before banking shows compliance readiness.

3. Registered Office Address

You need a Singapore-registered office address (not a PO Box). This can be your corporate secretary's address. It does not need to be a physical office; virtual offices are accepted for ACRA registration.

4. At Least One Director with Singapore Address

Traditional banks require at least one director to have a Singapore residential address (EP, PR, or citizen). For fully remote options, see our guide for foreigners.

Step 1: Choose Your Bank (Day 1)

Decide based on your priorities. Need credit facilities? Choose DBS, OCBC, or UOB. Need speed? Choose Aspire or Wise. Need multi-currency? Choose Wise or Airwallex. Many businesses open a fintech account immediately and apply to a traditional bank in parallel.

Step 2: Prepare Documents (Day 1-2)

Download your BizFile+ profile, gather director IDs, and draft your business description. Most rejections happen because of incomplete or outdated documents. Triple-check dates and signatures.

Step 3: Submit Application (Day 2-3)

For fintechs: complete the online form (15-30 minutes). For traditional banks: book a branch appointment. DBS and UOB require in-person visits. OCBC offers online submission with a follow-up branch visit.

Step 4: KYC Review (Day 3-21)

The bank verifies your identity, business legitimacy, and source of funds. Fintechs: 1-3 business days. Traditional banks: 1-3 weeks. Complex structures (multiple overseas shareholders, nominee directors) take longer. Respond to additional document requests within 48 hours to avoid delays.

Step 5: Initial Deposit (Day 4-22)

Once approved, make your initial deposit. Fintechs: usually SGD 0. Traditional banks: SGD 1,000-3,000 depending on the account type. Some banks may have specific requirements for the initial deposit method.

Step 6: Account Activation (Day 5-28)

Receive your account number, internet banking credentials, and debit card (if applicable). Set up GIRO for CPF and IRAS if using a traditional bank. Configure accounting software integration.

1. Unclear Business Description

Banks need to understand what your company does for AML/CFT compliance. Vague descriptions like "consulting" or "trading" trigger enhanced due diligence. Be specific: "B2B SaaS for restaurant inventory management" is better than "technology consulting."

2. Incomplete UBO Declaration

Ultimate Beneficial Owner (UBO) declaration is mandatory. Banks need to know every individual who owns 25%+ of the company, including through indirect ownership chains. Nominee structures require additional documentation.

3. High-Risk Industry Classification

Certain industries face automatic enhanced due diligence: cryptocurrency, money services, gambling, adult content, weapons, and politically exposed persons (PEPs). Some banks decline these outright; others require additional compliance documentation.

4. Directors from Sanctioned or High-Risk Jurisdictions

Directors from jurisdictions on FATF grey/black lists face additional scrutiny. This does not mean automatic rejection, but expect longer processing times and additional documentation requests. If you face this challenge, see our guide for foreigners for alternative options.

5. Dormant or Shell Company Appearance

A newly incorporated company with no business activity, no employees, and a registered office at a virtual address may appear to be a shell company. Counter this by providing: a clear business plan, evidence of client relationships (even LOIs), and a personal statement from the director explaining the business rationale.