Opening a Corporate Bank Account in Singapore: A Foreigner’s Checklist
View Lett’s Prices
Opening a corporate bank account is a crucial step for foreign entrepreneurs incorporating a business in Singapore. A well-structured business banking setup ensures smooth financial transactions, credibility, and regulatory compliance. However, banks in Singapore have stringent requirements, especially for foreign owned businesses.
This guide provides a step-by-step checklist for foreigners looking to open a corporate bank account in Singapore, including required documents, bank selection tips, and potential challenges.
1. Why Open a Corporate Bank Account in Singapore?
Singapore is a global financial hub, offering world-class banking services tailored to businesses. Having a local corporate bank account provides several benefits:
- Regulatory Compliance: Required for tax filings and statutory compliance.
- Credibility & Trust: Enhances business reputation when dealing with partners and investors.
- Seamless Transactions: Allows smooth international payments and currency exchanges.
- Access to Financial Services: Enables business loans, credit facilities, and trade financing.
2. Choosing the Right Bank for Your Business
Foreign businesses can choose between traditional banks and digital banking solutions.
| Bank | Features |
|---|---|
| DBS | Leading local bank, SME-friendly, multi-currency accounts. |
| OCBC | Competitive foreign exchange rates, business loan option. |
| UOB | Strong regional presence, trade financing solutions. |
| HSBC | International banking network, global business support. |
| Citibank | Best for multinational corporations, cash management solutions. |
| Digital Bank | Features |
|---|---|
| Aspire | Fully online account opening, lower fees for startups. |
| Wise Business | Best for international transactions and currency exchange. |
| Airwallex | Multi-currency accounts, virtual debit cards. |
3. Checklist: Required Documents to Open a Corporate Bank Account
Foreigners opening a business bank account in Singapore must provide the following:
- Company Documents
-
- Certificate of Incorporation (issued by ACRA)
- Company Business Profile (BizFile+ extract)
- Memorandum & Articles of Association (Constitution)
- Resolution to Open a Bank Account (signed by directors)
- Shareholder & Director Details
- Proof of Registered Business Address
- Personal Documents of Directors & Signatories
-
- Passport Copy
- Proof of Residential Address (Utility bill or bank statement, dated within last 3 months).
- Employment Pass (if applicable)
- Additional Documents (If Required by the Bank)
-
- Business Plan (for new companies)
- Contracts with suppliers or customers (for account verification)
- Recent audited financial statements (for existing companies)
Want a printable checklist? Subscribe to our newsletter to download a complete guide!
4. Step-by-Step Process to Open a Corporate Bank Account
Step 1: Choose the Right Bank
- Compare account types, fees, and banking services.
- Consider whether a traditional or digital bank suits your business.
Step 2: Prepare Your Documents
- Ensure all company incorporation documents and personal identification details are ready.
Step 3: Schedule a Bank Meeting (If Required)
- Some banks require an in-person meeting with company directors.
- If remote setup is allowed, submit documents digitally.
Step 4: Submit Application & Verification
- Complete the bank’s corporate account application form.
- Banks perform Know Your Customer (KYC) checks.
- Some banks may require additional background verification for foreign owners.
Step 5: Receive Account Approval
- Approval times vary from a few days to two (2) weeks.
- You will receive internet banking credentials upon successful setup.
Step 6: Activate & Fund the Account
- Transfer the initial deposit (varies by bank, typically S$1,000 – S$50,000).
- Set up online banking and transaction limits.
5. Key Challenges Foreigners Face & Solutions
- Banks Rejecting Applications from Foreign-Owned Startups
- Why? Banks may hesitate due to lack of local presence or operational history.
- Solution: Provide a strong business plan, proof of potential revenue (contracts), and consider using a nominee director.
- Compliance with Stringent KYC Regulations
- Why? Due diligence is stricter for foreign-owned companies.
- Solution: Ensure all required documents are correctly prepared. Work with a corporate service provider to streamline the process.
- Limited Banking Options for Certain Business Sectors
- Why? Crypto, gaming, and financial service firms face extra scrutiny.
- Solution: Choose banks with experience in high-risk industries or consider fintech alternative like Airwallex.
- High Initial Deposit Requirements for Foreigners
- Why? Some banks require larger deposits for foreign-owned entities.
- Solution: Opt for startup-friendly banks like Aspire, Wise, or DBS Business Edge.
- Delays in Account Approval
- Why? Cross-border ownership structures may take longer to verify.
- Solution: Submit all required documentation in advance, and follow up regularly with the bank.
6. FAQs on Opening a Corporate Bank Account in Singapore
1. Can a foreign open a corporate bank account remotely in Singapore?
Some banks allow remote account opening, but most require at least one director to visit Singapore.
2. How long does it take to open a corporate bank account?
Typically 5-14 business days, depending on the bank and verification process.
3. Is there a minimum deposit required to open a business account?
Yes, most banks require an initial deposit between S$1,000 to S$50,000, depending on the account type.
4. Do all company directors need to be present to open the account?
Not necessarily. Some banks allow an authorized director to open the account on behalf of the company.
5. Can I open a corporate account without an Employment Pass?
Yes, but banks may require additional supporting documents.
6. What are the best banks for startups in Singapore?
DBS, OCBC, Aspire, and Wise Business are popular for startups and foreign businesses.
7. Are there multi-currency corporate accounts available?
Yes, many Singapore banks offer multi-currency accounts for international transactions.
8. What if my application is rejected?
You can request feedback, improve your documentation, and try alternative banks or fintech solutions.
9. Can I open a corporate bank account for an offshore company in Singapore?
Yes, but requirements are stricter, and banks may need additional verification documents.
10. What fees should I expect when maintaining a corporate account?
Common fees include monthly maintenance fees, transaction charges, and forex conversion fees.
Opening a corporate bank account in Singapore is an essential step for foreign entrepreneurs. By understanding the banking requirements, document checklist, and account setup process, businesses can ensure a smooth application experience.
Need expert assistance? Contact Lett for business banking advisory and incorporation services.
