Singapore is one of the world’s most respected business hubs. It has strong banking infrastructure, political stability, and a regulatory framework that makes it attractive for companies of all sizes.

Opening a corporate bank account in Singapore is a necessary step for operating a business here. While the process is clearly defined, practical experience shows there are certain details, timing considerations, and compliance requirements that business owners should understand before they start.

This guide outlines what is required, the sequence of steps, and common issues encountered - based on publicly available regulations, major bank requirements, and standard market practice.

In Singapore, a corporate bank account is the formal account through which a company:

◼️Receives customer payments (domestic and international)

◼️Pays suppliers, employees, and taxes

◼️Registers for Goods and Services Tax (GST) when applicable

◼️Demonstrates financial credibility to partners, lenders, and investors

◼️Accesses financing products such as overdrafts, trade facilities, and business loans

Operating business transactions through a personal account is not compliant with proper corporate governance and will make regulatory reporting and tax compliance more difficult.

Most banks require that a company be incorporated before applying for a corporate account. This means:

◼️First, register the business with the Accounting and Corporate Regulatory Authority (ACRA).

◼️Then, apply for the corporate bank account before the business begins major transactions, payroll runs, or GST registration.

Delays in account opening can delay operational activities, especially for businesses reliant on cross-border payments.

Timelines vary by bank, company profile, and documentation completeness. Based on published timelines from major Singapore banks:

◼️Typical processing time: 7–10 business days after submission of complete documentation

◼️Faster cases: within 2–5 business days when documentation is straightforward and the company profile is low-risk

◼️Extended timelines: several weeks in cases involving complex ownership structures, non-resident directors, or high-risk industries

While exact requirements vary by bank, most request:

◼️ACRA BizFile company profile

◼️Company constitution

◼️Board resolution authorising the account opening

◼️Identification (passport/NRIC) of all directors, shareholders, and Ultimate Beneficial Owners (UBOs)

◼️Proof of residential address for all directors and UBOs

◼️Proof of business address (e.g., tenancy agreement, utility bill)

◼️Business plan or expected transaction flow, particularly for newly incorporated and foreign-owned entities

Some banks may also require certified true copies of documents or notarised identification.

The following are widely reported challenges in account opening:

◼️Non-resident directors - banks often prefer at least one locally resident director to facilitate due diligence.

◼️High-risk industries - certain lawful sectors (such as cryptocurrency exchanges or money services businesses) are subject to enhanced due diligence under MAS regulations.

◼️Incomplete or inconsistent documentation - discrepancies in names, addresses, or corporate documents can delay approval.

◼️Unclear business descriptions - banks require specific details on products, services, and customer profiles to meet Know Your Customer (KYC) standards.

Under MAS Notice 626 and related anti-money laundering regulations, banks must apply enhanced due diligence for applicants from:

◼️Countries or jurisdictions identified by the Financial Action Task Force (FATF) as high-risk or under increased monitoring

◼️Jurisdictions subject to United Nations sanctions

◼️Jurisdictions with strategic AML/CFT deficiencies

Examples (accurate as of the latest FATF statements):

◼️Iran, North Korea (DPRK)

◼️Myanmar

◼️Jurisdictions on the FATF “grey list” such as the Philippines, South Africa, Nigeria, and others

Applicants from these jurisdictions should be prepared to provide extensive documentation, including proof of source of funds and detailed descriptions of intended transactions.

While there is no legal requirement under Singapore law for a company to have a local director to open a bank account, in practice many banks prefer or require it. A local director is defined as a Singapore Citizen, Permanent Resident, or an Employment Pass holder residing in Singapore.

Having a local director can:

◼️Facilitate in-person meetings with the bank

◼️Reassure the bank of the company’s local presence and accountability

If a company does not have a local director, it may still apply, but should expect more extensive documentation and possible longer processing times.

For directors or shareholders who are not Singapore residents, banks will generally accept:

◼️Recent (within 3 months) utility bill, bank statement, or government-issued letter showing their overseas residential address

◼️Short-term accommodation contract in Singapore (e.g., serviced apartment agreement)

◼️A certified letter from a recognised corporate services provider or legal adviser confirming an interim address

Most banks allow the use of an overseas address at the time of application, with the option to update to a Singapore address once relocation has occurred.

Some lawful industries face stricter onboarding requirements due to money laundering or fraud risk, including:

◼️Cryptocurrency and blockchain businesses

◼️Money-changing and remittance businesses

◼️Online gaming (where lawful under Singapore law)

◼️Precious stones and precious metals dealers

These sectors are not prohibited but will typically require additional documentation and compliance review under MAS regulations.

All banks in Singapore must comply with MAS KYC and AML obligations. This includes:

At onboarding:

◼️Identification and verification of all UBOs, directors, and authorised signatories

◼️Verification of the source of funds and wealth

◼️Understanding of the business model, target markets, and expected transaction flows

On an ongoing basis:

◼️Periodic reviews of customer information and ownership structure

◼️Transaction monitoring for unusual or suspicious activity

◼️Requests for supporting documentation for large or unexpected transactions

Filing of Suspicious Transaction Reports (STRs) when warranted

◼️Submit complete and consistent documentation from the outset

◼️Clearly describe the nature of your business in non-generic terms

◼️Provide supporting evidence for projected transactions (e.g., draft contracts, invoices)

◼️Respond promptly to any bank queries

◼️Use certified true copies or notarised documents when requested

Traditional banks (e.g., DBS, OCBC, UOB):

◼️Offer a full range of services, MAS deposit protection, and branch networks

◼️Typically have more extensive onboarding requirements and longer processing times

Digital banks and fintechs (e.g., Aspire, Wise, Airwallex):

◼️Often have faster onboarding and competitive fees for multi-currency transactions

◼️May have different licensing and deposit protection structures - customers should review regulatory status before choosing

Opening a corporate bank account in Singapore is a regulated process that involves strict verification and compliance checks. By preparing documentation in advance, understanding bank requirements, and anticipating areas where enhanced due diligence might apply, companies can significantly improve their chances of a smooth and timely approval.