Corporate Bank Account in Singapore

To open a corporate bank account in Singapore, you will need to first register your company with the Accounting and Corporate Regulatory Authority (ACRA). To apply for a corporate bank account in Singapore, you will need to follow the following steps:

• Prepare the documents required such as certified true copy of resolution, certified true copy of company’s business profile from ACRA, proof of identity and address etc.
• Choose the right bank that aligns with your business needs and goals, if you want to open a bank account online you can also choose the bank that offers online services.
• Fill the application form online or you can visit the bank in person. A few banks may require in person visit as the bank require the authorized signature or the director to sign the documents.
• Submit the mandatory documents and the required minimum deposit which is between SGD1,000 or higher. The minimum deposit will include the setup fee and account fee.
• The bank selected will review the documents submitted.
• Once the application is approved, the bank will confirm and open the corporate bank account for you.

Yes, as a foreign national you can open a bank account in Singapore, however there will be additional documents required and different banks have specific policies and requirements. Foreign entrepreneurs with an Employment pass or S Pass, Long-Term Visit Pass (LTVP) holders, Dependent Pass (DP) and student pass will have a smooth process of opening a bank account in the country.

The requirements for foreigners to open a corporate bank account in Singapore includes:

• A valid passport for identity proof.
• A valid work visa or employment pass that is issued by the Ministry of Manpower.
• Proof of residential address in Singapore.
• Proof of company registration with the Accounting and Corporate Regulatory Authority (ACRA).
• Initial deposit of between SGD1,000 – SGD3,000 to open a corporate bank account.

If you are a local resident who is a local director or a local owner, a corporate bank account can be opened within one business day. While for other foreign entrepreneurs, it may take a few weeks. Additionally, it is also possible to open a bank account online.

The documents required to open a corporate bank account in Singapore are:

• Completed Corporate Account Opening Forms
• Board of Directors Resolution
• Certified True Copy of Resolution
• Memorandum and Articles of Association (MAA)
• Certified True Copy of Certificate of Incorporation
• Certified True Copy of Company’s Business Profile from ACRA
• Certified True Copy of Company’s Constitution
• Certified True Copies of Passport (or Singapore IC)
• Proof of Residential Address

The minimum balance required to open a corporate bank account in Singapore is between $0 for basic account and S$5,000 for other business accounts. For a business account at SBI it will be $10,000 Singapore Dollar (SGD). Banks in Singapore have different initial deposit; therefore, you can check with the bank before you open a corporate account.

The best banks to open a corporate bank account in Singapore are Development Bank of Singapore (DBS), United Overseas Bank (UOB), Aspire Business Account, Revolut Business and Airwallex Business Account etc.

Yes, a Singapore incorporated company will have to open a Singapore bank account to ensure smooth financial transactions. It also ensures compliance with the country’s financial regulations. While it is not mandatory for companies to have a local bank account, it simplifies financial management and ensures smooth transactions in the country.

The corporate bank account in Singapore will allow you to manage your corporate finances separately from personal funds, making accounting and compliance easier. It will also provide necessary financial services such as international transfers, multi-currency support and trade financing etc. Most banks also allow online and mobile banking services which makes it easy to manage your account remotely.