Why You Need a Corporate Bank Account
Opening a business bank account in Singapore is a critical step after incorporating your company. It keeps personal and business finances separate, ensures proper accounting, and is required for most business transactions, payroll, and government payments including CPF and GST.
Top Banks for Business Accounts in Singapore
Traditional Banks
- DBS Bank: Most popular for SMEs — strong digital banking, government integration
- OCBC Bank: Good for SMEs and startups — Business Banking suite
- UOB: Strong for businesses dealing with regional trade
- Standard Chartered: Good for international businesses
- HSBC: Ideal for companies with global operations
Digital/Neo Banks
- Aspire: No monthly fees, fast account opening, excellent for tech startups
- Airwallex: Best for multi-currency transactions, e-commerce
- Revolut Business: Good for international payments
Documents Required
Most Singapore banks require:
- Certificate of Incorporation
- Company Business Profile (from ACRA)
- Memorandum and Articles of Association (or company constitution)
- Board resolution authorising account opening
- NRIC/passport of all directors and beneficial owners
- Proof of address for all directors
Challenges for Foreigners Opening a Business Account
Foreign-owned companies and non-resident directors often face stricter KYC requirements or even rejection from traditional banks. Digital banks like Aspire and Airwallex are generally more accessible. Having a local director simplifies the process significantly.
How Long Does It Take?
- Traditional banks: 2–4 weeks (interview typically required)
- Digital banks: 1–5 business days (fully online)
Monthly Fees and Minimum Balances
DBS and OCBC typically require S$1,000–S$10,000 minimum average daily balance. Digital banks like Aspire charge S$0 monthly fees with no minimum balance requirement.
Tips for a Successful Application
- Ensure your business address, directors, and business activities are consistent across all documents
- Be prepared to explain your business model clearly
- Have a clear business plan showing expected transactions
- Consider starting with a digital bank for faster approval, then adding a traditional bank as you scale
Need help navigating the business banking process? Contact Halynce Advisory — we help Singapore companies set up bank accounts and integrate with accounting software like Xero.