A complete, copy-ready checklist to prepare your Singapore business bank account application—documents, evidence of activity, banking plan, risk controls, and a 30-day post-approval setup. Includes a downloadable PDF pack.
Singapore Business Bank Account Opening — Checklist (2025)
Use this checklist to assemble a single PDF pack that shortens manual review: one-page business profile → identity & control → evidence of real activity → banking plan → risk & controls. Keep wording consistent across ACRA, website, and invoices.
Download: Singapore Account Opening Checklist (PDF)
Quick Overview (what banks actually look for)
- Identity & control: directors, UBOs, and signing authority are clear and verifiable.
- Real activity: invoices/POs/contracts and an operating footprint that matches your story.
- Cash-flow pattern: expected volumes by currency so the right package and FX tiers can be proposed.
- Risk & controls: basic governance (maker–checker, user limits, reconciliation rules) is in place.
1) One-Page Business Profile (attach first)
| Section | What to Include | Why It Helps |
|---|---|---|
| Overview | What you sell, customer types, geographies | Anchors KYC narrative |
| Forecasts | 12-month low/base/high inflow/outflow by currency; ticket sizes | Sizing for package & FX tiers |
| Counterparties | Top 5 customers/suppliers; payment corridors | Source of funds & purpose clarity |
| Operating model | Sales channels, fulfilment/delivery, typical payment methods | Process transparency |
| Compliance note | Sanctions/PEP approach; if no client money/crypto custody, say so | Risk classification |
2) Corporate & People (identity and control)
| Item | Detail | Tip |
|---|---|---|
| ACRA profile & Constitution | Latest copies | Names/addresses must match your other docs |
| Board Resolution | Authorising account opening & signatories | Template is often available; keep concise |
| Directors & UBOs (>25%) | Passport/NRIC + address proof ≤90 days | Add an org chart down to natural persons |
| Foreign ownership | Certified parent docs + translations | Prepare early; notarisation can take time |
3) Evidence of Real Activity
| Item | Examples | Tip |
|---|---|---|
| Revenue pipeline | Sample invoices/POs/LOIs; contracts | Redact sensitive prices if needed |
| Online presence | Website screenshots, domain WHOIS, LinkedIn | Ensure wording matches the ACRA activity |
| Premises proof | Lease/virtual office letter; utility/bank statement | Use recent documents (≤90 days) |
4) Banking Plan (match to the right package)
| Topic | What to State | Why It Matters |
|---|---|---|
| Local payments | Monthly FAST/PayNow volumes; payroll/GIRO needs | Drives local fee bundle selection |
| Cross-border | # of international wires in/out; named USD/EUR/GBP collection | Affects corridors and settlement setup |
| FX | Monthly conversion volume; batching vs forward usage | Enables tiered FX quotes in writing |
| Cards | # of corporate/virtual cards; per-card caps; merchant categories | Improves spend controls and reporting |
| Integrations | Xero/QuickBooks sync; webhook/API needs | Reduces reconciliation friction |
5) Risk & Controls (show governance up front)
- Maker–checker approvals for payments ≥ SGD 5,000.
- Per-user limits; vendor whitelist (approved UENs/IBANs only).
- Device binding + biometrics for approvers; dual-channel alerts for large credits/debits.
- Receivables reference policy: INV-<InvoiceNumber>-<YYYYMM>; weekly reconciliation cadence.
- Monthly access review and same-day leaver removal.
6) Packing & Submission Tips
- Merge everything into one PDF with a contents page; name files clearly (e.g., 01_ACRA.pdf, 02_Board_Resolution.pdf).
- Keep the industry description identical across ACRA, website, invoices, and the one-pager.
- Be reachable in SGT business hours for a short KYC call; have IDs ready for video verification.
7) 30-Day Post-Approval Setup
| Area | Action | Outcome |
|---|---|---|
| Collections | Enable PayNow for Business (link UEN); place QR + reference on invoices; set credit alerts ≥ SGD 1,000 | Faster cash & cleaner books |
| Payments | Configure FAST with Tue/Fri payment runs; maker–checker ≥ SGD 5,000; vendor whitelist | Fewer errors & fraud risk |
| FX | Create a weekly conversion plan (amounts, target rates, execution day) | Lower average FX cost |
| Accounting | Turn on Xero/QuickBooks sync; schedule weekly exports | Near-zero manual reconciliation |
| Cards | Issue virtual cards per vendor (ads/SaaS); set monthly caps | Cleaner spend control |
FAQ
Q1: What delays approvals the most?
Inconsistent activity descriptions across ACRA, website, and invoices; or missing address proofs for directors/UBOs.
Q2: Do I need named USD/EUR/GBP collection now?
If you invoice abroad regularly, yes—it reduces payer friction and improves reconciliation accuracy.
Q3: How detailed should my forecasts be?
Provide low/base/high monthly scenarios for payments and FX. Banks use this to price quotas and spreads.
Q4: Can I ask for FX tiers before funding?
Yes—request written breakpoints (e.g., 0.35% → 0.25% once you exceed a monthly threshold).
Q5: What if we’re foreign-owned with remote directors?
Prepare certified parent docs, a clear org chart, and schedule video calls in SGT hours. Expect extra KYC checks.
CTA
- “Download the checklist PDF”
- “Request named USD/EUR collection setup”
- “Ask for FX tier quotes”
Download: Singapore Account Opening Checklist (PDF)
open business bank account Singapore, SME onboarding checklist, KYC requirements, UBO verification, PayNow Business, FAST transfer, named collection, FX tiering
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About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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