Setting up a corporate bank account in Singapore is a crucial step for any business operating locally or internationally. This guide breaks down the process, requirements, and key bank options.
Why Choose Singapore for Business Banking?
Singapore is a global financial hub known for its stability, efficient regulation, and access to international payment networks.
Basic Requirements
- ACRA company registration documents
- Directors’ and shareholders’ ID/passport
- Business profile and plan
- Initial deposit (varies by bank)
Popular Banks for Business Accounts
- DBS Business Banking
- OCBC Business Growth Account
- UOB eBusiness Account
- HSBC SmartBusiness
- Maybank Premier Biz
Account Opening Tips
- Prepare documents in advance
- Schedule an appointment—some banks allow remote onboarding
- Clarify transaction fees and minimum balances
FAQ:
Q1: Can foreigners open a Singapore business account?
A: Yes, but most banks require at least one local director or representative.
Q2: Is a physical visit required?
A: Some banks allow remote opening, but a visit is often needed to complete due diligence.
User Comments:
“DBS approved our account in 4 working days. Smooth process.” — Adrian C.
“We had to visit in person but it was worth it. OCBC has great digital tools.” — Nora T.
Editor’s Note:
Banking in Singapore is efficient—but preparation is key. Choose your bank based on your transaction needs and compliance setup.
Tags: singapore-business-account, corporate-banking, company-bank-setup, open-account
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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