Most application delays are avoidable. Banks are not trying to be difficult; they are required to evidence your ownership, activities, and cash flows. Here’s a practical preparation guide that reduces back-and-forth and shortens the time to “account live.”

1. The narrative banks want to see

  • Who owns and controls the company? (clear UBO chain to natural persons)
  • What do you actually sell? To whom? Where? (products, markets, top counterparties)
  • How does money flow through the account? (expected monthly volume, average ticket size, jurisdictions)

If your website says “global consulting” but your invoices say “consumer electronics trading,” expect questions. Consistency wins.

2. The core checklist

SectionYou Should PrepareWhy It Matters
Corporate basicsLatest ACRA Biz Profile, Constitution, Board Resolution, registered address proofConfirms existence, mandate, and contactability
PeopleIDs & address proofs of directors/UBOs (>25%), CV/LinkedIn for key signatoriesVerifies control and competence
Activity proofFirst invoices/POs/LOIs, supplier quotes, draft contracts, product sheetsDemonstrates real economy purpose
FootprintOffice lease/virtual office letter, website screenshots, domain WHOISShows presence and traceability
ComplianceSanctions/PEP screening approach, AML statement for higher-risk modelsReduces perceived regulatory risk
Banking planMonthly volumes, currencies, countries, card needs, accounting integrationLets bank match you to the right package

3. Timelines & expectations

Case TypeTypical ExperienceReality Check
Local SME, straightforward B2B servicesInterview + doc review; days to a couple of weeksFastest if docs are consistent and signatories available
Trading company (import/export)More questions on counterparties & shippingHave invoices, forwarders, and Incoterms ready
Foreign-owned, remote directorsExtra verification and certified docsPrepare group chart, notarized copies, parent statements
Regulated or sensitive sectorsEnhanced due diligenceExpect policy review; build a robust compliance pack

4. Draft your 1-page business profile (banks love this)

Include: (1) product/service overview, (2) target customers & geographies, (3) sales channels, (4) projected monthly inflow/outflow by currency, (5) top 5 counterparties, (6) why a Singapore account is operationally necessary.

5. Email template for first contact with a Relationship Manager (copy/paste)

Subject: New Pte Ltd – Business Account Enquiry Dear [Name], We are a Singapore-registered Pte Ltd providing [brief activity]. We expect monthly volumes of [amount] across [currencies]. Our customers are in [countries]. We will use the account for [payroll/vendor/collections/FX]. Attached are our ACRA profile, business profile, sample invoices, and a brief compliance note. Could you advise the most suitable account package, min balance, and onboarding steps? Kind regards, [Name], Director

6. Common “red pen” issues & how to fix them

IssueWhy It’s a ProblemQuick Fix
Directors abroad, no SG presenceHarder to verify control & operationsProvide local contact, show office solution, use e-signing with verified IDs
Website under constructionWeakens credibilityPublish a simple 1-pager with services, contacts, and terms
Mixed activities (e.g., consulting + e-commerce + crypto)Risk scope unclearSeparate entities or ring-fence activities, clarify licenses (if any)
No forecastBank can’t size risk or advise packageProvide 12-month volumes with low/base/high ranges

7. After approval—first 90 days

  • Keep balances above fall-below thresholds.
  • Use PayNow for Business to speed receivables.
  • Set accounting sync (Xero/QuickBooks) within the first week.
  • If FX costs > your assumptions, ask for a tiered FX spread once volumes are proven.


open business bank account Singapore, corporate KYC, SME onboarding checklist, business banking requirements, account opening timeline, compliance

Sophia Tan

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. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.