Foreigners setting up companies in Singapore can open business bank accounts, but banks will typically require more due diligence.
Essential requirements include a registered local address, ACRA business profile, corporate resolutions, and KYC documents from all directors and major shareholders. Some banks may insist on in-person interviews or video calls with overseas founders.
Working with local corporate service providers can ease the process and improve success rates. Digital banks may offer easier entry, but traditional banks provide better support for complex operations.
FAQs:
Q: Can I open an account remotely?
A: Some banks allow remote onboarding, but many still require at least one local director or representative.
User Comments:
- “OCBC required a video call with all directors, but the process was smooth.”
- “Partnering with a local agent made the application faster.”
Editor’s Note:
For foreigners, compliance is stricter—but with the right setup, banking in Singapore remains business-friendly.
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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