Learn the requirements, documentation, and steps needed to open a corporate bank account in Singapore.
Opening a business bank account is one of the first steps after incorporating your company in Singapore. It’s essential for receiving payments, managing cash flow, and separating personal from corporate finances.
To open an account, you’ll need:
- Company registration documents from ACRA
- Business profile (BizFile)
- NRIC/passport of all directors and signatories
- Proof of business address
- Board resolution (if applicable)
Most banks like DBS, OCBC, UOB, and Maybank offer business accounts with tailored packages for SMEs, startups, and foreign-owned companies. Some offer multi-currency accounts, integration with accounting software, and startup-friendly rates.
Physical presence of directors is typically required, though some banks accept video verification for foreigners.
FAQ:
Q: Can I open a business account online?
A: Some banks like Aspire and Wise offer fully digital onboarding, especially for startups.
Q: Is it mandatory to have a corporate bank account?
A: Yes, for proper accounting, tax filing, and legal compliance.
User Comments:
- “OCBC was quick and responsive for my startup account.”
- “Wise Business helped me get started without flying in.”
Editor’s Note:
Choose a bank that understands your industry and business model. Integrated tools are a bonus.
Tags: corporate bank account, SME banking, startup finance, Singapore business
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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