Opening a corporate bank account in Singapore is a key step for businesses setting up in the country. The process is straightforward but requires proper documentation and compliance with banking regulations.

Most banks require a company’s incorporation documents, proof of address, business plan, and information about directors and shareholders. Depending on the bank and business risk profile, a face-to-face meeting may be required.

Foreign-owned companies can also open accounts, though additional scrutiny may apply. It's common for fintech and startups to start with digital banks before upgrading to full-service accounts.

FAQs:

Q: How long does it take to open a business account?

A: Typically 5 to 15 working days, depending on the bank and completeness of documents.

User Comments:

  • “We chose UOB because of its SME-friendly account packages.”
  • “Digital onboarding saved us a trip and worked seamlessly.”

Editor’s Note:

Early preparation of documents ensures smoother processing and increases the chance of approval.

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.