Opening a business bank account in Singapore is a legal requirement and a foundational step in building a credible, fully operational business. Getting your banking setup right from the beginning can save time, prevent compliance issues, and simplify everything from payroll and invoicing to tax filings.
This comprehensive guide eliminates the guesswork. You’ll learn why a business bank account is essential, explore the different types of accounts available, understand how the application process works, and get a checklist of documents needed to get started.
If you’re committed to doing business in Singapore, your corporate bank account becomes your first financial system and arguably the most important one for long-term success.
Why You Need a Business Bank Account in Singapore
Opening a dedicated business bank account is a strategic and legal necessity. For local startups, SMEs, and foreign-owned entities setting up in Singapore, separating your business finances from your personal ones protects your company, keeps you compliant, and sets the foundation for serious growth.
Legal & Regulatory Requirements
- Compliance with Singapore Laws
Businesses operating in Singapore are required to maintain a corporate bank account to comply with the Banking Act of 1970 and other financial regulations enforced by the Monetary Authority of Singapore (MAS). This ensures adherence to anti-money laundering and customer due diligence policies.
- Tax Compliance
Maintaining a corporate bank account simplifies tax reporting by providing clear records of business transactions, which are essential for filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS). This separation of personal and business finances also aids in accurate tax compliance.
- Separation of Personal and Business Finances
A business bank account is essential for keeping personal and business finances separate. This separation protects personal assets from business liabilities. Keeping finances separate ensures:
- Clean, audit-ready records
- Accurate GST reporting
- Easier budgeting and forecasting
- Proper shareholder accountability
Business Operations & Credibility
- Streamlined Financial Management
A business bank account enables efficient cash flow management, payment processing, and access to financial tools tailored for businesses, such as multi-currency accounts.
- Enhanced Credibility
Having a dedicated business account helps build trust with clients, investors, and partners, making your company look more professional and reliable. The first step to building that trust is to have a bank account.
- Access to Financial Services
Business bank accounts allow you to access funds through loans and credit and provide investment opportunities. They also offer advanced digital banking platforms, simplifying your financial operations and enabling you to manage your business’s finances seamlessly.
Types of Business Bank Accounts in Singapore
Business bank accounts in Singapore are designed to cater to various needs and preferences of businesses, ranging from local transactions to international operations. Here are some of the main types of business bank accounts available:
1. Current or Checking Accounts
These accounts are ideal for daily financial activities and are typically used for managing cash flow, making payments, and receiving funds. They do not earn interest and are always liquid.
- Features: Suitable for local transactions, often with free FAST and GIRO transactions, and may include online banking services.
- Examples: OCBC Business Growth Account, UOB eBusiness Account.
2. Multi-Currency Accounts
Designed for businesses that frequently engage in international transactions, these accounts allow companies to hold and manage multiple currencies in a single account.
- Features: Supports multiple currencies, facilitates international transactions with lower conversion fees, and often includes corporate cards for foreign transactions.
- Examples: DBS Business Multi-Currency Account, Airwallex Business Account.
3. Merchant Accounts
These accounts are specifically designed for businesses that need to process card payments, such as e-commerce platforms or retail stores.
- Features: Enables businesses to accept credit and debit card payments, often integrated with payment gateways for a seamless transaction experience.
- Examples: Typically offered by banks in conjunction with payment processing services (DBS Merchant Services, OCBC Merchant Services).
4. Digital Business Accounts
These are modern alternatives to traditional bank accounts, offering digital solutions for managing business finances.
- Features: Often includes features like instant account opening, no minimum balance requirements, and cost-effective international transactions.
- Examples: Airwallex Business Account, Aspire Business Account.
Each type of account caters to different business needs, whether managing local transactions efficiently or handling international operations easily.
Business Bank Account Requirements in Singapore
Opening a business bank account in Singapore involves specific requirements that vary depending on whether the company is locally registered or foreign-owned. Here’s a breakdown of the necessary documents and procedures:
For Singapore-registered companies
- Business Registration with ACRA: Ensure your business is registered with the Accounting and Corporate Regulatory Authority (ACRA). Banks require a Business Profile document (also known as a BizFile) as proof of registration.
- Valid Identification: All directors and authorised signatories must provide valid identification documents, such as a National Registration Identity Card (NRIC) for Singapore citizens and permanent residents.
- Proof of Business Address: Provide a tenancy agreement or a utility bill that shows the company’s name and address.
- Company Constitution: For private limited companies, a Company Constitution (formerly Memorandum and Articles of Association) is required.
- Board Resolution: A Board of Directors’ resolution sanctioning the opening of the account and specifying the signatories.
- Completed Corporate Account Opening Forms: These forms must be signed by authorised signatories as per the board resolution.
For Foreign-Owned or Offshore Companies
- Company Registration in Singapore: While not always necessary, having a local presence can simplify the process. If not registered, you may need to provide additional documentation.
- Detailed Business Information: Banks require detailed information about the company, including its business plan, operations, and key clients and suppliers.
- Proof of Identity and Address: Directors, shareholders, and ultimate beneficial owners must provide proof of identity (such as a passport) and their residential address.
- In-Person Meeting: Often required for foreign-owned companies to discuss business plans and verify identities.
- Additional Licenses or Permits: If applicable, provide copies of necessary licenses or permits related to your business operations.
- Bank-Specific Documents: Some banks may request financial statements, business plans, or records of previous transactions.
Opening a business bank account in Singapore can be straightforward for local companies but may require more documentation and time for foreign-owned businesses. Ensuring all necessary documents are prepared in advance can streamline the process.
Top Banks in Singapore for Business Accounts
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Singapore’s banking sector is highly developed, offering a range of options for businesses and individuals. Here are some of the top banks that are blending traditional institutions with modern fintech solutions:
1. DBS (Development Bank of Singapore)
The largest bank in Singapore and Southeast Asia, DBS was established in 1968 to support Singapore’s economic development. It offers comprehensive services, including the DBS Business Multi-Currency Account and advanced digital solutions for larger corporations. DBS is also known for its small and medium-sized enterprise (SME) banking services.
2. OCBC (Oversea-Chinese Banking Corporation)
One of Singapore’s leading financial institutions and the second-largest financial services group in Southeast Asia. It offers a wide range of products and services, including retail banking, wealth management, and insurance. OCBC excels in providing innovative solutions for its customers.
3. UOB (United Overseas Bank)
The third-largest bank in Southeast Asia, UOB has a global network of branches and offices across 19 countries. UOB offers a broad spectrum of financial services, from personal banking to trade and corporate finance.
4. Citibank Singapore
The first US-owned bank to set up in Singapore, Citibank offers a wide network of branches and ATMs nationwide. Personal customers can choose from a sizable range of accounts, including foreign currency accounts.
5. HSBC (Hongkong and Shanghai Banking Corporation)
A London-based multinational bank with a significant presence in Singapore since 1877. HSBC offers a range of comprehensive solutions, including retail, commercial, private, and investment banking.
6. Standard Chartered Singapore
With a history in Singapore dating back to 1859, Standard Chartered has contributed to the country’s development by facilitating trade and driving financial growth. It offers various financial services across personal, business, corporate, and private banking, as well as wealth management and treasury services.
7. Maybank Singapore
The first Malaysian bank to operate in Singapore, Maybank, plays a key role in improving cross-border financial operations. It offers a wide range of products and services for individuals, businesses, and corporations, including investment banking and stockbroking.
Non-Bank Alternatives
- Wise: For businesses needing efficient international transactions.
- Airwallex: A fintech alternative offering digital business accounts with multi-currency capabilities and competitive FX rates.
| Bank/Provider | Best For | Digital Access |
| DBS Business | SMEs with international transactions | Internet banking, physical cards |
| OCBC | Startups and SMEs | Mobile banking, physical/virtual cards |
| UOB | Local transaction-focused businesses | Internet banking, no corporate card |
| Citibank Singapore | Large corporations with global reach | Extensive global network and digital banking |
| HSBC Singapore | Businesses with international operations | Comprehensive digital banking solutions |
| Standard Chartered Singapore | Businesses needing wealth management | Advanced digital banking and wealth management tools |
| Maybank Singapore | Cost-conscious startups | Internet banking, physical cards |
Step-by-Step: How to Open a Business Bank Account in Singapore
Opening a business bank account in Singapore is straightforward once you have the necessary documents.
- Step 1: Choose the Right Bank
- Banks in Singapore offer a range of options tailored to business needs, including multi-currency accounts and digital banking platforms.
- Step 2: Gather Required Documents
- The documents required, such as the Certificate of Incorporation, Business Profile from ACRA, Memorandum and Articles of Association (MAA), proof of residential address, and identification documents, are detailed in sources like Aspire and ASEAN Briefing.
- Step 3: Compliance Checks & (Know-Your-Customer) KYC Procedures
- Banks conduct compliance checks and know-your-customer (KYC) checks to verify identities and ensure adherence to anti-money laundering regulations. This step is highlighted in articles discussing document verification and due diligence requirements.
- Step 4: Submit Application
- Applications can be completed online or in person, depending on the bank. Some banks may require a physical presence for foreign-owned businesses or additional documents for verification.
- Step 5: Pay Initial Deposit
- Banks often require a minimum deposit to activate an account, as noted in guides like Aspire and Acclime.
- Step 6: Wait for Approval
- The review process involves verifying submitted documents and conducting compliance checks, which may take longer for businesses owned by foreigners.
- Step 7: Activate Your Account
- Once approved, businesses can activate their accounts and set up online banking services to manage their finances efficiently.
Common Pitfalls to Avoid
- Mixing personal and business transactions: Many business owners, especially those starting from home, fail to separate their personal and business finances. This complicates bookkeeping and can lead to tax issues.
- Waiting until year-end to do bookkeeping: Procrastinating on bookkeeping tasks is a common mistake. This can result in outdated financial records and missed opportunities to track yearly performance.
- Letting tax time sneak up: Despite tax season arriving at the same time each year, many business owners put off preparing for it until the last minute, resulting in rushed and potentially error-prone filings.
- Not taking advantage of accounting software: As businesses grow, manual bookkeeping becomes time-consuming and prone to errors. Many entrepreneurs miss out on the benefits of automated accounting software, which can save time and improve accuracy.
- Neglecting cash flow projections: Some business owners mistakenly equate profit with cash flow, failing to regularly project their cash flow needs. This can lead to unexpected cash crunches.
Business Banking in Singapore Isn’t Complicated If You’re Prepared
Opening a business bank account in Singapore doesn’t need to be overwhelming. The process is straightforward when you understand what’s required and the available options. This guide covers everything you need to make an informed decision, from legal obligations and account types to the features each bank offers and the necessary paperwork.
Quick Checklist Before You Apply:
- Choose the account type that matches your business needs (current, multi-currency, digital-only)
- Compare account fees, minimum balances, and transaction limits across banks
- Prepare all required documents, including ACRA BizFile, identification, and a resolution to open an account, etc.
- Confirm any in-person requirements for foreign or non-resident directors
- Review digital banking features — apps, FX tools, invoicing, integration with accounting platforms
- Double-check if your business type is restricted or requires additional approval (e.g., fintech or cryptocurrency).
Use this information to avoid delays, missed requirements, or account features that don’t serve your goals. Bookmark this guide as a reference during the application process. And when you’re ready to open your account, you’ll do it with clarity, not guesswork.
