Opening a Corporate Bank Account in Singapore: A Complete Guide

After incorporating your company in Singapore, the next critical step is to open a corporate bank account. This ensures that business transactions are kept separate from personal finances and supports accurate income tracking. Maintaining this separation is vital for compliance with Singapore’s corporate tax regulations and IRAS filing obligations.
Understanding the procedures, requirements, and regulatory expectations when opening a business bank account in Singapore will help you avoid delays and ensure a smooth experience. The process varies depending on whether the company is locally or foreign-owned, with different levels of scrutiny and documentation involved.

Corporate Bank Account Setup for Singaporean-Owned Companies

If your company is locally owned by Singaporeans or permanent residents (PRs), opening a bank account is relatively straightforward. Using SingPass, you can apply online through selected partner banks and have your account opened within a week. Some banks even offer fast-track digital onboarding options for citizens and PRs.
Most local banks, including DBS and UOB, allow for paperless onboarding via SingPass authentication. If your documents are in order, you’ll likely receive confirmation and access to digital banking within a few working days.

Bank Account Opening for Foreign-Owned Companies in Singapore

Foreign business owners face a more complex process due to increased compliance checks. Singapore banks must verify the legitimacy and operational presence of overseas entities before account approval. This includes examining identification, ownership structure, and business plans.
As banks lack direct access to foreign government databases, enhanced due diligence is required. Partnering with a local firm like Paul Hype Page & Co. can help you navigate these steps efficiently and avoid unnecessary delays or rejection.

Required Documents for Opening a Business Bank Account

When opening a corporate bank account in Singapore, prepare the following key documents:

• Certified copy of Company Constitution or M&AA.
• Latest BizFile (ACRA business profile).
• Passport or NRIC for directors and shareholders.
• Proof of residential address (utility bill or bank statement).
• 3-month bank statement and potential supplier/customer invoices.
• CV of the director and selfie with passport or NRIC.
• Wet-ink signature on the back of identification documents.

Singapore banks also require additional details including contact information, intended account usage, and user roles for online banking (e.g., approver, viewer, or maker). A clear business description and expected transaction volume are also needed.

Why Banks in Singapore Are More Stringent Today

In recent years, Singapore banks have tightened account-opening procedures due to global anti-money laundering (AML) and terrorism financing controls. The Common Reporting Standard (CRS) under OECD regulations also compels financial institutions to report tax residency information to IRAS.
These regulatory updates mean banks must verify tax substance and ensure foreign entities are not using Singapore as a tax shelter. As a result, proving operational legitimacy and compliance is essential to secure account approval.

Proving Tax Substance in Singapore: What Banks Expect

Tax substance is a measure of your business’s real operations in Singapore. Banks will assess whether your company has local presence, clients, or employees contributing to the Singaporean economy. Without sufficient substance, your application may be delayed or rejected.
To demonstrate tax substance, banks typically expect:

• Local suppliers, partners, or customers (supported by contracts or invoices).
• A registered office or virtual office in Singapore.
• At least one local employee with CPF contributions.

These indicators show that your business isn’t a shell company and that it operates within Singapore’s economic ecosystem. This significantly improves your chances of securing bank approval.

Opening a Corporate Account: Step-by-Step Process

The corporate bank account setup involves multiple stages. At Paul Hype Page & Co., we assist clients—especially foreign entrepreneurs—in preparing and submitting successful applications. Here’s how the process unfolds:

Step 1: Document Preparation

We collect and verify all required documents, ensuring they meet the bank’s format, certification, and compliance requirements. This includes corporate paperwork, identification documents, financial statements, and proof of business activities.

Step 2: Compliance & Background Checks

Our banking partners conduct internal KYC (Know Your Customer) and AML screenings to assess risks. These checks confirm your company’s legitimacy and are required before banks proceed with your application.

Step 3: Submission & Follow-Up

We submit your application to the chosen bank and assist with follow-ups. Should banks require more information, we liaise on your behalf to resolve queries quickly and avoid processing delays.

Enhancing Approval Odds with Employment Pass & Local Staffing

To further strengthen your application, consider these strategies:

• Employment Pass (EP): Apply for an EP to demonstrate control and management from within Singapore. This supports your case for tax residency and legitimizes your presence.
• Local Staff via Shared Services: Hiring local staff—even part-time—builds operational credibility. Roles like admin, sales, accounts, or customer service show economic activity and CPF participation.

These actions not only support your bank account application but also ensure you’re meeting local business and tax obligations effectively.

Working with Major Banks in Singapore

Each Singapore bank has slightly different requirements for corporate account opening. Below is a general overview of what to expect when working with major financial institutions:

DBS Bank

DBS requires in-person signing by directors or signatories and emphasizes robust KYC practices. Foreign-owned firms may need to provide business plans and evidence of operations. Account approval typically takes 2–4 weeks.

UOB

UOB may allow remote onboarding via video call, subject to case review. Enhanced due diligence is standard for overseas clients. A detailed explanation of your business model and funding sources may be required.

Standard Chartered

This global bank offers strong cross-border services but performs extensive checks on foreign businesses. Companies without physical presence may face longer verification times—up to 6 weeks in some cases.

Account Opening Timelines in Singapore

Generally, opening a business bank account in Singapore takes 2 to 6 weeks. Local companies with complete documentation may complete the process within 1 to 2 weeks. Foreign-owned businesses or entities in high-risk industries may take longer.
Factors influencing the timeline include:

• Industry risk category
• Completeness of documentation
• Nature of the business and intended transactions
• Tax residency and local staffing

Delays often result from missing information, unverified addresses, or insufficient tax substance. A corporate service provider can help mitigate these risks by preparing a strong application from the outset.

How Long Does It Take to Open a Corporate Bank Account in Singapore?

The timeline for opening a corporate bank account in Singapore varies based on the bank, the complexity of the application, and the completeness of the submitted documents. On average, the process takes anywhere from 2 to 6 weeks.

• For straightforward applications with all the required documents, the process may be completed in about 2 to 3 weeks.

• However, if the bank requests additional information or verification, the process may extend to 4 to 6 weeks or even longer in some cases.

Factors that could impact the timeline include the company’s business activities, the tax residency status, and the local staff presence. It’s essential to ensure that your documents are accurate and that you have met the requirements to avoid unnecessary delays. Working with a professional service provider like Paul Hype Page & Co. can help expedite the process by ensuring that all paperwork is handled efficiently.

Final Thoughts

Opening a corporate bank account in Singapore is a key milestone for your business’s financial legitimacy and operational readiness. While the process has become more stringent, it remains manageable with proper planning, local knowledge, and professional assistance.
At Paul Hype Page & Co., we help both local and foreign businesses successfully navigate Singapore’s banking ecosystem. From document preparation to liaising with banks, our team ensures your application is complete, compliant, and optimized for approval.
If you’re a foreign business owner or expat entrepreneur, contact us today to streamline your corporate bank account setup and start transacting confidently in Singapore.