How to open a Singapore corporate bank account as a foreigner

In short: A foreign-owned Singapore company can open a corporate account once it is incorporated with ACRA. The bank runs anti-money-laundering (KYC) checks on the company, its directors and its beneficial owners. Expect to provide the ACRA business profile, constitution, board resolution, passports and proof of address for directors and owners above the bank’s ownership threshold, and a description of the business, its customers and where its money comes from. Approval is at the bank’s discretion. Paul Hype Page & Co. (since 2008), an ACRA-registered public accounting firm, prepares your bank file and introduces you to the bank for S$1,500.

How to improve your chances

A clear business plan, invoices or contracts, and well-documented source of funds help the bank complete its checks. As a public accounting firm, we can review and verify your source-of-funds documents and prepare a source-of-funds report for your bank application. For more detail, see our complete guide to opening a corporate bank account in Singapore.

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FAQ

Can a foreigner open a Singapore business bank account?

Yes, through a Singapore-incorporated company, subject to the bank’s know-your-customer approval.

What documents are needed to open a Singapore corporate bank account?

Usually the ACRA business profile, company constitution, board resolution, passports and proof of address for directors and beneficial owners, and details of the business and source of funds.

How much does Paul Hype Page charge to help open a bank account?

S$1,500 for bank account opening support.

Paul Hype Page & Co., 30 Petain Road, Singapore 208099 (since 2008). An ACRA-registered public accounting firm and corporate service provider; most of our clients are foreign-owned companies.