Opening a Corporate Bank Account in Singapore: A Complete Guide

Opening a Corporate Bank Account in Singapore: Complete Guide

After incorporating your company in Singapore, the next critical step is to open a corporate bank account. This is essential for separating business transactions from personal finances, ensuring accurate income tracking, and complying with Singapore’s corporate tax regulations and IRAS filing obligations.

Understanding the procedures, requirements, and regulatory expectations when opening a corporate bank account in Singapore helps you avoid delays and ensures a smooth process. The process differs depending on whether the company is locally owned or foreign-owned, with varying levels of scrutiny and documentation required.

Corporate Bank Account Setup for Singaporean-Owned Companies

For companies owned by Singapore Citizens or Permanent Residents (PRs), the account opening process is straightforward. With SingPass, you can apply online through selected partner banks and have your account opened within a week.

Local banks such as DBS, UOB, and OCBC provide paperless onboarding via SingPass authentication. If your documents are complete, you can expect confirmation and access to digital banking services within a few working days.

Corporate Bank Account Setup for Foreign-Owned Companies

For foreign entrepreneurs, the process is more complex due to stricter compliance checks. Banks in Singapore must verify the legitimacy and operational presence of overseas-owned companies before approving accounts.
Since Singapore banks do not have direct access to foreign government databases, they perform enhanced due diligence. This includes verifying identification, ownership structure, and business plans.
Working with a local corporate service provider (CSP) such as Paul Hype Page & Co. can help streamline this process and reduce the risk of rejection.

Required Documents to Open a Corporate Bank Account in Singapore

When applying, prepare the following key documents:

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

In addition, Singapore banks typically request:

• Contact information of directors/shareholders
• Intended account usage and online banking user roles (maker, approver, viewer)
• Clear business description and expected transaction volume

Why Banks in Singapore Have Tightened Procedures

In line with global anti-money laundering (AML) and counter-terrorism financing (CTF) measures, Singapore banks have strengthened compliance procedures.
The OECD’s Common Reporting Standard (CRS) requires banks to report tax residency information to IRAS. Therefore, companies must prove that they are not simply using Singapore as a tax shelter.

Tax Substance: What Singapore Banks Look For

To open a bank account, your company must show tax substance in Singapore. This proves that your business has a genuine presence and contributes to the economy.
Banks typically expect:

• Local suppliers, partners, or customers (with supporting contracts/invoices)
• A registered office or virtual office in Singapore
• At least one local employee with CPF contributions
• Without sufficient tax substance, account applications may be delayed or rejected.

Step-by-Step Process to Open a Corporate Bank Account in Singapore

At Paul Hype Page & Co., we guide clients—especially foreign entrepreneurs—through every stage:

Step 1: Document Preparation

We help collect and certify corporate and personal documents, financial records, and proof of operations.

Step 2: Compliance & Background Checks

Banks conduct KYC and AML checks to verify legitimacy before moving forward.

Step 3: Submission & Follow-Up

We submit applications, liaise with banks, and resolve queries to prevent delays.

Strategies to Improve Approval Odds

Employment Pass (EP): Applying for an EP shows that you manage operations from Singapore, strengthening your tax residency case.
Local Staffing: Hiring a Singaporean or PR—full-time or part-time—adds operational credibility, especially with CPF contributions.

Working with Major Singapore Banks

DBS Bank

• Requires in-person signing by directors/signatories
• Strong KYC focus, especially for foreign-owned firms
• Approval: 2–4 weeks

UOB

• May allow remote onboarding (via video call)
• Requires detailed explanation of business and funding
• Enhanced due diligence for overseas clients

Standard Chartered

• Strong for cross-border businesses
• Extensive checks for companies without local presence
• Timeline: up to 6 weeks

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

On average:

• Local-owned companies: 1–2 weeks (if documents are complete)
• Foreign-owned companies: 2–6 weeks (longer if high-risk or incomplete)

Factors affecting timelines:

• Industry risk profile
• Accuracy of documentation
• Nature of transactions
• Local staffing and tax residency
• Delays usually happen due to missing information or weak tax substance.

Final Thoughts

Opening a corporate bank account in Singapore is a vital milestone for your company’s financial legitimacy and operational readiness. While regulations have become stricter, with the right preparation and guidance, the process is smooth and achievable.
At Paul Hype Page & Co., we help both local and foreign entrepreneurs navigate Singapore’s banking ecosystem—from document preparation to liaising with banks—so your application is compliant and positioned for approval.
If you’re an expat entrepreneur or foreign business owner, contact us to simplify your bank account setup and start transacting in Singapore with confidence.