How to open a business bank account in Singapore

Singapore has long been known as a leading financial hub in Asia, and it’s the ideal strategic location for starting or expanding a business. The country also offers a supportive business environment, low corporate tax rates and access to a skilled workforce.

If you’re launching a new venture there, one of the first things you’ll need is a corporate bank account. In this guide, we’ll cover everything you need to know about opening a business bank account in Singapore.

This includes what business types are welcome, the process for opening an account, and a rundown of which banks to consider.

We’ll also show you an alternative way to manage business finances in Singapore, with the powerful Wise Business multi-currency account.

Get started with Wise Business 🚀

What are the typical corporate entities in Singapore?

Many types of businesses are based in Singapore, including Limited Liability Companies (LLCs), sole proprietorships, and partnerships.

If you’re not looking to incorporate a new company of this kind in Singapore, then you have other options. Foreign companies looking to establish a formal presence in the republic have can choose from the following entity types:

1 - Create a subsidiary company

A subsidiary company is a private, limited company that is incorporated in Singapore, whose parent company is a shareholder. This option makes the most sense for small and mid-sized companies.

2 - Open a branch office

A parent company can open a branch office registered in Singapore instead of creating a separate entity as in the option above. However, in this option, the liabilities of the branch office are extended to the parent company.

Can I open a corporate bank account in Singapore with a foreign corporate entity?

Singapore is home to many of the world’s major banks, and in general they will be happy to open a corporate account for any entity, whether headquartered in Singapore or offshore.

So, you should be able to open a corporate bank account in Singapore with a foreign entity, as long as you submit the correct paperwork. You may also need to establish a corporate presence in the country, either opening a branch office or subsidiary.

What‘s the process for opening a corporate account, and what documents will I need?

While the process for opening an account is fairly easy, most banks will require the account signatories and the company’s majority directors to be physically present in Singapore to sign paperwork at the time of opening. However, some of the larger international banks, like HSBC and Citibank, will allow you to sign the necessary documents at one of their branches abroad, or in the presence of a notary.

While the exact required paperwork varies from bank to bank, typically you’ll need the following:

• Completed Corporate Account Opening Forms, signed by signatories.
• A Board of Directors Resolution, sanctioning the account opening and the established signatories to open it on behalf of the company. This must be prepared by your company’s secretary.
• A certified true copy of Resolution, sanctioning the account opening and the signatories to open the account on behalf of the company. This is typically a standard form created by the bank that must be signed.
• A certified true copy of Certificate of Incorporation, certified by a company director.
• A certified copy of the company’s Business Profile from the Accounting and Corporate Regulatory Authority (ACRA).
• A certified true copy of the company’s Memorandum and Articles of Association (MAA).
• Certified copies of the Passports or Singapore ICs, as well as residential address proof of the directors, signatories, and ultimate beneficiary owners.
• UEN (Unique Entity Number) - for businesses incorporated in Singapore.

If you’re physically present in Singapore, the bank will typically be happy to make copies for you if you bring originals.

How long does it take to open a business bank account in Singapore?

Opening a business account for a Singapore registered entity if you’re a permanent resident should be pretty quick. You may be able to complete the whole process online, and have your account open in just a few days.

But if you’re opening an account for a foreign-owned entity, the process can take longer. On average, it takes 1 to 4 weeks for approval, depending on the bank, your business structure and the complexity of your business operations.²

Can I open a business bank account from abroad?

Yes, you may be able to open a business bank account from abroad, although it depends on the bank and its policies.

While many banks will require your presence in person to sign and submit documents, some will not. Some of the larger banks may accept documents signed in the presence of the bank’s staff at an international branch or a notary public.

In some cases though, remote account opening may be restricted to Singapore citizens and permanent residents.

Can I open a business bank account online?

Yes, but only if you are a permanent resident in Singapore. Otherwise, you may need to follow additional processes - which may include visiting a branch in person to sign and submit documents.

For example, DBS bank offers online account opening for businesses, but only those owned by Singapore citizens or permanent residents.³

For foreign-owned businesses, accounts must be opened through contact with a Relationship Manager at the bank and through the submission of a particular set of documents. You can find more information here.

Which bank should I choose?

While there are many banks in Singapore, some of the best for business bank accounts include local banks such as DBS, OCBC and UOB.

DBS Bank

DBS’s setup fees can be anywhere from S$500 to S$1,000, however these fees can be waived on a case by case basis at the bank’s discretion. DBS requires a minimum deposit of S$3000- S$8,000 depending on the account type. Account holders must also maintain a monthly or average daily balance of S$50,000. An account with DBS comes with a debit card, credit card, chequebook, and access to online banking.

OCBC Bank

OCBC typically requires the executive director, as well as an authorized signatory, to be present to open an account. However, an account at OCBC does not carry a setup fee-- just a monthly account fee of $38, which is waived for the first three months. The bank account must hold S$5000 per month.

UOB Bank

United Overseas Bank (UOB) is the third of Singapore’s ‘big three’ local banks. It is a popular choice for business banking, with accounts such as the UOB eBusiness Account which are available to apply for and manage online.

The account offers limited free and fast transfers, including bulk payroll transfers, as well as mobile banking and cashback on selected online transactions.

Some international banks that are trusted for corporate banking include:

• HSBC Singapore
• Standard Chartered Singapore
• Citibank Singapore

What types of business banking fees are there in Singapore?

Before you open your business bank account in Singapore, it's important to read the terms and conditions carefully - especially the section on banking fees and charges.

Business accounts in Singapore often have monthly or annual fees. Banks there are also notorious for reinforcing their minimum balances, with ‘fall-below’ fees if you fail to maintain the required amount in your account. For example, OCBC charges $15 SGD if your balance falls below $1,000 SGD.⁴ Meanwhile, DBS charges a service fee of $40 SGD unless you maintain and average daily balance of $10,000 SGD.³

For foreigners doing business in Singapore, it’s also important to keep an eye on foreign transfer fees. These can sometimes be expensive, and can soon start to add up if you regularly send and receive money internationally. However, if you’d like to avoid these international charges at all, consider using Wise to fund your business bank account from abroad.

Wise Business uses mid-market exchange rates to convert your money from one currency to another. That means that, unlike a regular bank transfer, there’s no hidden markup on the currency conversion rate. And because Wise receives and sends your money via local bank transfers in both Singapore and abroad, it avoids expensive SWIFT charges and only charges low, transparent fees.

Discover the Wise Business account

Banks aren’t the only way to manage your business finances in Singapore.

If you’re looking for a flexible and quick-to-open alternative, check out Wise Business. It's specially designed to cut the cost of international payments, and you can manage business finances in 40+ currencies including Singapore dollars (SGD) and GBP.

Cover expenses with Wise Business debit cards, make easy batch payments to employees worldwide, and integrate with business tools for easier accounting.

You can even earn a return on the money you hold in certain balances your multi-currency account with Wise Interest. Investments can fluctuate, and your capital is at risk. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

Register with Wise Business 🚀

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

Sources used:

Sources last checked on date: 12-Sep-2025