Opening a business bank account in Singapore: Process and documents

Singapore is the gateway to Asia, so if you’re running a business in Ireland it may be a fantastic choice when the time comes to expand. As soon as you start to do business in Singapore - taking or sending SGD payments - you’re likely to want to open a business bank account in Singapore to keep your finances in order more easily.

This guide looks at opening a business bank account in Singapore with local banks, and also how the Wise Business account could also help you manage Singapore dollars.

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What are business bank account types in Singapore?

There are some common types of business bank accounts in Singapore which may seem quite familiar, and a few which may not be so well known internationally.

For example, if you choose a major Singapore bank like DBS you can open business accounts including¹:

• Business transaction accounts for day to day use
• Business multi-currency accounts supporting more currencies
• Business fixed deposit accounts for savings
• Business accounts for impact organisations, grassroots organisations and other specialist sectors
• Business accounts for foreign owned companies.

Each of these account types has its own features and customer niches - in this guide we’ll look at the options for a business account for a foreign registered company in Singapore, so you can decide if it’s a good choice for your needs.

To open the other types of business you typically need to complete the local business registration process which may not be a practical option.

Is it possible to open a business bank account in Singapore from Ireland?

Major Singapore banks do offer accounts for foreign registered companies, but the terms and conditions of these accounts are quite different to opening an account as a locally registered company with Singapore based directors and shareholders.

To give a feel, a foreign registered business account from DBS² is likely to have a set up fee of 2,000 SGD or more, and a service charge of 200 SGD a month.³ There are also transaction fees to consider on top of this depending on how you use your account.

To qualify for an account like this you may need to have a local trustee who is registered with the Singapore authorities, and who can act on your behalf.⁴ You’re likely to also have to provide a stack of paperwork about your business, as well as proof of source of funds documents to prove you are trading legitimately.

If you’re interested in a DBS business account for foreign registered companies, the costs do have their pay offs, including:

• Dedicated relationship management
• A suite of cash flow management solutions
• DBS support and access to partnerships to help with business expansion across 6 Asian markets.

OCBC, another major Singapore bank, also has accounts for foreign registered companies.⁵ However, to learn more about these you need to talk to the bank’s business team directly.

What are the options to open a business bank account in Singapore from Ireland?

As we’ve seen, there are local Singapore solutions if you want a business account from a bank there. However, the costs can be pretty restrictive, and accounts may not offer all the flexibility you need to manage your business in Singapore from Ireland.

So, you may want to look for other options, such as providers like Wise, which offer a business multi-currency account that you can open from Ireland. Your company will be able to receive, hold, send, spend and exchange SGD and EUR all in one account.

Your Wise Business account offers local account information for 8+ currencies, including SGD so you can receive customer payments for free, while also being able to manage 40+ currencies in total.

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Other providers have also emerged to support international business which need ways to manage foreign currencies without undue hassle or high costs.

You may like to check out Airwallex⁶ which supports 20+ currencies and has various different price plans which include their own features and benefits. Or take a look at Revolut Business⁷ which supports 25+ currencies and has different plans with variable no fee transaction limits allowing you to pick the one wish that matches your business size and scale.

Documents to open a business bank account in Singapore as a foreign company

So, if you want to open a business bank account in Singapore as a foreign company what documents may you be asked for?

The exact paperwork you need with local Singapore banks may vary depending on your entity type, but will usually include⁸:

• Certificate of Incorporation or other similar business registration documents
• Passport copies and proof of address for all shareholders and individuals who can operate the account
• Proof of place of business such as a utility bill or rental agreement
• Additional information about the source of your wealth
• Other documents may be needed for specific business types or industries

You may need to attend a branch in person to open your account, or give power of attorney to a local representative to complete the process on your behalf, depending on the bank you select.

Wise: Open an international business account from Ireland

Looking for a different option with low fees and a fair exchange rate? Meet Wise Business.

Open a Wise Business account using your Irish ID and business documents and get access to account information to receive and hold SGD, ways to send global payments, and mid-market exchange rates every time you need to convert from one currency to another.

There’s a one-time fee of 50 EUR to open your Wise Business account but then there's no maintenance fee to pay and no minimum balance required, so you can transact as you choose and only pay for the services you use.

Your Wise account can help with business beyond Singapore too. In total, 40+ currencies are supported for holding and exchange. Also order expenses and debit cards for day to day business spending, and connect with customers, contractors and suppliers wherever in the world they happen to be.

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Sources last checked on date: 28th August, 2025