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An Overview: How to Open a bank account in Singapore

opening a bank account

Singapore is one of the leading financial sectors in the world, with a solid and stable banking system that gives a wide range of financial services to residents and non-residents. Most banks in Singapore provide appealing offers like the freedom to transposition of funds outside countries, trade financing credit cards, net banking, multi-currency accounts, and more. Opening a bank account in Singapore is a straightforward process that can be done with the proper documentation process and information. Anyone can open a bank account in Singapore, regardless of nationality or residency status. The entrepreneur needs to review each bank to meet the standard of their expectation. They must choose a bank that will provide financial services suitable for their business plan. It can significantly reduce future banking-related problems.

This guide will give an overview of the steps of opening a bank account in Singapore, including the required documents, eligibility requirements and the services offered by various banks.


There are several advantages to opening a bank account in Singapore, some of which are elaborated below –

Stable banking system

Singapore has a stable and reliable banking system that the Monetary Authority of Singapore regulates (MAS)[1], which ensures that banks in Singapore operate with high standards and adhere to strict banking regulations, including anti-money laundering and counter-terrorism financing measures. It is constantly ranked as a triple-A-rated economy due to its transparent and well-regulated financial system. However, Singapore’s stable banking system is key to attracting businesses and investors. It is an attractive destination for people looking to establish a banking relationship or invest in the financial markets.

Wide range of financial services

 Singapore is well-known for its wide range of financial services catering to individuals and businesses. It offers a comprehensive range of services, including savings accounts, checking accounts, credit cards, loans, mortgages and Investment Services. Banks in Singapore provide competitive interest rates on savings accounts and fixed deposits, which makes it an attractive destination for investors. The fully integrated financial system includes stocks, bonds, mutual funds, and exchange-traded funds. Singapore is also a hub for international trade and commerce, and its banks offer various trade finance services. A business bank account in Singapore allows easy access to your bank account without charging extra costs.

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High-interest rates

Singapore offers competitive interest rates on saving accounts and fixed deposits, making it an attractive destination for investors to invest their money. It keeps providing new investment opportunities to investors. It provides an excellent opportunity for investors to grow their savings and generate passive income. Singapore is a robust economy where entrepreneurs can take advantage of local markets for easy returns. 

Secured Banking access

Banking access in Singapore is relatively secure and convenient and provides safe ways to access funds and conduct a transaction. An entrepreneur can set up multi-currency accounts in Singapore due to the secure and easy banking process. Businesses can manage funds to initiate a transaction through any currency by foreigners. There are no restrictions on transactions done by the entrepreneur outside of the territory. Therefore, the entrepreneur should open a business bank account to establish multi-currency accounts at minimal bank charges in Singapore.

Online Banking

One of the most reliable ways to access banking services in Singapore is through online banking, which allows customers to manage their accounts hassle-free, and transfer funds, pay bills. Investors are always looking to minimise the transaction charges imposed by banks in Singapore. They look for ease of operating with their business bank account. Digital bank accounts have gained massive popularity amongst Singapore business entrepreneurs because they are highly secure and often require two-factor authentication, such as a one-time password (OTP) or a biometric identifier or facial recognition.

Presence of international and national Banks in Singapore

Singapore has all international and national banks that have their branches worldwide. It is an excellent opportunity for entrepreneurs for a stable banking system. These banks offer comprehensive financial services, including retail, corporate, and investment banking. It makes an attractive destination for people looking to establish a banking relationship or invest in the financial markets. 

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Efficient Tax system

Singapore’s tax system has several incentives and schemes to encourage businesses and individuals to comply with tax laws and file taxes on time. For example, The Inland Revenue Authority (IRA) provides tax deductions and rebates for eligible expenses, such as donations and charities. There are several compliance perks of opening a business bank account in Singapore. It offers the ease of doing business for small and medium-sized enterprises worldwide. Online tax filing can be simplified by having a business bank account in this destination.

Documents required to open a bank account in Singapore

The essential documents required to open a bank account in Singapore are given below, they are:-

  • Address Proof
  • Essence proof
  • Company details
  • Background details of the ultimate beneficial owners;
  • Forms are required to be duly attested by the  authorised signatories;
  • BOD resolution and the signatories to the account, which the company secretary must prepare
  • A certified copy of the resolution and the signatories are required to open the account;
  • A certified copy of COI is required to be certified by the CS or one of the directors of the company;
  • Certified  copy of the company’s business profile from the company registrar;
  • Certified copy of the company’s MOA and AOA;

Critical Factors for Choosing the Bank for Open an Account in Singapore

  • The entrepreneur must analyse the following factors before choosing the bank to open a Singapore bank account.
  • The entrepreneurs must have valid identification documents, and in case of non-residents, they need a valid work pass as per the bank requirements.
  • Many banks require a minimum account balance deposit to open a bank account;
  • Other additional financial services the business may need;
  • The type of currencies the entrepreneur be transacting in;
  • Ease of making an online transaction.

Procedure for Opening a Bank Account in Singapore

The entrepreneur who wants to open a bank account in Singapore must follow the procedure below.

Choosing a bank

 In Singapore, to open a bank account is required to conduct thorough research to find the right one for your business. Consider factors such as fees, interest rates and customer services when selecting a bank. Contacting several banks to compare services and costs per your requirements may be helpful.

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Gather necessary documents

To open a bank account in Singapore, you must provide certain documents such as a passport, proof of address, employment pass, etc. However, the entrepreneur must gather the essential documents before visiting the bank.

Filling out the Application

The entrepreneur must complete the application in the prescribed manner, providing all the required information, such as income or financial assets.

Depositing the Funds

You may be required to make an initial deposit to open the bank account. The entrepreneur must check the deposit funds with the chosen bank before depositing funds.

Sending the required documents

To open a bank account in Singapore, the entrepreneur must provide documents such as the COI, AOA, and personal identification documents. Document requirements may differ from Bank to Bank, so the entrepreneur must know the requisite documents.

Wait for approval from the bankBank.

The Bank will review your application and may require additional documents before approving your account after all the required documents and depositing the necessary funds. You must wait for the bank’sBank’s approval before opening the account. The waiting time may depend on the bank, but it may take several days or weeks. The bank can ask questions about the company’s activity, the customers’ names, your suppliers, the number of incoming and outgoing transactions, and the source of funds.

Accessing the Bank Account

After obtaining the approval to open a bank account in Singapore, you will receive your account details. The entrepreneur can access his account online, via a mobile application or in person at the bank, and make transactions and view his balances and transaction history, followed by performing other routine banking operations.


Opening a bank in Singapore can provide numerous benefits, such as convenient access to financial services and reliable online banking options. However, before opening a bank account, you must understand the eligibility requirements and select the correct type of bank per your financial standards. Following this blog’s steps, you can open a smooth, hassle-free bank account.

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