Corporate Bank Account in Singapore

Singapore is arguably considered one of the largest financial centers in the world. More than 100 foreign banks are carrying out operations in Singapore. A company wanting to start its business in Singapore must open a Singapore Corporate Bank Account.

100000 + Happy Customer

100000 +

Happy Customer

50000 + CA & Lawyers

50000 +

CA & Lawyers

50 + Offices

50 +


Rated at 4.9 By 30000 + Customers Globally

Google Reviews

9,500+ Happy Reviews4.8/5 | 9,500+ Happy Reviews


Rated at 4.8 Rated at 4.8/5 9,500+ Happy Reviews

Singapore Corporate Bank Account

There are different forms of bank accounts in Singapore. Individual bank accounts are open for customers who carry out regular banking processes, which involve opening a bank account, carrying different forms of transactions, and depositing money. Corporate Bank accounts are open mainly to carry out transactions related to the business.

Who Regulates Opening a Singapore Corporate Bank Account?

The primary regulatory authority for opening a corporate bank account in Singapore is the Monetary Authority of Singapore (MAS). This is the central agency in Singapore that handles the banking and financial business in Singapore. The MAS regulates all the financial institutions, banks, and financial institutions in Singapore.

Process in Opening a Singapore Corporate Bank Account

Opening a Singapore Corporate Bank Account is seamless if the applicant has all the necessary Paper works. The process of opening a bank account in Singapore is either online or offline. In the offline method, the applicant would require to submit the necessary Paper works to the bank. The bank will verify and process the Paper works. If the requirements are met, the corporate bank account will be open. For different banks, the conditions would vary according to a case by case basis.

Procedure for Opening a Singapore Corporate Bank Account

Choosing the Bank

An applicant must consider several factors before opening a corporate bank account in Singapore. This will include the amount of tariff that is required for opening the bank. Several banks in Singapore have the criteria of maintaining a minimum balance. For several banks, the minimum balance requirement is SGD 500, and certain banks have a higher amount of minimum balance. Certain banks require the applicant to hold the minimum balance in the account for a particular period. Some banks will also have a processing fee for opening the bank account. Hence, the applicant has to consider all these factors before choosing the bank account.

Filing the Application

A foreign individual is also allowed to open a Singapore corporate bank account. However, requisite Paper works must be submitted for the process. A foreign company wanting to start a business in Singapore can either hire a country representative to carry out the process of opening a Singapore Corporate Bank Account. This method is simple, as it is convenient for the bank to process the Paper works. For a Singaporean National, it will take up to 15 minutes to open a bank account.

Correspondence with the Bank

The applicant has to correspond with the bank either by visiting one of the bank branches, or the representative can carry out this process. If the company has more amounts of signatories, then the process of opening a bank account will be longer. The signatories have to hold a meeting with the representative of the bank. Through the above correspondence, the bank will consider opening a bank account.

Providing Permits

The bank may require some form of additional information from the applicant. For example, if the applicant is opening a financial services firm in Singapore, then valid necessary papers of the MSA will be required for opening a bank account. Similarly, if the applicant is into the delivery business, then necessary papers from the specific authority must be submitted to the bank. However, various banks have different procedures for opening corporate accounts. Apart from this, the bank would require KYC (Know Your Client necessary paperation). For a foreign applicant, the KYC necessary paper would be a passport. All the above factors would be taken for opening a Singapore corporate bank account.


After this stage, the bank will verify the necessary papers if they are in good order. If other necessary papers are required, then the bank will notify the applicant to provide the same. The applicant has to provide them within the timeframe, as requested by the bank.

Opening the Account

If all the necessary papers are in good order, then the bank will process the opening of the Singapore corporate bank account. The bank will notify the applicant about the processes to be followed while dealing with the bank. Apart from this, the bank will also issue an application number to the applicant. This application number will have to be quoted by the applicant when dealing with the bank.

Eligibility criteria for Singapore Corporate Bank Account

The applicant has to satisfy the above eligibility criteria for opening a bank account in Singapore. The following criteria have to be satisfied

  • Any individual can open a Singapore bank account (Singaporean National or a foreigner).
  • A bank can be opened either online or offline. However, if the Singapore Bank account is open through the offline mode, a representative must act on behalf of the business to conduct the dealings of the bank.
  • The applicant company must not have any form of lawsuits or criminal proceedings against it. Apart from this, the shareholders and the directors of the business must not be adjudged insolvent or have any criminal proceedings initiated against them.
  • If the applicant is starting a particular food business or a delivery business, then requisite permission must be taken from the required authority. The permission must be presented in the form of Paper works to the bank.

Necessary papers required for Singapore Corporate Bank Account

  • Passport and Visa necessary papers (If the applicant is a foreign individual).
  • Bank Application Form.
  • Power of Attorney that the representative is appointed to represent the company.
  • Copies of the Directors ( Specifying that they are planning to open the office in Singapore).
  • Directors and Shareholders resolution about opening the office.
  • Residential Address Proof of the directors of the business or the beneficial owners. The information present in the residential address must not be lesser than three months old.
  • Memorandum of Association (MOA) and Articles of Association (AOA) of the company.
  • Certificate of Incorporation of the Business.
  • The resolution must be taken for opening the bank account for the company to conduct transactions on behalf of the business. This resolution must be taken during the board meeting mentioning the signatories of the account. The resolution must be vetted and signed by the company secretary (CS).
  • Copies of the Constitution of the company must be provided to the bank.
  • The Singapore corporate bank account form must be signed and viewed by all signatories of the account.
  • Any additional necessary papers as requested by the bank.
  • The above necessary papers have to be certified true and correct as per the records. This certification must be carried out by a director or a company secretary.

Some banks will require the company representative to be physically present when the bank is carrying out the verification. Other banks would either carry out the verification online and would not require the director's presence or the business representative.

Elements took into consideration before opening a Singapore Corporate Bank Account


Before opening a bank account, it is crucial to consider the business of the bank. Prior research is required on the type of bank. A well-known bank that has international branches is always better to have an account with. Carrying out dealings with reputed banks will increase the ease of doing business.


Choosing a particular bank account will depend on the expertise and areas the banks deal with. A bank may have a retail bank and commercial banking division. Based on the area of specialism, the bank must be chosen.

Objectives of the Bank

The objectives of the banking business must be in line with the company. If the company wants personalized service when it comes to securities management, asset management, then the company should open an account with a bank providing such services.

Services Offered

The corporate bank account must be open based on the services offered by the bank. The services offered are the main products that are offered by the bank. The organization must open the bank account according to the services offered. Some banks may offer business priority services; other banks may offer low-interest rates on the loans and deposits. Some banks may offer AI, analytics, and machine learning services that are integrated within their bank.

Types of Account

If the bank can carry out seamless transactions using one individual account, then this form of account would be preferred by the business. However, if the bank requires the business to open a foreign currency account for carrying out foreign transactions, it would be an additional burden.


A business would prefer a bank that uses machine learning programs, AI, and automation in carrying out business. These processes are typically used in conducting transactions.

Remote Accessibility

Businesses prefer bank accounts with mobile banking services and remote accessibility. This would be an added advantage to the business, especially if it has operations throughout the world. Apart from this, the business would want a bank that has high security. Data protection is important when it comes to dealing with consumer accounts. A business has to consider the number of informational breaches that have occurred in the bank for this purpose.


Location is an important criterion that determines the ease of doing business. A bank located in a good area would attract more businesses making it more reputable.


Support does not just stop at online; support means in-house support which is provided by the bank. A bank with proper support facilities such as 24*7 customer support is more likely to attract more businesses.

Pricing and Fees

Another element which a business has to consider is the number of annual fees taken by the bank. Some banks will charge transaction fees. Some banks will require the business to have a fixed amount at all times in the bank. Apart from the above, there are different associated fees with different banks.

Deposit and Balance

This is one of the main factors that have to be considered by a business. Depending on the minimum balance and deposit required, the business would have to make a decision.


Global Crypto Compliance 2024: Regulations in Every Country

Global Crypto Compliance 2024 provides a comprehensive overview of cryptocurrency regulations across the globe.

Download PDF

Enterslice Advantage

At Enterslice, we have an expert group of professionals who will address your global business development needs. Our professionals have expert knowledge in opening a corporate bank account in Singapore. We act as a one-stop-shop for all your business needs. Using our service for opening a corporate bank account in Singapore would provide you with the following benefits

  • We will assist you with your application.
  • We monitor and keep you updated on the bank account application.
  • We also assist in preparing the required Paper works for opening a corporate bank account.

How to Reach Enterslice

  • Fill The Form
  • Get a Callback
  • Submit necessary paper
  • Track Progress
  • Get Deliverables

Frequently Asked Questions

The following types of bank accounts are present in Singapore

  • Individuals Bank Account (Retail Bank Account).
  • Commercial Bank Accounts.
  • Foreign Bank Accounts.

The following advantages are enjoyed by opening a corporate bank account in Singapore

  • Ease of Doing Business.
  • Increased Flexibility.
  • Reputation.

Yes, it is possible to switch between corporate accounts. However, it would be advisable to research carrying out this process. Switching to another account requires the applicant to close the previous bank account.

Yes, it is possible to open an online bank account from another country. However, a local representative would be required for this purpose. If there are different shareholders and directors in the company, then the bank branch must be visited to carry out correspondence.

The following are the reputed banks in Singapore

  • HSBC
  • DBS Bank
  • OCBC Bank
  • Aspire Bank
  • Barclays Bank
  • ANZ Gindlays Bank

The following facilities are offered in corporate bank accounts

  • Debit Banking and Credit Banking
  • Mobile Banking
  • Onboarding Services
  • Customer Support
  • Dollar Account Facility

We partner with more than 100+ companies

-- Testimonials

Don't take our word for it

In the news