Corporate Bank Account

Common questions about corporate bank account in Singapore, answered by the team at E&H Corporate Services.

Is it mandatory to open a corporate bank account in Singapore?No, it is not mandatory, it will depend on the company's business requirements. if you would like to open corporate bank account, you will have to visit Singapore to do so, along with the majority shareholders and directors of the company. SBS Consulting will assist you with the task.What are the requirements for opening a Singapore corporate bank account?Typical requirements: company incorporation documents (certificate, business profile, constitution), directors' and shareholders' identification (passport), proof of residential address, description of business activities, source of funds, and expected transaction volumes. Many banks also require a physical or video meeting with directors.What documents are needed to open a Singapore corporate bank account?You need: the ACRA Business Profile (from BizFile+, dated within 3 months), Certificate of Incorporation, company Constitution, a board resolution authorising the account opening, and full KYC documents for all directors and beneficial owners (passport + proof of address dated within 3 months). Banks also want a clear description of your business activities, expected transaction volumes, and ideally a company website.Which banks in Singapore can I open a corporate account with?Major options include DBS, OCBC, UOB, Citibank, Standard Chartered, Maybank and HSBC, plus digital banks such as Aspire, Airwallex and ANEXT. The right choice depends on your industry, transaction volumes, currencies, and foreign ownership profile.Which banks are easiest for foreign-owned companies?DBS, OCBC, UOB, and digital banks like Aspire and Airwallex. Traditional banks have stricter KYC but offer full services.How long does it take to open a corporate bank account in Singapore?With a complete application and all directors available for verification, accounts typically open within 1–3 weeks. Traditional banks (DBS, OCBC, UOB) may take 1–3 weeks including onboarding and KYC interviews, while digital banks (Aspire, Airwallex, ANEXT) can approve in 1–7 days.Can a foreigner or foreign director open a Singapore corporate bank account remotely?Traditional banks (DBS, OCBC, UOB) require at least one director to attend an in-person interview at a Singapore branch. Neobanks and digital payment platforms - Airwallex, Aspire, Wise Business - offer fully remote account opening with video KYC. Most foreign founders open a neobank account immediately after incorporation and add a traditional bank account once a director can visit Singapore.Do the directors need to be physically present to open the bank account?Yes. At least one director has to be present.Can a corporate bank account be opened before the company is set up?No. The company must be incorporated (ACRA registration complete) before a corporate bank account can be opened, since the bank needs the company's registration number, constitution and directors' details.Can I open a multi-currency corporate bank account?Yes. Most Singapore banks offer multi-currency accounts (SGD, USD, EUR, GBP, JPY, etc.), allowing you to hold and transact in multiple currencies. Digital banks like Aspire and Airwallex are popular for multi-currency and cross-border transactions.Can I open a corporate bank account for my branch office in Singapore?Yes, a Singapore branch office can open a corporate bank account. Banks will require the branch registration certificate, the parent company's incorporation documents, and details of the branch's local agent and authorised signatories.Can I use a personal bank account for my Singapore company?No. Singapore companies must use a corporate bank account. Personal accounts cannot be used for business transactions.What is the difference between a corporate bank account and a business account?A corporate bank account is for incorporated entities (Pte Ltd). A business account may refer to sole proprietorship accounts. Corporate accounts have higher compliance requirements.What is the difference between a traditional bank account and a digital business account?Traditional banks have stricter KYC, longer timelines, and require physical presence. Digital banks (Aspire, Airwallex) are faster but have lower transaction limits and fewer services.What are the common reasons for bank account rejection?Vague business description, lack of supporting documents, unverifiable source of funds, and non-resident directors without clear substance.What are the fees associated with business bank accounts?Fees vary between banks and can include account maintenance fees, transaction fees, wire transfer fees, and other service fees. Service providers can help you compare bank offerings and identify the most suitable account for your business needs.What types of bank accounts are available for businesses in Singapore?Banks in Singapore offer a wide range of business bank accounts, including current accounts, savings accounts, multi-currency accounts, and merchant accounts. These can cater to various business needs, such as payroll, cash management, and transactional requirements.How can I manage my corporate bank account?Most banks in Singapore offer online banking platforms, allowing you to manage your account, make payments, and monitor transactions from anywhere in the world.Can I switch banks after opening the account?Yes, you can switch banks if you are not satisfied with their services. However, you'll need to go through the account opening process again and may incur additional fees.Is my money safe in a Singaporean bank?Singapore has a robust and well-regulated banking system. The Monetary Authority of Singapore (MAS) is the country's central bank and financial regulatory authority, ensuring the stability and security of the financial sector.What is the resolution to open a bank account?A board resolution authorising the opening of a bank account — naming the bank, account type, and authorised signatories — is required by banks. Corporate service providers can draft this resolution for you.When opening a bank account, when should the initial balance be paid and to whom?The initial deposit is paid into the company's own account after it is opened (you cannot pay it to the bank before the account exists). Some banks require a minimum initial deposit at account opening, which is simply transferred from the directors' or shareholders' funds.Can I open a bank account in Hong Kong or the U.S. as a foreign business owner?Yes, foreign business owners can open a bank account in Hong Kong. However, the requirements can vary depending on the bank. Some banks may require the account to be opened in person, while others may allow it to be opened remotely.Do I still need to open a new bank account for my shelf company?Yes. A genuine shelf company has never traded, so it has never had a bank account, and an old account on a dormant company would be a warning sign rather than a convenience. After the transfer you open a fresh corporate account in the company's name, complete the bank's own onboarding checks, and we can assist with the account opening as an optional add-on service.

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