Why Open a Corporate Bank Account in Singapore?
Under Singapore law, companies must open a corporate bank account as part of compliance with ACRA regulations. Beyond fulfilling this requirement, a dedicated business account helps separate personal and corporate finances—essential for asset protection, clear bookkeeping, and tax reporting.
A corporate bank account also offers key operational and strategic benefits:
- Fast transfers to staff and suppliers
- Automated recurring payments
- Receive payments from global clients
- Trade finance and credit card access
- Multi-currency support and fixed deposits
- Access to business loans and investment products
- Letters of credit and FX services
- Demonstrates credibility to partners and clients
- Builds trust with vendors and investors
- Organised records for deductions and GST
- Transparent tracking of income and expenses
In short, a Singapore corporate bank account lays the groundwork for business operations, financial management, and growth in the region.
Requirements for Opening a Corporate Bank Account
Banks will typically assess the following:
- Certificate of Incorporation (certified copy)
- Latest ACRA business profile (within 3 months)
- Company Constitution (with amendments)
- Board resolution naming signatories
- Proof of business address
Director & Shareholder Documents
- Passport or NRIC copies
- Proof of residential address (under 3 months)
- Bank statements or utility bills
- CVs or business background of beneficial owners
- Tax residency details
- Funding sources and revenue streams
- Monthly transaction estimates
- Key clients and suppliers
- Purpose of account
- Local directors and Singapore-based contracts
- Well-defined revenue model and business plan
- Reference letters from existing banks
- Initial deposits: S$0–3,000 (varies by bank)
- Minimum balances: S$0–50,000
- Fall-below and transaction fees apply
- Multi-currency accounts may require higher balances
Account setup generally takes 1 to 4 weeks. Local entities often enjoy faster processing. Ensure all documents are properly certified to avoid delays.
Options for Opening a Corporate Bank Account
Headquartered in London, Standard Chartered is known for its stringent compliance and risk control standards. It is best suited for companies with strong financial standing, clear business structures, and active operations.
- Account Opening Timeline: Approximately 1 month
- Language Support: Mandarin-speaking relationship managers available
- Shareholding Structure: Accepts offshore entities such as BVI/Cayman
- Restricted Sectors: Does not support investment companies, family offices, or purely offshore entities
- Funding Requirement: A minimum deposit of USD 300,000 (or equivalent in other currencies) must be made within one week of account opening
- Identity Requirements: At least one Singapore citizen, PR, or EP holder must attend an in-person interview and provide proof of address dated within 3 months
- Remote Account Opening: Possible if the company holds a Standard Chartered corporate account in China, and the ultimate beneficial owners (UBOs) are identical in both the Chinese and Singaporean entities; however, the initial deposit must be at least USD 3 million
- Business Proof Required: Contracts, MOUs, genuine business transaction records, and office lease agreements (e.g., screenshots of email communications)
This option is ideal for operating companies with substantial business substance and existing resources in Singapore.
As a regional bank with long-standing operations in Singapore, CIMB offers moderate entry requirements and a high level of flexibility, making it well-suited for multi-tier structures, family offices, or investment entities with offshore holdings.
- Account Opening Timeline: 2–4 weeks (may extend to 1–2 months for complex structures)
- Language Support: Mandarin-speaking relationship managers available
- Supported Company Types: Operating companies, investment firms, family offices, and offshore holding structures
- Funding Requirements:
- Standard companies: SGD 5,000
- Investment/family offices: SGD 100,000
- Offshore structures: SGD 5 million
- Account Opening Fees:
- Standard companies: Free
- Investment/family offices: SGD 1,000–5,000 depending on structure
- Offshore structures: Starting from SGD 10,000
- Identity Requirements: Local residency not required; foreign shareholders can open accounts
- Remote Account Opening: Supported; face-to-face verification may be requested after due diligence for complex cases
- Business Proof Required: Contracts, MOUs, genuine business records, office lease agreements, etc.
CIMB is one of the few banks in Singapore that accepts offshore holding structures, making it a strong choice for cross-border entities or clients seeking investment flexibility. Opening both personal and corporate accounts under CIMB’s premier banking service also ensures professional compliance guidance and stable account management.
As Singapore’s leading domestic bank, DBS offers robust corporate services and a reliable account management system, especially for locally registered companies with active business operations.
- Account Opening Timeline: 2–4 weeks (complex structures may take 1–2 months)
- Language Support: Mandarin-speaking relationship managers available
- Supported Company Types: Locally registered, operational companies
- Restricted Sectors: Investment firms, coal or commodity traders, offshore companies, and family offices are not accepted
- Funding Requirement: Minimum deposit of SGD 200,000 within 3 months of account opening
- Account Opening Fees:
- Single-layer shareholding: SGD 500 (exclusive Esin white-listed rate; standard rate is SGD 2,000)
- Multi-layer structures: Additional SGD 1,000 per layer
- Monthly maintenance fee: SGD 200/month for all company types
- Identity Requirements: Local residency not required; foreign shareholders are eligible
- Remote Account Opening: Supported; as a DBS white-listed partner, Esin provides remote document witnessing services
- Business Proof Required: Contracts, MOUs, genuine business activity records, office lease agreements, etc.
This solution is best suited for local operating companies with clear business plans and existing commercial activities.
Opening a corporate bank account in Singapore can be complex, as each bank has different requirements based on your business type, structure, and activities. Some industries may face stricter checks. To make the process smoother and improve your chances of approval, we recommend speaking with our professional advisors. They will help you choose the most suitable bank for your company’s needs.
Digital banks operate primarily online and may be fully or partially digital, depending on their business model. A fully digital bank offers all services via mobile apps or websites, providing 24/7 access without physical branches.
While the concept mirrors traditional banking, digital banks emphasize convenience and online accessibility.
In Singapore, the Monetary Authority of Singapore (MAS) has introduced Digital Full Bank (DFB) and Digital Wholesale Bank (DWB) licenses. DFBs serve retail customers with a full suite of services, while DWBs target SMEs and non-retail clients.
Key players in Singapore’s digital banking space include GXS Bank (by Grab and Singtel), SeaMoney (Sea Limited), Trust Bank (NTUC and Standard Chartered), Anext Bank (backed by Ant Group), and Green Link Digital Bank (backed by Greenland Financial Holdings).
- Convenience: Enjoy 24/7 banking services anytime, anywhere, without visiting a physical branch.
- Faster Account Opening: Submit applications and complete verification online, with accounts typically opened within 2–4 weeks.
- Cost-Effective: Compared to traditional banks, digital banks offer more competitive account management fees, helping businesses reduce operational costs.
- Integrated Financial Tools: Many digital banks provide features such as cash flow management and expense tracking, enhancing financial efficiency.
Overview of Digital Banking Options
Singapore is home to several MAS-regulated digital banks holding payment licenses.
| Bank Name | Account Opening Fee | Funding Requirements | Suitable Industries | Restricted Industries | Remote Account Opening |
|---|---|---|---|---|---|
| Aspire | – Local companies: No account opening fee – Family offices: USD 499 for account opening, USD 100 monthly management fee | Deposit SGD 100 or equivalent within one month after successful onboarding to activate the account | Consulting, Trading, Others | Precious stone trading, cryptocurrency, audit-related businesses | Yes |
| Airwallex | No account opening fee, no annual fee | None | Consulting, Trading, Others | Investment firms, fund management, cryptocurrency and similar sectors | Yes |
| Wallex | – Offshore companies: from USD 2,000 – No requirement for other companies | Offshore companies must deposit USD 2,000 to activate account; no requirement for other companies | Consulting, Trading, Others | Recommended only for companies with basic operational and account usage needs | Yes |
| Transwap | – BVI companies: USD 3,000 – No fee for other companies – Account management fee: USD 100/month (waivable if conditions are met) | None | Consulting, Trading, Others | None | Yes |
Additionally, banks such as Maribank, ANEXT Bank, and Green Link Digital Bank offer business clients multi currency accounts and international payment services, further strengthening global financial management capabilities.
Who Are Digital Banks Suitable For?
- Newly incorporated companies in Singapore
- SMEs focused on international trade
- Cross-border businesses requiring multi-currency accounts and flexible fund management
These digital banks operate under payment licenses and may offer more limited services compared to traditional banks. While account opening is generally more convenient, each platform has specific due diligence requirements based on industry type and business model. We recommend consulting with our advisors to select the most suitable banking solution based on your company’s needs.
