Learn about Singaporean banks, what documents you'll need when opening a corporate bank account and how long it usually takes. Bank accounts tariffs comparison for startups included!

1. How to open a Bank
Account in Singapore
Documents, requirements, and timeline to open
a Corporate bank account for Singapore companies

2. 4. What does the process look like
Contents:
2. How to choose a bank
3. How much does it cost
5. Opening a bank account remotely
1. Documents you need

3. 1. Documents
you need

4. Documents about the account opening
provided by the bank and signed by all your signatories
□ Board Resolution approving the account opening
□ Bank account forms
Documents about the company
Physical copies signed by a Director or a Secretary. Your
Company Secretary will have them once you’ve incorporated.
□ Company Constitution
□ Company Business Profile

5. Documents about the team
Who needs to provide docs:
□ All the Company Directors
□ Signatories
□ Ultimate Beneficial Owners (UBOs)
shareholders with more than 25% shares
You need 2 documents per each team member:
□ Copies of Passports or ICs
signed by a Director or a Secretary
□ Proof of residential address (for foreigners)
must be dated within the last 3 months.
Can be a tenancy agreement or a utility bill.

6. 2. How
to choose
a bank

7. There are about 200 international and domestic
banks in Singapore, including global ones.
If you already have an account in one of them, apply
as an existing customer.
Some foreign banks have stricter requirements and
tend to have higher commissions.
However, HSBC, Citibank and some others may
allow signing the documents at one of their
overseas branches or in the presence of a notary.
How to choose a bank

8. 3. How much does
it cost

9. Account fee
Minimum
Balance
Here are 4 startup-friendly tariffs for you to have an idea. All these accounts are
SGD only, for other currency options check out the full tariffs below.
Business Growth
Account
Digital Business
Account
e-Business
Account
FlexiBiz
Account
S$500 S$1,000 S$1,000 S$1,000
Tariff
Min Initial
deposit
No min balance for the first 6
months. S$3,000 starting
from the month 7. If monthly
balance falls below that,
S$35 a month is charged.
none
No min balance for the first 2
months. Average daily
balance has to be S$5,000
or S$15 service fee is
charged
none
S$38 a year S$216 a year none none
free free free free
Online
banking
Full OCBC tariffs Full DBS tariffs Full UOB tariffs Full Maybank tariffs

10. 4. What does the process look like

11. The bank account opening can take weeks. You will
need to visit the branch or pass the documents to a
representative.
If you are starting a business requiring licences or
permits, be ready to present them. For example, a Food
Shop License to open an account for your restaurant.
The whole process can take as little as 15 minutes. If
there are many authorised signatories they’ll have to
hold an offline meeting with the bank.
There are local
directors in the
company
There are only
foreign
directors in the
company
Bank considers
your business
complex in
nature

12. Business Account
number delivered
instantly
Instant bank
Account opening
for locals
✔ ✔ ✔ ✔
✔ ✔ ✔
Online Application
Filling out forms
via MyInfo
✔ ✔ ✔
✔
foreigners or locals with a
complex business or more
than 2 authorised signatories
foreigners or locals with a
complex business or more
than 3 authorised signatories
foreigners or locals with a
complex business or more
than 2 authorised signatories
everyone
Offline meeting is
necessary for
Apply Apply Apply Apply

13. 5. Opening a bank
account remotely

14. For foreigners
You can apply for bank account opening in Singapore even if
you don’t live there. After you submit an online application, a
Bank Officer will assist you with the account opening process.
Most banks including DBS, OCBC, UOB, and Maybank typically
require a face-to-face meeting with at least 2 directors. However,
HSBC and Citibank might allow you to sign the documents at
one of their overseas branches or in the presence of a notary.
For Singaporeans or a PRs
Online account opening is possible. It depends on many
factors, including the nature of your business. You’ll also
need to meet with a bank representative if your company
has many shareholders or some foreign directors.

15. Learn more on the topic
and use our free tools:
OCBC + Osome same day
incorporation and bank account for
locals
Osome’s incorporation + assistance
opening a bank account for
foreigners
Blog post: How to open a corporate
bank account in Singapore
Business Vocabulary
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