Opening a Corporate Bank Account in Singapore: What You Need to Know

Why a Corporate Bank Account Is Essential

A corporate bank account is not just a formality — it’s a requirement for running a legitimate business in Singapore. It ensures separation between personal and business finances, supports regulatory compliance, and provides credibility when dealing with clients, suppliers, and investors.

Most Singapore companies need a corporate account for:

Receiving customer payments
Managing expenses and payroll
Complying with IRAS for tax reporting
Building business credit and applying for financing

However, many new business owners — especially foreign entrepreneurs — find the account opening process complex and restrictive without local guidance.

Requirements for Opening a Corporate Bank Account in Singapore

While each bank may have its own procedures, the standard documents typically required include:

Company incorporation documents (BizFile from ACRA)
Company Constitution
Proof of local registered address
NRIC or passport copies of directors and signatories
Proof of residential address (e.g. utility bill)
Board resolution approving the account opening (if applicable)

Foreign directors or shareholders may also be asked for additional documents, such as proof of business activities or tax residency.

Top Local and International Banks in Singapore

Some of the most popular banks for corporate accounts include:

DBS – Known for its user-friendly digital banking platform
OCBC – Offers attractive SME packages and business tools
UOB – Widely used with strong regional presence
HSBC, Standard Chartered, Citibank – Ideal for businesses with international operations

Each bank varies in terms of minimum deposit, monthly fees, and available features. Choosing the right one depends on your business needs and growth plans.

Common Challenges in Corporate Account Opening

While Singapore’s banking system is efficient, many businesses — especially foreign-owned or newly registered ones — encounter issues such as:

Strict compliance and due diligence checks
Requirements for in-person signatories
Rejections due to unclear business models or insufficient documents
Delays in account activation

Banks are increasingly cautious with Know Your Customer (KYC) procedures, and even minor documentation errors can result in rejections.

How Excellence Singapore Helps Simplify the Process

With years of experience supporting both local and foreign entrepreneurs, we streamline the bank account setup by:

Advising on the best bank for your specific business needs
Preparing all required documents accurately
Arranging meetings with bank representatives
Assisting with nominee director or resident requirements (if needed)
Providing a local registered office address if required

By working with us, your account application is handled professionally from end to end, minimising the risk of delays or rejections.

Additional Corporate Services Available

We don’t just stop at incorporation and banking. Our team also supports:

GST registration
Corporate secretarial and compliance
Xero and QuickBooks setup
Payroll and CPF registration
Trademark registration and renewal

These integrated services help your business stay compliant and operational from day one.

Conclusion: Open Your Corporate Bank Account with Confidence

A corporate bank account is the foundation of financial credibility for your business. Avoid unnecessary setbacks by working with a trusted partner who understands the regulatory and banking landscape in Singapore.