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Singapore Corporate Bank Account: What Foreign Business-Owners Need to Know (2026 Guide)
When Founders and Entrepreneurs talk to us about expanding into Singapore ,the excitement usually comes first. The ease of doing business, straightforward rules, and a trusted global platform. But … the reality usually hits around the same time for most business owners.
“Opening a bank account for my new company as a non-local is harder than I expected!”
Singapore has more than 467,000 registered companies as of January 2026, and a large number of them are foreign-owned. So we’ve seen this story many, many times.
And as former bankers turned entrepreneurs who have helped thousands of companies open bank accounts in Singapore, we know all the pitfalls to look out for and how to smoothly prepare for and navigate them.
In fact, it often surprises people that while opening a company in Singapore can be quick and easy, opening a bank account, however, can be much more of a process. However, when you think about it, the situation actually makes sense.
People like to set up and operate from Singapore because of its trusted reputation and high standards, which give businesses incorporated and operating in Singapore an added stamp of credibility and reliability.
But it is those same standards and trusted reputation that lie behind why opening a Singapore bank account is no mere formality.
Firstly, it’s important to understand that Singapore banks do not treat opening a new bank account as a routine formality. They take an in-depth look at who you are, how your business operates, and where your funds come from.
This is because banks here operate under the oversight of the well-respected Monetary Authority of Singapore. In fact, in 2025 alone, MAS fined nine Singapore banks a total of S$27.45 million over KYC and AML compliance gaps.
That focus shows up directly in account opening checks and requirements – manifested as probing questions, verification, and very little room for missing or unclear information.
If you go in prepared, however, the process is usually manageable and effective. But if you don’t, it can stall for weeks or result in a dreaded decline or blacklisting.
The difference usually comes down to understanding what banks expect before you ever submit the application.
Table Of Content
- Why Your Singapore Business Needs a Company Bank Account?
- Selection Process: How Banks Evaluate Foreign Companies
- What Documents and Requirements Are Needed to Open an Account in Singapore?
- What is the Process for Getting a Singapore Corporate Bank Account Approved?
- What are the Best Practices Foreign Businesses Should Follow When Opening Accounts in Singapore?
- Conclusion
Why Your Singapore Business Needs a Company Bank Account?
Opening a company bank account in Singapore is required both for regulatory compliance and day-to-day operations. A bank account, from a traditional bank, digital bank, or fintech, enables core business operations such as receiving payments, paying suppliers, running payroll, and handling cross-border transactions.
Without it, a Singapore company cannot operate or be viewed as financially credible.
In fact, many clients treasure their Singapore bank accounts, once they’ve opened them, as a mark of legitimacy and credibility trusted globally.
Selection Process: How Banks Evaluate Foreign Companies
Banks perform a risk-based due diligence exercise on all account openings. As well as assessing the risk-reward business case for opening an account for an unknown new company.
So the details of your company’s business model, industry, jurisdictions, transaction behaviour and ownership are all key. Banks don’t just verify shareholders, ultimate beneficial owners/controllers and directors; they also assess management’s business plans and ability to oversee operations. As well as crucially, what bank revenues they can expect to earn to balance the risk they take by onboarding a new customer.
What’s more, expected transaction volumes, counterparties, and currencies are all reviewed, and are key factors to understand the risk (and potential bank revenues), as well as establishing a baseline for ongoing compliance monitoring.
Key Expectations: What Banks Require from Applicants
- - Clear Business Model: Activities, income streams, and the Singapore business rationale should be logical and traceable.
- - Ownership Transparency: Full, transparent disclosure of shareholders, UBOs, Controllers, and authorised signatories is always best, up front.
- - Source of Funds: Applicants should provide a clear rationale and evidence of the origin of initial capital and ongoing funding. Initial capital and ongoing funding should be transparent, traceable, and proportionate to operations.
- - Transaction Profile and Monitoring: Realistic projections of account transactions are necessary for effective monitoring of business compliance. It is neither wise to exaggerate nor be too humble at this step.
- - Management Accountability: Accessible and accountable management is very important to give your bank comfort with who they will be dealing with.
- - Documentation and Evidentiary Support: A comprehensive set of supporting documents, including ownership charts, operational descriptions, contracts, and cash flow projections are very helpful in making your bank comfortable and making their review quick and efficient.
What Documents and Requirements Are Needed to Open an Account in Singapore?
Singapore banks follow strict Know‑Your‑Customer (KYC) and Anti‑Money Laundering (AML) protocols to ensure Singapore bank accounts are trusted globally, and the completeness of the submitted documents is one of the factors that influence approval or delay of the application.
Corporate and Legal Documentation
Foreign businesses should submit core corporate documents that establish the legal existence and structure of the company:
- - Certificate of Incorporation issued by the Accounting and Corporate Regulatory Authority (ACRA)
- - ACRA Business Profile (BizFile+) detailing directors, shareholders, and registered address.
- - Company Constitution or equivalent.
- - Business licenses or permits, if applicable.
- - Board Resolution formally authorising account opening and specifying authorised signatories are also required as part of the process.
Ownership and Beneficial Control
Just like your Corporate Service Provider, when incorporating your new company, banks must also understand the ownership and control of the company:
- - Identification documents for all directors, shareholders, ultimate beneficial owners (UBOs), and key controllers.
- - Proof of residential address for all key individuals.
- - Ownership structure chart, especially for layered or complex holdings.
Financial and Operational Documentation
Banks require a clear projection of how money will flow through the account:
- - Initial and ongoing source of funds.
- - Expected transaction types, volumes, counterparties, countries and currencies for at least the first 90 days.
- - Audited accounts or management accounts for existing businesses (parent, holding company, etc).
Management and Signatory Verification
Banks verify the authority and accountability of individuals operating the account:
- - Identification and proof of address for authorised signatories.
- - Specimen signatures.
- - Corporate resolutions confirming signatory powers and internal governance controls.
Additional Requirements
- - In-person or electronic verification of directors or authorised signatories is usually required.
- - Businesses operating in high-risk industries or jurisdictions may be subject to enhanced due diligence and additional documentation.
A lack of a clear narrative for your business, or inconsistent documentation, is the primary reason corporate bank account applications are delayed or declined by Singapore banks.
What Is the Process for Getting a Singapore Corporate Bank Account Approved?
After selecting a suitable bank or banks and submitting the required documents, the foreign company’s bank account application will proceed to the formal approval stage, which is strictly governed by the Monetary Authority of Singapore (MAS) regulations.
Initial Application Review
The bank verifies that the application is complete and aligned with the company’s business purpose and projected transactions.
Compliance and Risk Assessment
A risk-based assessment is completed of all details of the proposed new account – ownership, UBOs, source of funds, transaction behaviour, and sector-specific risks, with enhanced due diligence for high-risk entities.
Relationship Manager Verification
For a traditional bank, the assigned Relationship Manager (RM) will review and confirm the operational purpose, expected transactions, and compliance preparedness through a video call or in-person meeting.
Internal Approval and Risk Sign-Off
Applications undergo internal compliance, credit, and risk assessments to ensure the application meets MAS regulations before final authorisation.
Account Activation and Setup
Upon approval, the corporate account is activated, providing access to multi-currency services, trade finance, cash management, and digital banking platforms.
Post-Approval Monitoring
Banks conduct ongoing monitoring to ensure account transactions align with the declared business activities.
What are the Best Practices Foreign Businesses Should Follow When Opening Accounts in Singapore?
Understanding common challenges and implementing best practices ensures a smooth account-opening process in Singapore, regulatory compliance, and operational efficiency.
| Challenge | Impact | Best Practice |
|---|---|---|
| Misalignment Between Business Purpose and Transactions | Banks may delay or reject the account if they don’t understand how money moves. | Provide a clear plan of inflows, outflows, and overall transaction flow. |
| Undefined Commercial Purpose | Vague explanations trigger additional scrutiny from compliance teams. | Clearly explain why Singapore was chosen and how the business will operate locally and internationally. |
| Inadequate Transaction Forecasts | Banks cannot assess risk without projections, leading to processing delays. | Include expected transaction types, volumes, currencies, and counterparties. |
| Complex Ownership Structure | Multiple ownership layers increase review time and compliance checks. | Submit a simple ownership chart showing UBOs, directors, and authorised signatories. |
| Enhanced AML / KYC Checks | High-risk profiles may face longer approval timelines. | Be transparent about funding sources, business activities, and provide supporting documents. |
| Incomplete or Inconsistent Documentation | Missing or unclear documents lead to repeated queries and delays. | Ensure all submitted documents are accurate, consistent, and complete. |
Conclusion
Once you incorporate a company in Singapore ,ongoing compliance is essential to keep your corporate bank account operational and in full compliance with MAS regulations. Singapore banks actively monitor transactions and raise queries – ensuring that fund flows, cross-border payments, and operational activities are consistent with the company’s business purpose.
With VIVOS, foreign businesses can effectively manage these compliance obligations, leveraging our experience and advice. By maintaining precise documentation, monitoring transactional activity, and collaborating, VIVOS ensures compliance with MAS regulations, optimises banking operations, and ensures firm foundations for your presence in Singapore.
Looking to Open a Bank Account in Singapore?
Partner with VIVOS for seamless Corporate Bank Account Setup and compliance support for you and your company.
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Frequently
Asked Questions
-
Can I open a bank account in Singapore without being a resident?
Yes, non-residents can open a Singapore bank account with proper documentation. Banks require proof of identity and business purpose, and may request in-person or electronic verification.
-
Can a foreigner open a bank account in Singapore without an employment pass?
Foreigners can open certain accounts, including corporate accounts, without an employment pass. Banks require company incorporation documents, valid IDs, and details of authorised signatories.
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What is required to open a bank account in Singapore?
Essential requirements to open a bank account in Singapore include a Certificate of Incorporation, a BizFile+ business profile, a company constitution, a board resolution, director/UBO identification, and proof of funding and expected transaction activity.
-
Can foreigners open a bank account in Singapore without a valid pass?
Yes, a corporate bank account in Singapore can be opened with complete business documentation and authorised signatories. Some banks may still request one director or signatory to attend in person or via video call.
-
How long does it take to open a corporate bank account in Singapore?
The approval process for a Singapore corporate bank account usually takes 2 to 6 weeks, depending on the completeness of the documentation, the complexity of the ownership structure, and the bank’s due diligence.
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