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Bank Accountoptions for businesses in Singapore

Looking for bank account opening assistance in Singapore? Setting up a corporate bank account is a crucial step for any business operating in the country. At ScaleX, we simplify the process by guiding you through documentation, bank selection, and compliance requirements—ensuring a smooth application of your bank account in Singapore.

1

Digital bank account (Corporate)

Individuals can open a personal account to manage salaries, savings, and daily expenses.

Documents required to open an account:

  • Passport copy with address page.
  • NRIC Copy (for residents).
  • Proof of Singapore address (e.g., utility bills or tenancy contract).
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Note: Document requirements may vary depending on the chosen bank, the company’s structure, and whether it has local or foreign directors/shareholders. Some banks may require an in-person interview or video verification.
2

Prime bank account (Corporate)

Business accounts are essential for managing company finances, ensuring smooth operations, and complying with Singapore's regulatory framework. As per Monetary Authority of Singapore (MAS) guidelines, all business transactions must be conducted through a corporate bank account—not a personal one. Opening a dedicated business account is a key step after incorporating a company in Singapore.

Documents Required to Bank account opening in Singapore

  • Certificate of Incorporation issued by ACRA (Accounting and Corporate Regulatory Authority)

  • Company Business Profile from ACRA

  • Constitution of the Company (formerly known as Memorandum & Articles of Association)

  • Passport and Proof of Address of all directors, shareholders, and ultimate beneficial owners (UBOs)

  • Proof of Business Address in Singapore

  • Board Resolution authorizing the account opening

  • Business plan or brief description of business activities

  • Relevant contracts, invoices, or website (to validate business operations)

  • Bank reference letter or existing company bank statements (if applicable)

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Documents required

Documents Required to for Bank Account opening in Singapore

Depending on the banker you are engaging with, the document requirements for opening a corporate account can vary. These variations often depend on your business activity, the risk profile of the company, and the background of the business owners. As part of our bank account opening assistance in Singapore, we help you navigate these requirements. Below are the commonly requested documents for opening a corporate bank account in Singapore.

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  • ACRA registration certificate
  • Constitution of the company
  • Memorandum and Articles of Association (MOA)
  • Passport copies of shareholders and authorized signatories
  • Proof of business activity (invoices, contracts, etc.)
  • Company bank statements from the last six months (if applicable)
  • Compliance documents (audit reports, financial forecasts, etc.)
Timeline

Steps to Open a Bank Account in Singapore

Bank account opening in Singapore involves several steps :

01.

Very important

Choose the Right Bank

As part of our bank account opening assistance in Singapore, we guide you in selecting a bank that best aligns with your business needs—considering your company type, operational jurisdictions, and international dealings. The right choice can offer better forex rates, smoother transactions, and superior banking services.

We work with digital banks like Aspire, Airwallex, SingX, Payoneer etc. & Prime banks like OCBC, DBS, Maybank, Standard charted etc.

Note: Bank account acceptance/rejection is at the discretion of the bank.

02.

Collect Documentation & KYC

Compile the required documents based on the type of account, bankers & facilties you need.

03.

Submit Application

Help you submit your application through the bank’s branch, online platform, or an authorised agent.

04.

Background Checks

Bankers generally go through heavy KYC checks in Singapore before approving an account. This includes a check on the shareholders & directors and their social profiles. The bankers also does a detailed background check with tools like Name scan.

05.

Account Activation

Upon approval, your account will be activated, typically within 2–4 weeks for Digital accounts and up to 1-2 months for Prime bank accounts.

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Contact us for a Free Consultation on bank account opening assistance in Singapore

Opening a bank account in Singapore has never been easier. Whether you’re an first time or seasoned entrepreneur we can assist you with your case.  ScaleX can assist you with the heavy and cumbersome documentation.

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Quick Tip

Challenges in Opening a Bank Account in Singapore

While Singapore offers a robust and world-class banking infrastructure, the stringent compliance requirements can pose challenges—especially for foreign entrepreneurs. As part of our bank account opening assistance in Singapore, we help you with knowledge on education on:

1. Lengthy processing times (up to three months for Prime corporate accounts)
2. Extensive documentation requirements.
3. Eligibility criteria, including minimum balance requirements (Only for Prime accounts).
4. Strict anti-money laundering (AML) and Know Your Customer (KYC) regulations.
5. Difficulty for companies without physical office space (Prime accounts).
6. Background checks and Financial audits.
Navigating these challenges requires a thorough understanding of Singapore's banking laws and international compliance standards.
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