Can Foreigners Open a Business Bank Account in Singapore?

If you've incorporated a company in Singapore from overseas, or you're in the process of doing so, one of the first practical questions is where to hold your business funds. The short answer is yes, foreigners can open bank accounts in Singapore. The longer answer is that the process for a non-resident director running a Singapore-incorporated company is considerably more involved than what you'd find described in most guides, which tend to conflate personal accounts for expat employees with corporate accounts for foreign business owners.

This guide separates the two situations that foreign founders actually face: opening a personal account if you're relocating to Singapore on a work pass, and opening a business account if you're a foreign director managing a Singapore company remotely. Each has different requirements, different timelines, and different failure points.

By the end, you'll know what each major bank requires from foreign directors, where the process tends to stall, and what alternatives exist, including MAS-licensed account providers that let you open and operate a multi-currency business account without setting foot in Singapore.

Can a Foreigner Open a Bank Account in Singapore?

Yes, but 'foreigner' means different things to different banks, and the process varies sharply depending on your situation.

There are three common scenarios:

• A foreigner living in Singapore on an Employment Pass (EP), S Pass, Student Pass, or Dependant Pass has fairly straightforward access to personal accounts at all major banks.
• A foreigner who does not live in Singapore but owns or directs a locally incorporated company faces a more involved process for corporate accounts, including enhanced due diligence and, at most banks, an in-person requirement.
• A foreigner with no Singapore ties, no pass, no company, no local address, has very limited options at traditional banks.

This guide focuses primarily on the second scenario, which is where most founders get stuck. If you're looking for personal account guidance only, the next section covers it briefly, then the rest of the article focuses on business accounts.

Personal Bank Accounts for Foreigners in Singapore

If you're relocating to Singapore on a valid work pass, opening a personal account is relatively routine. All three major local banks accept EP, S Pass, Student Pass, and Dependant Pass holders.

If you do not have a Singapore pass or a local residential address, personal account options at traditional banks narrow significantly. This is where the business account question becomes relevant, and more complex.

Business Bank Accounts: What Foreign Directors Need to Know

Opening a corporate account for a Singapore-incorporated company as a foreign director is a different process from opening a personal account. Before any bank will process your application, two layers of requirements must be satisfied: regulatory requirements set by Singapore law, and bank-specific requirements that vary by institution.

The regulatory baseline, which must be in place first

Every bank in Singapore will verify the following before processing a corporate account application. Skipping any of these steps is the most common reason applications stall.

1. Incorporated with a Valid UEN

Your Singapore company must be registered with ACRA, the Accounting and Corporate Regulatory Authority. Registration produces a UEN (Unique Entity Number) and a BizFile+ company profile, which is ACRA's online business registry. No bank will open a corporate account without it.

2. At least one local resident director

Under Section 145 of Singapore's Companies Act, every Singapore company must have at least one director who is ordinarily resident in Singapore. This means a Singapore Citizen, Permanent Resident, or a holder of a valid Employment Pass or EntrePass with a local residential address. If all your directors are based overseas, you must appoint a nominee director before applying for a bank account.

3. Disclosure of ownership structure

MAS requires banks to conduct enhanced due diligence (EDD) on foreign-owned companies. This means full disclosure of all directors, shareholders, and Ultimate Beneficial Owners (UBOs), plus verification of source of wealth and funds. Since June 2025, MAS requires banks to verify UBO information independently, not just accept client-submitted registers.

Documents Required to Open a Business Bank Account as a Foreigner

Requirements vary by bank, but the following covers what most Singapore banks ask for from foreign-owned companies:

Document requirements change. Verify the current list with your chosen bank before preparing your application, submitting an incomplete set resets your timeline.

Which Banks Accept Non-Resident Foreign Directors, and What They Require

Here is how the three major Singapore banks currently handle corporate accounts for foreign-owned companies. All three accept such companies in principle, but the process is substantially more demanding than for locally-owned businesses.

Alternative: Multi-Currency Business Accounts for Foreign-Owned SG Companies

Traditional banks are not the only regulated option for Singapore-incorporated companies. Singapore's Major Payment Institution (MPI) framework, regulated by MAS, allows licensed payment companies to offer business accounts with multi-currency send and receive capability. These differ from bank accounts, there is no deposit insurance and no lending, but they provide everything most businesses need to operate internationally.

Statrys holds a MAS-issued payment institution licence in Singapore and offers business accounts built for foreign-owned companies and non-resident directors.

What Statrys offers for Singapore companies

Over 10,000 SMEs across Hong Kong and Singapore use Statrys. For a foreign-owned SG company receiving USD or EUR from international clients and paying suppliers across Asia in local currencies, a multi-currency account often handles more of the day-to-day than a traditional bank account, without the 4–8 week onboarding.

Traditional Bank vs. MAS-Licensed Account Provider: How to Choose

The right choice depends on what your business actually needs. Many Singapore companies use both, a traditional bank account for regulated or contractual requirements, and a multi-currency account for cross-border operations.