Corporate Bank Account in Singapore: Requirements, Fees, and How to Open One

Opening a corporate bank account in Singapore is one of the first things a new company does after incorporation. The account collects your revenue, pays your suppliers, and feeds the records your accountant needs at year-end. Singapore hosts local banks, foreign branches, MAS-licensed digital banks, and payment institutions, so the choice is wide, and the rules differ from one provider to the next.

This guide walks through the requirements, the documents, the application process, the fees, and the options available to both local and foreign founders in 2026. If your company is not registered yet, start with our step-by-step Singapore company registration guide.

What Is a Corporate Bank Account in Singapore?

A corporate bank account is a current account held in the registered name of your company rather than in your own name. Every transaction sits under the company UEN, which keeps your bookkeeping clean and your directors protected by the limited liability structure.

Once ACRA issues your certificate of incorporation, your company can apply. You will need your Unique Entity Number (UEN) for almost every step, from the application form to the tax filings that follow.

Corporate Bank Account vs Business Account: What Is the Difference?

The terms are often used interchangeably, but the key distinction is the type of institution behind the account. Both hold your company money and both move payments. The licence behind them differs, and that difference matters.

• Corporate bank accounts are offered by banks, which hold a banking licence from the Monetary Authority of Singapore (MAS). SGD deposits at a full bank or a digital full bank are insured by the Singapore Deposit Insurance Corporation up to SGD 100,000 per depositor per bank.
• Business accounts from payment institutions such as Statrys operate under a Major Payment Institution licence under the Payment Services Act 2019. MAS requires them to safeguard customer funds with approved financial institutions, though deposit insurance does not apply.

Neither model is automatically better. A business that parks large cash reserves values deposit insurance. A business that pays overseas suppliers every week values cheap cross-border transfers and a real multi-currency account instead.

Why Your Company Needs One

• Compliance: IRAS and your auditor expect a clean audit trail. Mixed personal and corporate transactions create work and risk at filing time.
• Credibility: clients and suppliers pay a company account, not a personal one.
• Cash management: a single account with multiple currency wallets removes conversions you never needed.
• Access to finance: lenders review your account history before approving trade finance or a working capital loan.

Requirements vary between providers, but the compliance core stays the same. Banks in Singapore apply MAS rules on customer due diligence, so expect questions about ownership, activity, and the source of your funds.

Eligibility Requirements

• An entity registered with ACRA and holding an active UEN, or in some cases a foreign-incorporated company with a Singapore presence.
• At least one director who is ordinarily resident in Singapore, as the Companies Act requires at incorporation.
• An SSIC code that matches what your business actually does. A mismatch slows down the compliance review.
• A business activity outside the provider's prohibited list. Crypto, gambling, and unlicensed money services rarely pass.

If you plan to appoint a local resident on your board to satisfy this rule, read our explainer on the nominee director service first.

Required Documents

Prepare this pack before you apply. Incomplete files cause most of the delays we see:

• ACRA business profile (Bizfile) and certificate of incorporation.
• Company constitution and, where applicable, the register of members and controllers.
• Board resolution approving the account opening and naming the authorised signatories.
• Identity documents for every director, authorised signatory, and shareholder holding 25% or more.
• Proof of address for the same individuals, usually dated within the last three months. Our guide on accepted proof of address documents lists what works.
• Supporting business evidence: signed contracts, invoices, a website, expected monthly volumes, and your main trading countries.

Is There a Minimum Deposit or Minimum Balance?

Traditional banks usually set an initial deposit or an average daily balance. Miss the threshold and a fall-below fee applies every month. Digital providers tend to drop the requirement entirely.

Figures reflect published provider terms in 2026. Always confirm the current tariff before you apply.

That answers a question we hear often: the minimum balance for a DBS corporate account is SGD 10,000 on the standard multi-currency product, while newer companies on the Starter Bundle avoid the requirement altogether.

How to Open a Corporate Bank Account in Singapore: The Process

The process for opening a business account follows six steps. Timelines range from two days with an online provider to several weeks with a traditional bank.

1. Incorporate your company. ACRA issues your UEN and business profile, which every provider asks for.
2. Shortlist providers. Match the account to your reality: currencies held, payment corridors, monthly transaction volume, and whether you need lending. Our comparison of the best business accounts in Singapore narrows the field quickly.
3. Assemble your documents. Scan everything in colour and check that names match across documents.
4. Submit the application. Most banks now accept digital applications through Singpass, MyInfo Business, and Corppass. Foreign-owned companies may still be routed to a branch visit.
5. Clear the compliance review. The bank verifies ownership, screens for sanctions, and confirms your business model. Answer follow-up questions the same day when you can.
6. Activate and set up. Fund the account, assign user roles and approval limits, then connect your accounting software so transactions reconcile automatically.

Can Foreigners Open a Corporate Bank Account in Singapore?

Yes. No rule stops a foreigner from opening a corporate bank account in Singapore, and thousands do it every year. The friction sits in bank policy, not in the law.

What Foreign Founders Should Expect

• An in-person interview. Several traditional banks still ask directors and signatories to appear at a branch, which turns a remote setup into a flight.
• Higher entry costs. UOB, for example, applies a minimum setup fee of SGD 500 to foreign-incorporated companies.
• Narrower digital options. GXS restricts its business account to sole proprietors, and MariBank requires owners, directors, and 25%+ shareholders to be Singapore citizens, permanent residents, or foreigners with Singpass access. ANEXT Bank and MAS-licensed payment institutions accommodate foreign ownership far more readily.
• Extra scrutiny on substance. A company with no local staff, no local address, and no local customers triggers questions. Prepare a clear answer.

How to Improve Your Chances of Approval

1. Explain your business model in one page: what you sell, to whom, and through which countries.
2. Show real trade documents such as signed contracts, purchase orders, or platform payout statements.
3. Keep your declared SSIC code aligned with your actual activity.
4. Apply to two providers in parallel so a single rejection does not stall your launch.

What Fees Are Associated With Corporate Accounts?

Headline pricing hides the real cost. Map every fee your business will actually trigger each month, then compare providers on that basis.

The Fee Nobody Quotes: Foreign Exchange

Transfer fees are visible. The exchange rate margin is not. A bank that adds 2% to the mid-market rate on a SGD 50,000 conversion charges SGD 1,000 without listing a single fee. A provider quoting a rate refreshed in real time with a margin from 0.1% charges a fraction of that.

What Are the Best Corporate Bank Accounts in Singapore?

No single account wins for every business. The table below compares the main options SMEs shortlisted in 2026.

Which Bank Is Best for Corporate Banking?

Pick by workload rather than by brand:

• Domestic SME with local suppliers: OCBC or DBS, where free FAST and GIRO allowances cover most of your payments.
• ASEAN trading company: UOB, thanks to its regional branch network.
• Cross-border digital business: a multi-currency platform with local payment rails and a transparent FX margin.
• Cash-heavy company: a full bank, for the deposit insurance and the credit lines.

What Are the Benefits of Digital Banking for Businesses?

Digital banking changed what a corporate account costs and how fast you get one. Four benefits stand out for SMEs.

Speed and Remote Onboarding

Online providers verify identity through Singpass, MyInfo Business, and document upload. Most applications close in days, and directors abroad rarely need to fly in. Compare the two models in our guide on the difference between digital banks and traditional banks.

Lower and Clearer Costs

Without branches to fund, digital providers waive monthly fees and minimum balances. ANEXT Bank, for instance, charges no monthly fee and no minimum deposit on its Singapore business account.

Real Multi-Currency Handling

Holding SGD, USD, EUR, and CNY in one account means you convert when the rate suits you, not when a payment lands. Local payment rails in key corridors also settle faster and cost less than SWIFT. Our overview of digital banks in Singapore sets out which providers hold which currencies, and our guide to virtual bank accounts explains the eligibility rules.

Controls and Automation

Role-based access, maker-approver workflows, and real-time notifications give finance teams oversight without paperwork. Xero and InvoiceNow integrations push every transaction straight into your books, which shortens your year-end close.

Open Your Singapore Business Account With Statrys

Statrys Singapore Pte. Ltd. is licensed by MAS as a Major Payment Institution under the Payment Services Act 2019. We are not a bank. We are the alternative businesses choose when a traditional business bank account asks for too much and delivers too slowly.

• 11 currencies, one account number: SGD, USD, EUR, GBP, HKD, CNY, JPY, AUD, CHF, NZD, and CAD.
• No monthly fee, no minimum deposit, no maximum transaction amount, and FX from 0.1%.
• Payments across 120+ countries via SWIFT, plus local transfers in 13 countries.
• A dedicated account manager, reachable by chat, email, or WhatsApp.

Need more than an account? Our team also handles company incorporation and ongoing bookkeeping, so your entity, your business account, and your accounts sit on one platform. Questions about your setup? Talk to our team.

Conclusion

Opening a corporate bank account in Singapore rewards preparation. Register with ACRA, gather your documents, match your SSIC code to your real activity, and choose a provider that fits your payment flows rather than your postcode.

Traditional banks bring deposit insurance, lending, and trade finance. Digital banks and payment institutions bring speed, transparent pricing, and genuine multi-currency support. Map your monthly volume, your currencies, and your cash balance, then pick the account that costs you least across all three.