Written by Aaron Koh, General Manager - Payments
With over 13 years of experience in the payments and fintech industry, Aaron drives Statrys’ strategic growth, helps shape its market positioning, and champions solutions that make international business operations more seamless, secure, and efficient for entrepreneurs and small businesses.
Last reviewed by April 2026.
Key Takeaways
Any Singapore-registered company can open a business account, but the documents required and the speed of approval differ significantly between traditional banks and digital payment service providers.
Traditional banks suit businesses with primarily local SGD operations, while a multi-currency payment provider is the better fit if you are sending or receiving payments across borders regularly. The account type should match how your business actually moves money.
Opening a business account is a mandatory step for any Singapore company that wants to operate professionally, manage payments, and keep business finances separate from personal funds. Whether you are incorporating a new company or expanding an existing business into Singapore, you will need a corporate account before you can receive client payments or pay suppliers.
Singapore offers a wide range of options, from established local banks like DBS, OCBC, and UOB to digital-first providers licensed by the Monetary Authority of Singapore (MAS). Each category has distinct trade-offs on speed, cost, multi-currency capability, and onboarding requirements. This guide covers who can apply, what documents you need, how the process works, and which accounts are worth considering in 2026.
Who Can Open a Business Account in Singapore?
Any business registered with ACRA (Accounting and Corporate Regulatory Authority) can apply for a Singapore business account. The specific documents required and the likely approval timeline depend on your entity type and ownership structure.
| Entity Type | Who Can Apply | Key Requirements |
|---|---|---|
| Locally registered company (Private Limited or Sole Proprietorship) | Businesses registered with ACRA in Singapore | ACRA Business Profile, Certificate of Incorporation, IDs and proof of address for all directors, shareholders, and authorised signatories |
| Foreign company with Singapore branch or subsidiary | Overseas businesses with a registered local branch or subsidiary, or a local director or representative | Home country incorporation documents, Singapore registration papers, IDs of directors and ultimate beneficial owners (UBOs), board resolution |
| Non-resident entrepreneur | Foreign founders who have incorporated a Singapore company with at least one local resident director | Proof of incorporation, identity and address verification for all officers and UBOs. Remote KYC is available with digital providers. Traditional banks may require an in-person or video verification step. |
Tip for foreign founders: You must register your company with ACRA before any bank or payment provider will accept your application. If you have not yet incorporated, this article on common business account mistakes foreign founders make covers the errors that most commonly delay or block applications.
How to Open a Business Account in Singapore
The process is broadly the same across all providers. Local businesses that have a SingPass can apply online through the bank's portal, with company data pulled automatically from MyInfo Business. This speeds up the review significantly.
Foreign founders without SingPass typically apply through the provider's own onboarding portal or in person at a branch.
| Step | What Happens |
|---|---|
| 1 | Choose your provider and account type based on your currency needs, monthly transaction volume, and whether you need remote onboarding. |
| 2 | Prepare your documents, including your ACRA Business Profile, Certificate of Incorporation, IDs and proof of address for all directors, shareholders, and UBOs, and any additional documents required for your entity type. |
| 3 | Submit your application, either online through the provider's portal or in person at a branch. For online applications using SingPass MyInfo Business, many fields are pre-filled automatically. |
| 4 | Undergo compliance and KYC checks. Online applications with SingPass may be approved within 1 to 3 business days. Traditional bank in-branch applications for foreign or complex structures can take 1 to 8 weeks. |
| 5 | Activate your account with any required initial deposit and set up online banking and payment tools. |
Traditional Bank Business Accounts in Singapore
Traditional banks remain the default choice for Singapore companies with primarily local SGD operations. They offer deep product sets, payroll integration, and established credibility. The trade-off is onboarding time, especially for foreign-owned companies, and higher telegraphic transfer fees compared to digital providers. Below is a comparison of five of the most commonly used accounts, drawn from the best business accounts in Singapore guide.
| Account | Monthly Fee | Min Balance | Initial Deposit |
|---|---|---|---|
| DBS Business Multi-Currency | SGD 50/year | SGD 10,000 (fall-below: SGD 40) | SGD 1,000 |
| OCBC Business Growth | SGD 10/month (waived 2 months) | SGD 1,000 (fall-below: SGD 15) | SGD 1,000 |
| UOB eBusiness | SGD 35/year | SGD 5,000 (fall-below: SGD 15, waived yr 1) | SGD 1,000 |
| CIMB SME | SGD 8/month (waived 12 months) | None | None |
| Maybank FlexiBiz | None | SGD 1,000 (fall-below: SGD 10) | SGD 1,000 |
DBS Business Multi-Currency Account
The DBS Business Multi-Currency Account manages SGD and 12 foreign currencies in one account, making it practical for companies with recurring international cash flows. The Starter and Main Bundle options include perks such as unlimited free FAST and GIRO transfers or monthly transaction allowances. Foreign-owned companies should apply through the DBS foreign-owned companies portal rather than the standard online route.
OCBC Business Growth Account
The OCBC Business Growth Account offers straightforward online setup via SingPass, with an account number issued once details are confirmed. It includes 80 free FAST and GIRO transfers per month, six months of free fire insurance, and 1% debit card cashback. Foreign companies should apply for the OCBC Business Foreign Account instead.
UOB eBusiness Account
The UOB eBusiness Account provides free FAST and PayNow transactions, GIRO rebates, and a waiver of fall-below fees for the first year. Online applications require a SingPass login, your business Tax Identification Number (TIN), and a digital signature image. The account integrates with Xero and NETS through UOB's Business Kit, which suits SMEs focused on local digital operations.
CIMB SME Account
The CIMB SME Account has no minimum balance, no initial deposit, and no fall-below fees, making it appealing for lean businesses or those in early-stage operations. It includes unlimited free FAST, GIRO, and payroll transfers, with telegraphic transfer fees waived for the first 12 months. CIMB states that accounts can be opened the same day if all documents are in order.
Maybank FlexiBiz Account
The Maybank FlexiBiz Account has no monthly fee and no minimum balance requirement, with FAST transfers at SGD 0.50 each. It earns interest on idle balances from 0.018% per annum on the first SGD 50,000. This combination of low cost and basic yield makes it a reasonable option for businesses that hold funds between payment cycles.
Digital Providers and Payment Service Providers
Traditional banks are not always the most practical choice for Singapore companies operating across borders or needing faster access to banking services. Digital banks and payment service providers (PSPs) licensed by MAS now offer accounts that remove the need for branch visits, speed up onboarding to days rather than weeks, and provide multi-currency capabilities at more competitive FX rates.
Key advantages digital providers offer over traditional banks:
- Faster onboarding: fully remote, often completed in 1 to 5 business days
- No minimum balance and no fall-below fees in most cases
- Multi-currency support is built in rather than bolted on
- Competitive FX rates based on real-time mid-market rates, rather than bank spreads
- Accounting software integrations (Xero, QuickBooks) available from day one
The trade-off is that PSPs are not full banks. They do not offer overdrafts, business loans, or credit facilities, and some international payment corridors may attract SWIFT intermediary fees that are not present with local bank transfers.
Statrys Singapore Business Account
Statrys is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution (Licence No. PS20200692). The account is available to companies registered in Singapore, Hong Kong, and the BVI.
| Feature | Detail |
|---|---|
| Currencies supported (hold and receive) | 11: SGD, USD, HKD, CNY, EUR, GBP, CAD, JPY, AUD, NZD, CHF |
| Outbound payment currencies | 18 currencies across 120 countries |
| FX fees | From 0.1% based on real-time mid-market rates |
| Monthly fee | None |
| Minimum balance | None |
| Account opening speed | 96% of clients opened their accounts within 3 business days |
| Onboarding | 100% remote, no branch visit required |
| Accounting integration | Xero integration available |
| Payment tracking | Real-time MT-103 payment tracking |
| MAS licence | Major Payment Institution, Licence No. PS20200692 |
Here’s more: Read our multi-currency account guide to understand when a multi-currency setup gives you an operational advantage over a standard SGD account, and what to compare between providers.
Other Digital Options
Other digital providers operating in Singapore include Maribank, which markets competitive interest rates on deposits for Sea Group companies and their ecosystem. When comparing digital providers, the relevant criteria are: which currencies they can hold and send, the FX rate methodology, the inactivity or subscription fee structure, onboarding requirements for foreign-owned companies, and whether they support the payment corridors your business uses most. The best business accounts in Singapore guide compares the main options on these criteria.
Documents Required to Open a Business Account
The documents required vary by entity type and provider. The following is a standard baseline for a Singapore-registered Private Limited Company. Your provider may request additional documents depending on your business structure, industry, or UBO profile.
| Document | Notes |
|---|---|
| ACRA Business Profile | Download from BizFile+ at bizfile.gov.sg. Must be current (typically issued within 3 months). |
| Certificate of Incorporation | Issued by ACRA upon company registration. Contains your Unique Entity Number (UEN). |
| Passports and IDs of all directors, shareholders, and authorised signatories | Valid government-issued photo ID. Singapore citizens and PRs may use NRIC. Pass holders must also provide their pass documentation. |
| Proof of residential address | Utility bill, bank statement, or government letter dated within 3 months. Required for all directors, shareholders, and UBOs. |
| Company constitution (M&AA) | The constitutional document of your company. Most banks and providers will ask to review this to understand shareholding structure and director powers. |
| Board resolution (if applicable) | Required if a corporate shareholder holds more than a specified threshold (varies by provider). Authorises the account opening and names the authorised signatories. |
| UBO declaration | Details of ultimate beneficial owners holding more than 25% of shares (threshold varies by provider). Required for compliance with MAS AML/CFT guidelines. |
| Source of funds declaration (if requested) | Some providers require a statement explaining the source of the company's initial capital or expected transaction flows for higher-risk business types. |
For foreign companies
If a shareholder is a foreign corporate entity, you will also need that entity's certificate of incorporation, business profile, and a board resolution approving the Singapore account opening. Some providers also require a certificate of incumbency issued within the past year. Can foreigners open a business account in Singapore covers what additional steps apply to non-resident founders.
How to Choose the Right Business Account
The right account depends on how your business actually moves money, not on which bank or providers has the most brand recognition. Use these criteria to narrow down your options.
| Criterion | What to Consider |
|---|---|
| Currency needs | If you only operate in SGD, any standard business account works. If you regularly send or receive USD, EUR, or CNY, a multi-currency account with built-in FX reduces cost and complexity. |
| Onboarding timeline | If you need the account quickly, a digital provider (3 to 5 business days) is typically faster than a traditional bank (1 to 8 weeks for foreign-owned companies). |
| Fee structure | Compare monthly fees, fall-below fees, and telegraphic transfer charges. For high-volume international payments, FX rate methodology matters more than the headline transfer fee. |
| Minimum balance | For early-stage companies or those with lean operating capital, a zero-minimum account (CIMB bank, Statrys payment service provider) avoids tying up working capital. |
| Integration requirements | If you use Xero or other accounting software, confirm the account supports it natively or via API before applying. |
| Credibility with counterparties | Some suppliers and enterprise clients prefer a named bank account. If you plan to work with large corporate counterparties, a DBS, OCBC, or UOB account may carry more weight than a PSP account. |
Related Guide: If you are considering banking options beyond Singapore's domestic providers, read our offshore bank account guide to understand when an offshore account makes sense and what to look for.
Setting Up Corppass After Account Opening
Once your account is active, register a Corppass administrator account if you have not already done so. Corppass is Singapore's corporate digital identity system. It gives your company access to government e-services, including IRAS tax filing, CPF employer registration, and ACRA updates. Registration typically takes 5 to 10 working days.
Final Note
Opening a business account in Singapore is straightforward once your company is registered with ACRA and your documents are in order.
If your transactions are primarily in SGD and you value branch access and lending products, a traditional bank like DBS, OCBC, or UOB is the natural fit. If you are running a cross-border operation, paying overseas suppliers, or receiving payments in multiple currencies, non-bank alternatives, such as a licensed digital payment provider, may offer faster onboarding, lower FX costs, and less friction for international transfers.
There is no rule that says you can only hold one account. Many Singapore companies open a traditional bank account for local payroll and SGD operations, and a multi-currency account with a digital provider for international payments. That combination often gives you the best of both without compromising on cost or speed.
Whichever route you take, get the account in place before you start trading. Receiving client payments into a personal account, or delaying invoicing because your account is not yet active, creates compliance hurdles and cash flow problems from day one.
Was this article helpful?
Yes
No
FAQs
Can I use a personal bank account for my business in Singapore?
No. Business and personal finances must be kept separate. Using a personal account for business transactions creates compliance and tax problems, and banks and regulators expect registered companies to hold a dedicated business account. For Pte Ltd companies, mixing personal and business funds can also undermine the limited liability protection that a Private Limited Company provides.
