How to Open a Business Bank Account in Singapore in 2025

Opening a business bank account in Singapore is an essential step for any company looking to operate smoothly and maintain compliance with local regulations. Whether you’re incorporating a new startup or expanding your existing business into Singapore, having a dedicated corporate account makes it easier to manage payments, receive funds, and separate business transactions from personal finances.

The good news is that Singapore offers many options, from traditional banks to new digital providers. Each has its own requirements and fees, so knowing what to expect makes the application much smoother.

In this guide, we’ll walk through:

✅Who can open a business account in Singapore

✅What documents do you need

✅The steps to open one

✅The banks and fintech alternatives worth considering in 2025

Most businesses registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) can open a business account.

The table below covers the most common types of applicants. Do note that this is not an exhaustive list, but it represents the majority of business account openings in Singapore.

The account opening process is fairly similar across all traditional banks in Singapore. If you have SingPass, local businesses can apply online, with details pulled directly from MyInfo Business, Singapore’s government service that stores company data like your Unique Entity Number (UEN) and business profile. This speeds up review and approval.

For those who can’t apply online, the banks also accept applications at their branches, though it’s best to call ahead to confirm specific requirements or appointment availability.

Regardless of the bank you choose, the process is generally straightforward. Most businesses go through the same sequence of steps from preparation to account activation:

1. Choose your bank and account type that fits your business needs.
2. Prepare your details and documents, including your company name, UEN, and supporting paperwork.
3. Complete the application, either online through the bank’s portal or in person at a branch. Banks often have additional requirements for in-branch applications.
4. Undergo compliance and KYC checks. Online applications with SingPass may be approved instantly or within days, while in-branch applications for foreign or complex companies can take 1 to 8 weeks.
5. Once approved, activate the account with your initial deposit and set up online banking.

When it comes to opening a business account, the real challenge is picking the right one. Each one has its own fees, balance rules, and transfer charges. To make things easier, here’s a side-by-side look at five of the best business accounts in Singapore:

DBS Business Multi-Currency Account lets you manage SGD and 12 foreign currencies under one account, making it useful for international cash flows. The Starter and Main Bundles include perks like unlimited free FAST & GIRO transfers or monthly transaction allowances. Companies owned by Singaporeans or PRs may qualify for online onboarding.

Extras include 0 FX fees, 1% cashback, and up to USD 1.65 million in liability insurance with the DBS Business Advance+ Card.

Key Highlights:

• Account Fee - SGD 50 per year
• Balance & Deposit Requirements - SGD 10,000, fall-below fee SGD 40 and the Initial deposit is SGD 1,000
• Telegraphic Transfer Fees (In/Out) - Transferring in costs SGD 10, and transferring out costs SGD 30 + agent fees if applicable. 

For documents and exceptions, see DBS’s account opening checklist. Foreign-owned companies should apply via the DBS foreign-owned companies portal.

OCBC Business Growth Account offers a simple online setup via SingPass, with instant account numbers issued once details are confirmed. Benefits include 80 free FAST and GIRO transfers monthly, six months of free fire insurance, and 1% debit card cashback.

OCBC also highlights in-app analytics and digital dashboards to help startups track cash flow easily.

Key Highlights:

• Account Fee: SGD 10 per month (waived for the first 2 months)
• Balance & Deposit Requirements: SGD 1,000; fall-below fee SGD 15; initial deposit SGD 1,000
• Telegraphic Transfer Fees (In/Out): In – SGD 10; Out – SGD 30 + agent fees if applicable

To apply online, you’ll need your UEN, SingPass or CorpPass, and a signature image. If additional documents are required, OCBC will contact you. For branch applications, check OCBC’s Business Account Application Procedure for the full document list. Companies incorporated outside Singapore should instead apply for a Business Foreign Account.

The UOB eBusiness Account provides free FAST and PayNow transactions, GIRO rebates, and a waiver of fall-below fees for the first year. Payroll charges are also rebated when processed through UOB Infinity or the SME App.

With built-in eAlerts and bundled tools like Xero and NETS via its Business Kit, the account suits SMEs that prioritise digital convenience for local transactions.

Key Highlights:

• Account Fee: SGD 35 per year
• Balance & Deposit Requirements: SGD 5,000; fall-below fee SGD 15 (waived for the first 12 months); initial deposit SGD 1,000
• Telegraphic Transfer Fees (In/Out): In – SGD 10–20 + agent fees if applicable; Out – 1/16% commission; SGD 10–100 (no FX) or SGD 10–300 (with FX)

Online applications require SingPass login, your Business Tax Identification Number (TIN), and a digital signature image. If applying in person, prepare the forms from UOB’s business banking forms page.

The CIMB SME Account keeps things low-cost with no deposit, no minimum balance, and no fall-below fees. It includes unlimited free FAST, GIRO, and payroll transfers, plus waived TT fees via BizChannel@CIMB.

CIMB also claims accounts can be opened the same day if documents are in order, making it appealing for lean businesses that need speed.

Key Highlights:

• Account Fee: SGD 8 per month (waived for the first 12 months)
• Balance & Deposit Requirements: No minimum balance or initial deposit
• Telegraphic Transfer Fees (In/Out): SGD 15 + agent fees if applicable (waived for the first 12 months)

For online applications, you can either use MyInfo Business or manually input your UEN/Registration Number. Document requirements differ by entity type (e.g. private limited companies and partnerships).

The Maybank FlexiBiz Account targets startups with no monthly fees, no minimum balance, and full online access. It comes with a debit card and FAST transfers at SGD 0.50 each. A key draw is interest on idle balances, starting at 0.018% p.a. for the first SGD 50,000, giving businesses both affordability and a modest return on funds.

Key Highlights:

• Account Fee: None
• Balance & Deposit Requirements: SGD 1,000; fall-below fee SGD 10; initial deposit SGD 1,000
• Telegraphic Transfer Fees (In/Out): 1/8% commission + SGD 20 processing fee

Check Maybank’s SME account checklist for required documents and in-branch certification/presence rules.

Traditional banks still dominate business banking in Singapore, but they aren’t always the most practical choice for SMEs or cross-border firms. Neobanks and payment service providers (PSPs) now offer digital-first accounts that remove branch visits and speed up access to key services.

Here’s why many businesses are switching:

• Cut costs on everyday banking with lower fees and cheaper cross-border payments than most traditional banks.
• Open accounts faster, often fully online with onboarding completed in days.
• Handle multiple currencies in one place with competitive, transparent FX rates for global transactions.
• Get SME-friendly tools like built-in accounting integrations and easy-to-use dashboards.

Examples include Maribank, which markets high interest rates for deposits, and Statrys, a PSP that supports SMEs with international payments and transparent FX pricing.

Opening a business account in Singapore is now easier than ever, with both banks and digital providers offering faster and more transparent options. With the right documents and setup, most entrepreneurs can complete the process entirely online.

At Statrys, we are building on this progress with our upcoming Singapore business account, licensed by the Monetary Authority of Singapore (MAS). It will provide multi-currency payment services with a human touch, combining transparent FX, quick onboarding, and dedicated support.

Join the waitlist today to be among the first to access the Statrys Singapore account when it launches.