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Banks, not ACRA, decide who gets a business account. You apply once the company exists and you hold its ACRA record. This page covers what banks ask for, one bank's published fees and the points where foreign-owned companies get stuck.
SingaporeCompanySetupGuide.com is an independent guide and not a bank. We do not open accounts. If you send the quote form, we pass it to corporate service providers that fit, and some pay us a referral fee when you become a client.
Do I need a business bank account?
You will need one. A private limited company has its own legal identity, and its money should sit in its own name. Airwallex, in a guide it updated in , says the law does not force sole proprietors, partnerships and LLPs to keep a separate account, while private limited companies and foreign branches are expected to.
Record keeping is the second reason. ACRA says company accounting records must be kept for at least five years after the end of the financial year in which the transactions were completed. Bank statements make that job simpler. See our bookkeeping services guide.
What documents do banks ask for?
OCBC lists these on its application procedure, checked :
- The ACRA Business Profile.
- Certified true copies of NRIC or passport for all authorised signatories, partners or office bearers.
- Certified true copies of proof of residential address, with bills dated within the last 3 months.
- For a private limited company, a board resolution and a certified true copy of the Memorandum and Articles of Association.
- A completed application form and a minimum deposit.
For online opening, you need your UEN, Singpass or Corppass details and images of your signature. Your ACRA business profile is the document OCBC asks for first, so get it once the company is registered.
How much does an account cost?
Fees are set by each bank. OCBC publishes this for its Business Growth Account, read :
| Item | Published by OCBC |
|---|---|
| Initial deposit | S$1,000 |
| Monthly fee | S$10, waived for the first 2 months |
| Fall-below fee | S$20 a month if the average monthly balance is under S$1,000 |
| Instant online opening | Singapore businesses wholly owned by Singapore citizens or permanent residents opening a first OCBC business account |
| Free transfers | 80 FAST and 80 GIRO each month |
Treat it as one example, not as the market. Fintech accounts, multi-currency accounts and other banks price differently. We read only this page for fees, so we do not quote others.
Can a foreign-owned company open a business account?
Yes, but the path is slower. OCBC's instant route does not cover foreign-owned companies, so those go through the standard application. Expect questions about:
- Who owns the company and where the money comes from.
- Where the business operates and who its customers are.
- Who the directors are. If the board relies on a nominee director, the bank will want to know who the beneficial owner is.
- The registered address. A bare mailbox raises more questions than an address with a real office.
The bank, and only the bank, decides. A corporate service provider can prepare your documents and sometimes introduce you to a bank. Our page on choosing a CSP shows what a provider may and may not promise. No provider can guarantee an account.
How do I open the account, step by step?
- Register the company and get your ACRA Business Profile. See company incorporation.
- Pick the account type and bank, and read its fee page.
- Gather the documents above and have copies certified where the bank asks.
- Apply online or in a branch.
- Complete checks and fund the account to the minimum deposit.
- Set up signatories and online banking.
What about the difference between a company and personal account?
Keep them apart. Mixing funds muddies your accounts and may breach your bank's terms. If the bank spots business activity in a personal account, it may ask you questions, so open the company account early.
Need a provider to help with documents and bank introductions? Use the quote form on this page and tell us who owns the company.
Sources
- OCBC: Business Growth Account: deposit, fees, instant opening conditions.
- OCBC: business account application procedure: documents for a private limited company.
- ACRA: directors' duties: five-year accounting records rule.
- Airwallex: do I need a business bank account: who needs a separate account, read .
