Corporate bank account in Singapore

Last updated 4 November 2026

A corporate bank account is the account a Singapore company uses for its own money. The banks call it a business, SME or corporate account. Published opening deposits run from S$0 at CIMB and ANEXT to S$1,000 at DBS, OCBC, UOB and Maybank.

You are on an independent guide, not a bank. We do not open accounts. If you request quotes on this page, we pass your details to providers we think suit you, and we may be paid for that.

What opening deposits do banks publish?

From each provider's own pages, November 2026:

Monthly costs and balance targets are in our side-by-side comparison.

What papers does a company need?

Every route starts from the company's identity. OCBC's procedure sheet lists the ACRA business profile and certified copies of ID and address proof for the signatories. Wise lists government ID, proof of address, a selfie, an ACRA registry document and, where a shareholder is a business, a beneficial owner declaration. HSBC names identification, source of wealth and source of funds.

So prepare a core set:

1. The ACRA business profile showing the UEN, officers and shareholders.
2. Passport or ID and proof of address for each signatory and owner.
3. A short note on what the company sells, to whom and from where.
4. Evidence of where the starting funds come from.
5. A Corppass login, if you plan to use a Singpass-based online route.

Who needs a local director?

ACRA says a Singapore company needs at least one director ordinarily resident in Singapore. That rule comes before the bank, but the bank sees it when it looks at your officers. A foreign owner who uses a nominee director should tell the bank, because banks ask who controls the company.

How do routes differ for foreign owners?

OCBC publishes a remote route for companies with foreign owners. DBS and UOB state their online routes for owners who are Singapore citizens or permanent residents, with other cases going through a standard application. Digital providers such as Aspire, Airwallex and Statrys say they serve foreign owners, each with its own conditions. Our guide on opening without visiting Singapore covers the practical steps.

What do banks not publish?

• Review times and decline rates.
• Which industries and countries they refuse.
• Fees that apply after promotions end.
• For several large banks, any opening deposit or monthly cost.

When a bank is silent, ask for the answer in writing. Nobody can promise approval. A provider that does is guessing.

Want help preparing the file? Use the form on this page and say where each owner lives.

What is the usual order of steps?

Register the company, get the business profile, pick a bank route that fits your owners, gather the papers, submit, answer the bank's follow-up questions and fund the account. Keep copies of everything you send, with dates. If a bank asks for more, answer within its stated window so the application does not lapse.

What should you do if the bank asks for more?

Banks send follow-up questions, often about the business model, expected monthly flows and the origin of funds. Answer in plain sentences and attach proof. Keep the reply short and consistent with the papers already submitted. If your owners hold shares through another company, expect a request for that company's documents too.

A decline can happen, and none of the banks publish a rate. Ask the bank whether it gives a reason, and whether you can reapply with new papers. Our bank comparison shows other published routes.

Sources

• ACRA: appointing company directors: local resident director rule.
• OCBC: business account application procedure: documents for a company.
• OCBC: foreign-owned companies: remote route.
• HSBC Business Singapore: account opening: document types.
• Wise: business account requirements: document list.
• CIMB Singapore: SME Account: S$0 deposit.