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A Singapore company owned from overseas can sometimes open a bank account without travelling, but it depends on the bank and on who owns the company. OCBC publishes a 100% remote route for foreign-owned companies. DBS and UOB run online routes with conditions. This page was checked on and only reports what the banks put on their own pages.
Which banks publish a remote route?
| Bank | What its page says | Who it suits |
|---|---|---|
| OCBC | 100% remote and online account opening, with support in a language of your choice | Singapore companies owned by foreigners with permanent residency outside Singapore, or by foreign corporate shareholders, and companies registered outside Singapore |
| DBS | No bank visit to open online, when the company is Singapore-registered, fully owned by Singapore citizens or permanent residents and its data is retrievable from MyInfo or ACRA | Locally owned companies |
| UOB | Open online with Myinfo Business through Singpass; hardcopy forms also exist; foreign incorporated companies have their own document checklist | Owners who can log in with Singpass, and foreign incorporated companies on paper |
We have not seen any bank promise approval. Each runs its own checks, and the decision is the bank's.
Can a foreign-owned company really skip the visit?
OCBC's page says so in these words: end-to-end online support, no visit to a branch needed. That is the clearest published route for an owner who lives abroad. The other two banks tie the online route to local ownership or to Singpass, which an overseas founder usually does not have.
If your company has overseas shareholders but a Singapore-resident director, ask the bank which route it will put you on. Do not assume the DBS online route applies, since it names Singapore citizen and permanent resident owners only.
What does the company need before it applies?
You need the company in place. ACRA says foreigners must engage a corporate service provider to reserve a name and register a company. ACRA also says every company needs at least one local resident, and for a company that means a director who is a Singapore citizen, a permanent resident, or a holder of an Employment Pass, Personalised Employment Pass or Overseas Networks and Expertise Pass. Our nominee director page covers the common way overseas owners meet that rule, and register a company as a foreigner covers the registration.
Banks then ask for company papers such as the ACRA business profile, plus identity documents for owners and directors. The exact list is the bank's. UOB points to a checklist on its forms page, so download that first. Order matters: finish company registration before you contact a bank.
What will it cost to keep the account?
Some accounts carry minimums. DBS publishes these two examples.
| DBS account | Published terms |
|---|---|
| Business Multi-currency Account | Initial deposit S$3,000, keep S$10,000 or pay a S$35 fall-below fee |
| Business Digital Account | S$18 monthly fee, S$1,000 initial deposit, no minimum balance |
OCBC lists a flat S$30 fee for overseas payments from a Singapore dollar account across more than 60 currencies. Read each bank's fee table before you decide, since we do not know which products will be offered to a foreign-owned company. Our pages on DBS, OCBC and UOB go through each one.
What if the bank refuses or takes too long?
Banks can turn down a company without giving reasons, and published pages do not list rejection rates. We found no official source for how long approval takes, so we give no time. Prepare a clear one-page explanation of the business, the customers, the countries involved and where the money comes from. That is the part that most often needs more detail.
If a bank route does not work, a digital business account is a different product from a bank account. Look at Wise Business, Airwallex, Aspire or Statrys. Each has its own limits on deposits, currencies and which payments it supports. Check what the provider publishes about your type of company before you move money in.
Does the director have to sign in person?
No source we read says a director must attend a branch. Practical needs vary. A bank may want video contact, certified copies or a local signatory. Ask for the requirement in writing and keep the reply. The business bank account page covers the general process for local founders.
Independent guide
SingaporeCompanySetupGuide.com is not a bank and does not open accounts. We read the bank pages above and report what they say. If you want help from a firm that deals with banks regularly, use the form on this page and we pass the request to suitable providers. Whether a bank accepts you is still up to the bank.
Sources
- OCBC, Account opening for foreign-owned companies, https://www.ocbc.com/business-banking/smes/accounts/account-opening-for-foreign-owned-companies.page (remote opening, who can apply, S$30 overseas payment fee)
- DBS, Opening a business bank account: read this first, https://www.dbs.com.sg/sme/businessclass/articles/finance-and-operations/opening-a-business-bank-account-read-this-first (online criteria, minimum balances)
- UOB, Business accounts, https://www.uob.com.sg/business/accounts/business-accounts.page (Myinfo Business, Singpass, paper forms)
- ACRA, Understanding requirements and eligibility, https://www.acra.gov.sg/register/business/requirements-eligibility/ (foreigners use a CSP, local resident rule)
