How to Open a Corporate Bank Account in Singapore

Are you looking to set up a company in Singapore? Inevitably, this will entail opening a local corporate bank account. Without the proper insights, the process can be complex. 

Therefore, this guide will walk you through the key steps and requirements for opening a corporate bank account in Singapore.

Can Foreigners Open a Corporate Bank Account in Singapore?

Foreigners can open a corporate bank account in Singapore once the company incorporation process is complete and their legal entity is fully registered with the Accounting and Corporate Regulatory Authority (ACRA).

However, due to strict regulations and additional background checks that are usually undertaken for foreign applications, you may be subject to a prolonged processing period. 

To avoid any delays, you can rely on Emerhub’s team to review your application. Our local experts can also provide you with insights on which institution is best suited for your needs.

Required Documents When Applying for a Corporate Bank Account in Singapore

Several banking institutions offer corporate banking for companies in Singapore, and the specific requirements may vary depending on the bank. However, despite these slight variations, there are some standard requirements applicable regardless of the bank:

• Board of Directors Resolution
• Certified True Copy of Resolution
• Certified True Copy of Certificate of Incorporation
• Certified True Copy of Company’s Business Profile from Company Registrar,
• Certified True Copy of Company’s Memorandum and Articles of Association (MAA)
• Proof of Residency ( Passport or Notarised Copy of a Passport)
• Documentation of Business Residence
• CV of Beneficial Owners
• Company website
• Company bank statements

Submitting bank statements with your application

If your company has been incorporated for less than 2 years, you can submit the bank statements of the beneficial owner’s related business along with proof of ownership. If there is no related business, the income tax returns or bank statements of the beneficial owner are acceptable. The following documents are eligible for applying for a corporate bank account:

1. Bank statements of the company for the last 3 months

2. Bank statements of the existing related business (related business refers to the company owned by the beneficial owner and proof of ownership must be provided) for the last 3 months

3. Latest income tax returns of the beneficial owner

4. Bank statements of the beneficial owner for the last 3 months

You can also submit additional documents from the related business of the beneficial owner together with the proof of ownership. This includes the following:

• Sales invoices from customers with corresponding Bill of Lading and 2 copies of the purchase Invoice from suppliers with corresponding Bill of Lading. (Note: Pro forma invoices are inadmissible)
• Different sets of consultancy agreement contracts
• Title deed, investment portfolio statement, or letter of intent from potential investors
• Contracts from potential or existing customers or suppliers
• Letter of Intent from potential or existing customers or suppliers
• Any other equivalent document

Process to Open a Business bank account in Singapore

Once you have established your business in Singapore, Emerhub can help you navigate all the key steps of the process for opening a corporate bank account for a foreign-owned legal entity:

1. Choose Your Preferred Bank: Choosing a bank to open your corporate account typically involves determining which bank can best handle your business transactions and deposits. Several banks in Singapore provide services for corporate banking. Some of the most common banks where you can open a corporate account include:

• Development Bank of Singapore (DBS): Features comprehensive digital banking services, competitive rates, and a strong reputation as one of Asia’s safest banks.
• Oversea-Chinese Banking Corporation (OCBC): There are free unlimited FAST/GIRO transactions, cashback on debit card purchases, and waived fees for the first two months for new customers.
• United Overseas Bank (UOB): The bank features unlimited corporate cards, bulk payroll management, and comprehensive business support services.

2. Gather the Necessary Documents for Business Bank Account Application: Emerhub can help prepare your submission process by gathering the documentary requirements like the Corporate Bank Account Opening Forms and Copies of Certificates and reviewing them for your application. 
3. Make an appointment with the Bank for Application Submission: Most banks will require an in-person meeting when applying for a corporate bank account. They typically require the director(s) and authorized signatory(s) to be present. Additionally, banks use these appointments to conduct Know Your Customer (KYC) checks for more detailed verification of identities and business activities.
4. Bank Account Approval: Once the documents have been processed, it usually takes 1 to 4 weeks for the account to be opened depending on the complexity of the business structure and completeness of documentation. For foreign-owned companies, it may take longer (up to 8 weeks) due to additional scrutiny.

Is it Possible to Open a Company Bank Account in Singapore Remotely?

Foreigners who do not live in Singapore can still apply for a corporate bank account remotely. Upon submission, a bank representative will help you with the procedure. It should be noted that the remote application process may vary depending on the bank. 

For example, some banks will need a director(s) and authorized signatory(s) to meet a bank representative in an overseas branch for verification purposes. Nowadays, more banks provide the option for customers to be verified through video conferencing facilities after they have opened a bank account online.

Emerhub can also help you navigate this process through our thorough application review. In some cases, we can also act as your authorized representative and manage the account creation process in your stead to help reduce potential processing times.

Do you want Emerhub’s help in opening a corporate bank account in Singapore? Fill out the form below to get in touch with one of our local advisors!