In the world’s most business-friendly city, incorporating a company is just the first step. To actually trade, hire, and scale, you need a dedicated corporate bank account. In Singapore’s highly regulated but efficient environment of 2026, a business bank account is the foundation of your financial legitimacy, enabling you to participate in the Smart Nation payment rails like PayNow and FAST.
Opening an account in Singapore is no longer just about choosing a branch; it’s about choosing a platform that integrates with your accounting software, manages your GST filings, and provides the security needed for global trade. This guide provides a detailed walkthrough of the requirements, the selection process, and the digital-first onboarding experience.
Key Takeaways
- ACRA BizFile is Mandatory: You must have a valid Business Profile from ACRA before applying for a corporate bank account.
- Residency Requirements: While most banks allow foreign directors, having at least one director ordinarily resident in Singapore significantly eases the approval process.
- Digital Onboarding: Major banks (DBS, OCBC, UOB) and digital-first platforms (Aspire, Airwallex, ANEXT) now offer fully digital applications via Singpass.
- KYC and Compliance: Singapore banks follow some of the world’s strictest Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
- Integration Focus: Modern corporate accounts in 2026 are expected to sync directly with accounting tools like Xero and payment platforms for seamless reconciliation.
1. Documentation Requirements by Entity Type
The Monetary Authority of Singapore (MAS) mandates that banks perform rigorous due diligence. The specific documents required depend on your business structure.
For Private Limited Companies (Pte Ltd)
- ACRA Business Profile: A digital copy of your company’s latest BizFile (dated within the last 30 days).
- Constitution of the Company: A copy of your company’s M&A (Memorandum and Articles of Association).
- Board Resolution: A formal document signed by the directors authorizing the opening of the account and nominating the authorized signatories.
- Identification: NRIC (for residents) or Passports (for foreigners) and proof of residential address for all Directors, Ultimate Beneficial Owners (UBOs), and Signatories.
For Sole Proprietorships & Partnerships
- ACRA Business Profile: Showing the registration of the business name and owner details.
- NRIC/Passport: Of the owner or all partners.
- UEN: Your Unique Entity Number for verification.
2. Choosing the Right Banking Partner
Singapore offers a three-tier banking landscape for businesses. Your choice should align with your transaction volume and international needs.
| Bank Category | Best For | Examples | Onboarding Speed |
| Local Tier-1 Banks | High-volume retail, established SMEs, and credit facilities. | DBS, OCBC, UOB | 1 – 2 Weeks |
| Digital Banks/Neobanks | Startups, e-commerce, and tech-savvy SMEs. | Aspire, Trust, ANEXT, Airwallex | 24 – 72 Hours |
| International Banks | Multi-national corps and high-value cross-border trade. | HSBC, Standard Chartered, Citibank | 2 – 4 Weeks |
3. The Step-by-Step Opening Process
Step 1: Prepare Your “Signing Mandate”
Before applying, decide who can move money. A common mandate is “Any one director to sign” or “Any two signatories to sign.” For larger companies, you may set limits (e.g., “Director A can sign up to S$50,000, above which two signatures are needed”).
Step 2: Digital Application via Singpass
Most banks now utilize the Myinfo business service.
- Log in to the bank’s portal using your CorpPass/Singpass.
- The system automatically pulls your UEN, address, and director details from ACRA.
- This “Instant Onboarding” can reduce form-filling by 80%.
Step 3: The Face-to-Face or Video Verification
Even with digital tools, MAS regulations often require a “sighting” of the directors.
- Local Banks: May require a physical visit to a “SME Centre” or branch.
- Digital Platforms: Utilize secure video calls or advanced biometric e-KYC (facial recognition).
Step 4: Initial Deposit and Activation
Once approved, you must make the initial deposit.
- Digital Banks: Often have S$0 minimum deposit.
- Traditional Banks: Typically require between S$1000 and S$3000 to activate.
4. Modern Features: The 2026 Standard
A business bank account in 2026 is expected to be more than just a place to store cash. Look for these integrated features:
- Direct PayNow Integration: The ability to generate PayNow QR codes directly from your banking app for instant customer collection.
- Virtual Accounts: The ability to issue unique Virtual Accounts to your clients for automated bank transfer reconciliation.
- FX Management: Competitive, real-time foreign exchange rates for paying international suppliers without high “hidden” markups.
- Expense Management: Integrated virtual corporate cards with spend limits for employees.
Did You Know?
In 2026, the IRAS myTax Portal can link directly to your corporate bank account via the SGFinDex framework.
This enables automated calculation of your estimated tax payable and seamless Direct Debit for GST returns—helping ensure you never miss a compliance deadline.
Ready to Scale Your Singapore Business?
Once your bank account is active, the next step is providing your customers with a world-class checkout experience.
Streamline your financial operations with a unified payment platform designed for the Lion City.
Accept PayNow, cards, and digital wallets effortlessly while keeping your finances reconciled and IRAS-compliant.
Conclusion: A Foundation for Growth
Opening a business bank account is the moment your Singapore venture becomes a functional entity. By ensuring your ACRA records are updated, choosing a bank that matches your digital workflow, and leveraging tools like Singpass for onboarding, you set a professional standard from day one. With your account ready, you are now equipped to manage your GST obligations and international payments with the efficiency for which Singapore is world-renowned.
Frequently Asked Questions (FAQs)
1. Can a 100% foreign-owned company open a bank account in Singapore?
Yes. However, the bank will perform “Enhanced Due Diligence.” Having a local resident director or a physical office in Singapore significantly improves the chances of a fast approval.
2. Is there a monthly fee for corporate bank accounts?
Most traditional banks charge a “fall-below fee” (e.g., S$35) if your average daily balance drops below a certain threshold (e.g., S$10,000). Digital banks often waive these monthly maintenance fees.
3. Do I need a physical checkbook in 2026?
Singapore is moving toward a “Cheque-free” economy. While some banks still issue them upon request, most businesses now utilize FAST, GIRO, and PayNow for all transactions due to lower costs and instant settlement.
4. How long does the process take?
For a simple Pte Ltd with local directors, a digital bank can open an account in 24 hours. For complex structures with foreign ownership, traditional banks may take 2 to 4 weeks.
5. Can I open multiple accounts for one company?
Yes. Many businesses open one account for daily operations and a second “Tax Reserve” account to hold GST and Corporate Tax provisions, ensuring they don’t accidentally spend their tax liabilities.
