Can foreigners open a business bank account in Singapore? (2026 guide)

Key takeaways

• Foreigners can open a business bank account in Singapore through a company registered in Singapore.

• ACRA requires every business to have at least one local resident¹, so a foreign-owned company needs a qualifying local resident, such as a resident director.

• Airwallex lets you apply for a Business Account entirely online, with no branch visit, once your company is registered in Singapore. There are no setup fees or monthly fees on the free Explore plan.

A foreigner can open a business bank account in Singapore, as long as the account belongs to a company registered in Singapore. Your options depend on your company's structure, who owns it, and who its directors are.

This guide explains who can apply, what your company needs first, and how five major banks handle foreign-owned companies. It also covers timelines, what to do if a bank says no, and how to open an account online.

If you are new to the basics, also read our guide to what a business account is.

Can foreigners open a business bank account in Singapore?

Yes. Foreigners can open a business bank account in Singapore, as long as the account is for a registered business. In fact, the Accounting and Corporate Regulatory Authority (ACRA) lists opening a bank account in the business's own name as one of the benefits of registering a company.

The main difference for foreign founders is how the business is set up. Your residency status, the type of business you register, and whether you have a local resident director can all affect what you need to do before you can open an account.

Here’s a quick overview:

If the traditional bank application process feels complicated, a fintech business account may be another option.

With Airwallex, Singapore-registered businesses can apply for a business account online, with no setup fees or monthly fees on the free Explore plan.

What your company needs before it can apply

You open a business bank account in the name of a registered business, so setting up the company comes first. ACRA's rules for foreigners shape most of your choices at this stage.

Register through a corporate service provider

If you are a foreigner, you cannot register a company in Singapore on your own. ACRA requires you to engage a corporate service provider (CSP) to reserve the business name and register the company.

Our guide on how to register a company in Singapore covers the steps and costs.

Appoint a local resident director

Every business needs at least one local resident.¹ ACRA requires company directors to be ordinarily resident in Singapore and at least 18 years old.⁴

You meet ACRA's local residency rules if you are a Singapore citizen or permanent resident. Valid holders of an Employment Pass, Personalised Employment Pass or Overseas Networks & Expertise Pass also qualify. Employment Pass holders must first get a Letter of Consent from MOM. Other pass holders should check with their pass issuer before accepting a role.

If neither you nor any other director meets these rules, you need to appoint someone who does.

Consider a nominee director

ACRA also allows nominee directors. A nominee director acts as a director but represents another person or entity, called the nominator. On the date of incorporation, they must tell the company they are a nominee and give the nominator's details.

Nominee directors carry the same legal responsibility as any other director. ACRA says all directors are responsible under the law, whether they are active or not. Choose anyone you appoint with care.

Plan for moving to Singapore

If you plan to live in Singapore and run the company, you need a work pass. Entrepreneurs with venture-backed or innovative technology companies can apply for an EntrePass before incorporation or within six months of setting up.¹

Once your company is registered, the next step is to meet the extra checks banks apply to foreign-owned companies.

Extra requirements for foreign-owned companies

A foreign-owned company needs the same core documents as any Singapore company, plus proof that shows the bank who is behind it. For the standard document list and application steps, see our guide on how to open a business bank account in Singapore.

Banks must know who owns your company

The Monetary Authority of Singapore (MAS) requires banks to identify and know their customers, including beneficial owners. A beneficial owner is an individual who ultimately owns or controls a company, through shares or in other ways.

Show how ownership works

Banks typically ask you to prove who your beneficial owners are and how they control the company.

For example, DBS asks for proof of ultimate beneficial ownership, or a declaration of ownership and company structure. Acceptable proof includes documents from a government registry, annual reports and audited financial statements.²

If a beneficial owner is a foreigner, DBS asks for additional documents on top of these.

Get your copies certified

Banks may request for you to provide original documents. If you cannot provide originals, it accepts copies certified as true by an external certifier. The certifier cannot be someone who works for your company.

DBS lists solicitors, notaries public, accountants, auditors and chartered secretaries from a Financial Action Task Force (FATF) member country. Bank staff can also certify copies.

The certification must include the words "Certified True Copy" and the certifier's name, signature, job title, firm, date and country. All documents must be in English.²

Keep your address proof recent

Banks may ask for proof of residential address for each authorised signatory. A utility or phone bill, bank statement or government letter must be dated within the last three months.² If you live overseas, ask your bank whether it accepts address proof from your home country.

Expect follow-up requests

Banks may ask for additional documents depending on how your company is set up. The next section shows how five major banks handle these checks.

How the major banks treat foreign-owned companies

Singapore banks set their own requirements for foreign-owned companies, so the application process can vary quite a bit. The table below covers DBS, OCBC, UOB, HSBC and Standard Chartered, based on the information each bank publishes on its website.

The information in this table was reviewed for accuracy as of 1 Oct 2026.

DBS

DBS has a dedicated process for companies with foreign components, including foreign-incorporated companies and companies owned by foreign shareholders.

These companies apply with the help of a Relationship Manager, and DBS may ask for additional documents such as a source of wealth questionnaire.⁵ Its website does not say whether the application can be completed remotely.

OCBC

OCBC offers a 100% online account opening route for eligible foreign-owned companies, with no branch visit required.⁶ This includes Singapore companies owned by foreign individuals or corporate shareholders, as well as companies incorporated outside Singapore.

OCBC also offers support in a language of your choice.

UOB

UOB's online application is available when at least one owner or director is a Singapore citizen or permanent resident who can use Singpass to apply. Other companies can apply at a branch.⁷

UOB also has a separate document checklist and account setup fee of at least S$500 for foreign-incorporated companies.

HSBC

HSBC's International Subsidiary Banking service is designed for overseas-headquartered companies setting up a Singapore subsidiary.

Its application process includes a business appointment and requires information such as identification, source of wealth and source of funds.⁸ Its website does not say whether the appointment must be in person.

Standard Chartered

Standard Chartered's BusinessOne account requires an initial deposit and minimum monthly average balance.⁹ Its website does not describe a separate route for foreign-owned companies, so you'll need to check with the bank about your ownership structure and required documents.

Open a business account online with Airwallex

If your company is registered in Singapore, you can apply for an Airwallex Business Account. The application is 100% online, with no branch visit.

Airwallex still verifies your company, directors and beneficial owners, so keep your identification and proof of address ready. Most accounts are approved within a few business days. There is no monthly fee, no setup fee and no minimum balance.

What you get once you're approved:

• Hold funds in 20+ currencies with Global Accounts

• Accept online payments in 180+ countries.

• Send money to 200+ countries with FX & Transfers. 94% of our transfers go through local rails with $0 transfer fees.

• Access competitive FX rates of 0.4% to 0.6% above interbank. This helps you save up to 80% on FX fees as compared to traditional banks.

There are no setup fees, monthly fees, or minimum balance requirements on the free Explore plan.

Frequently asked questions (FAQs)

Can foreigners open a business bank account in Singapore without an employment pass?

Yes, an Employment Pass is not necessarily required to open a business bank account in Singapore. What matters is that the business is properly registered and that you meet the bank's requirements for account opening. Banks may have additional requirements for foreign-owned or non-resident companies, and approval is always subject to the bank's review.

What are the required documents to open a business bank account in Singapore?

The exact requirements vary by bank and company structure, but you will typically need:

• Your company's ACRA Business Profile

• Certificate of Incorporation, where applicable

• Company's constitution

• Board or directors' resolution, where required

• Identification documents for directors, authorised signatories and beneficial owners

• Proof of residential address for relevant individuals

• Completed account opening forms

• Additional documents requested by the bank, such as information about the company's ownership, business activities or source of funds

Foreign-owned companies may need to provide additional documents.

What are the main benefits of using a digital bank for business accounts in Singapore?

Digital business accounts can offer online account opening, lower fees and fewer branch visits than traditional bank accounts. Some also provide multi-currency accounts, international payments and integrations with accounting or other business software. However, features and requirements vary by provider, so check whether the account has minimum balance requirements, transaction fees or eligibility restrictions before applying.

Which bank in Singapore offers the highest fixed deposit rate?

There isn't one bank that consistently offers the highest fixed deposit rate. Rates change regularly and can vary by deposit amount, tenure and promotional conditions. Banks such as DBS, OCBC, UOB, Maybank and Bank of China Singapore periodically offer promotional rates, so compare the current rate, tenure and eligibility requirements before placing a deposit.

What are the typical banking hours for commercial banks in Singapore?

Branch opening hours vary by bank and location, so there isn't one standard schedule for all commercial banks. Many branches operate during weekday business hours, while some also open on Saturdays or Sundays. For example, OCBC lists weekday hours of 9am to 4.30pm at its branches, with some locations offering weekend banking.

Sources:

1. https://www.acra.gov.sg/register/business/requirements-eligibility/

2. https://www.dbs.com.sg/iwov-resources/forms/sgsme/en/day-to-day/accounts/business-account/account-opening-checklist.pdf

3. https://www.acra.gov.sg/register/foreign-business/foreign-company-branch/

4. https://www.acra.gov.sg/register/business/registering-different-business-structures/local-company/appointing-company-directors-other-key-officers/

5. https://www.dbs.com.sg/sme/day-to-day/accounts/foreign-owned-companies

6. https://www.ocbc.com/business-banking/smes/accounts/account-opening-for-foreign-owned-companies.page

7. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page

8. https://www.business.hsbc.com.sg/en-sg/campaigns/international-subsidiary-banking/next-steps

9. https://www.sc.com/sg/business-accounts/businessone/