How to open a business bank account in Singapore? (2026 guide)

Key takeaways:

• Opening a business account is essential for any registered business in Singapore. This step supports proper financial management, keeps you compliant with regulations, and unlocks tools such as payroll, invoicing, and tax reporting.

• Traditional banks often require in-person visits for the account opening process, while digital providers offer a fully online setup, offering flexibility for remote-first teams and growing businesses.

• Airwallex provides modern business accounts with zero monthly fees, built-in multi-currency capabilities, and fully digital onboarding, designed for businesses that operate and scale globally.

Learning how to open a business account in Singapore starts with choosing the right type of account for your company and understanding what banks require during the application process.

This guide covers the steps to open a business bank account in Singapore, the documents you'll typically need, how long the process can take, and what to look for when comparing accounts.

What is a business account?

A business account is an account designed for companies and registered businesses. It keeps your business finances separate from your personal money and gives you the tools to manage day-to-day operations.

A business account can help you:

• Receive payments from customers and clients

• Pay suppliers and employees, including through bulk payments

• Track business expenses and manage company spending

• Keep business and personal funds separate, making bookkeeping and tax reporting easier

• Connect to accounting software and other business tools

In Singapore, a dedicated business account is typically opened after incorporating your company. You can choose from traditional banks, digital banks, and non-bank fintech providers, depending on the features and services your business needs.

Benefits of opening a business account

A separate business account keeps your company's money apart from your personal finances and makes it easier to manage day-to-day business transactions.

Key benefits include:

• Easier bookkeeping: Keep business income and expenses in one place.

• Simpler tax reporting: Separate records make it easier to prepare your business tax filings.

• Business banking tools: Access features such as multi-user access, bulk payments, corporate cards, and accounting integrations, depending on the provider.

• A more professional setup: Receive payments and pay suppliers using an account in your business's name.

• Better financial visibility: Get a clearer picture of your company's cash flow and spending.

For a more detailed look at what business accounts are and the benefits of having a business account, see our guide to what is a business account in Singapore.

What do I need to open a business account?

If you’ve gone through the process of starting a business in Singapore and registering your company, setting up a business account is straightforward.

You'll need to prepare company documents and information about your company and its partners or shareholders before starting the business account application.

Documents required to open a business account

When applying for a business bank account in Singapore, you’ll typically be asked to submit a collection of official corporate and individual documents to satisfy Know Your Customer (KYC) and regulatory requirements. This includes:

• Company Business Profile from Singapore’s Accounting and Corporate Regulatory Authority (ACRA)

• Certificate of Incorporation

• Passport or Singapore IC of the company directors or partners

• Proof of residential address of the company directors or partners

• Board of Directors resolution

• Company’s Constitution

• Completed business account application forms

Business account application process: How to and processes

The exact process for opening a business account in Singapore depends on whether you’re working with a traditional bank or a fintech provider.

In general, banks tend to have more manual, branch-based processes, while fintechs offer a faster, fully digital experience.

How to open a business account at a bank

With traditional banks, opening a business account usually involves a mix of online forms and in-person branch visits for identity and document verification. This can be time-consuming if your directors or shareholders are based overseas, or if your team is operating remotely.

Here are the common steps you can expect:

• Gather and prepare supporting documents, such as your UEN, ACRA company profile, and identification documents.

• Submit your application online, by phone, or in person at a bank branch, depending on your provider’s process.

• Your provider conducts KYC checks

• Once approved, set up your account, add funds, issue corporate cards, and start managing your business finances.

Because most banks require you to be physically present for verification, this process can involve multiple touchpoints and longer waiting times.

How to open a business account with Airwallex

Fintech providers streamline your experience by moving the entire application online.

With Airwallex, for example, you can open a business account from anywhere, without visiting a branch. The process is designed to be faster, more flexible, and better suited to cross-border, digital-first businesses.

Here’s how to open a business account with Airwallex:

• Sign up for an Airwallex business account. Provide your business email, legal name, and create a password.

• Tell us about your business. Share details such as your company size, primary area of interest, business name, and UEN.

• Upload verification documents. Upload the necessary identity and business documents for verification. You can find the full list of documents required in our guide to verifying your business in Singapore.

• Get approved and start using your account. Once your information is submitted, our team will review your application. Most accounts are approved within a few business days.

Costs and fees to open a business bank account

The cost to open a business bank account in Singapore depends on the bank and account you choose. The main business bank account fees to check are:

• Account opening fee: A one-time fee charged when you open the account. Some providers waive this fee.

• Initial deposit: The amount you need to deposit when opening the account. This can range from S$0 to several thousand dollars depending on the account.

• Monthly or annual account fees: Some business accounts charge a recurring fee, while others waive it if you meet certain conditions.

• Minimum balance and fall-below fees: Some accounts require you to maintain a minimum balance and charge a monthly fee when your balance falls below the threshold.

• Transaction fees: Check the charges for FAST, GIRO, PayNow, cash deposits, cheques, and other day-to-day transactions.

• International transfer and FX fees: These can become a significant cost for businesses that regularly pay overseas suppliers or receive money in foreign currencies.

So when comparing the cost of opening a business bank account, don't look only at the upfront deposit. The ongoing account, transaction, and FX fees can have a bigger impact on your total banking costs over time.

For a detailed comparison of current business account fees across Singapore banks and digital providers, see our bank charges in Singapore guide.

Looking for a free business bank account? Airwallex Business Account comes with a free Explore plan with no setup fees, no monthly fees, and no minimum balance requirements.

On top of that, Airwallex gives you free local transfers via FAST/GIRO, and free international transfers to 120+ countries via local rails.

How to choose the right business account

There isn't one business account that works for every company. The right choice depends on how you get paid, where you send money, and what you need your account to do.

Here’s a quick overview:

For a closer look at fees and features across popular providers, see our best business bank accounts in Singapore guide.

For businesses that need all of these capabilities in one place, Airwallex offers multi-currency accounts, local payment rails, and accounting integrations, with online account opening and no branch visit required.

Is it possible to open a business account online?

Yes, but it depends on your chosen financial partner.

In Singapore, many traditional banks such as DBS, OCBC, and UOB still require a physical visit to the branch to verify your identity and complete the business account opening process.

However, some digital-first providers offer a fully online application process. For example, with Airwallex, you can open a business account entirely online. Simply submit your application and verification documents through our website to get your account up and running in a matter of days.

This flexibility is especially useful for startups, remote-first teams, and entrepreneurs who prefer the convenience of managing their finances digitally.

Why Singapore businesses choose the Airwallex Business Account

For many Singapore businesses, Airwallex is one of the easiest ways to get started with a business account. Our free Explore plan has no account opening or monthly fee, and you can complete the application entirely online without visiting a branch.

Once your account is open, you can use it to:

• Hold and receive funds in 20+ currencies through Global Accounts.

• Send local transfers for free via FAST/GIRO

• Send international transfers to 200+ countries, with free transfers to 120+ countries via local rails

• Convert between currencies at 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks

• Accept online payments from customers in 180+ countries

• Connect with accounting software such as Xero and QuickBooks

Love, Bonito is one example of a Singapore business using Airwallex as it expands internationally.

With Airwallex, Love, Bonito saves around 25% on cross-border transfer fees, with 95% of its transfers arriving on the same day.

Want to simplify your operations and save on transfer and FX fees like Love, Bonito?

Frequently asked questions (FAQs)

What is the difference between a business bank account and a business account?

A business bank account is provided by a licensed bank, while a business account can also be offered by a fintech or other financial provider. Both can support day-to-day business finances, but the services, fees, and regulatory protections can differ depending on the provider.

Should I open a business account from a fintech firm if I already have a business bank account?

Yes. A fintech business account can complement your existing bank account if you need additional services such as multi-currency accounts, international payments, corporate cards, or expense management. You can use each provider for the services that best suit your business.

What are the best bank accounts for small businesses?

When choosing a business account, look for options with no monthly fees or minimum deposit requirements, such as those from Airwallex. Many modern businesses choose accounts with low or no monthly fees, flexible business banking tools, and the option to apply online.

Which business bank account is best for international transactions?

For international transactions, a business multi currency account can help reduce FX costs and delays. Accounts that support international transfers, local rails, and multiple settlement currencies are often more cost-effective than relying on a single traditional bank. For example, Airwallex’s multi-currency account lets you hold 20+ currencies and gives you free transfers to 120+ countries via local rails.

How do I open a business account in Singapore?

After choosing a provider, opening a business account typically involves submitting your company documents, and completing identity checks. Traditional banks may require branch visits, while fintechs like Airwallex offer a fully online process. Once your business has been verified via KYC checks to meet compliance requirements, you can activate your account, add funds, and start managing your business finances.

What documents are needed to open a company business account?

To open a business account in Singapore, you’ll typically need your ACRA business profile, certificate of incorporation, ID and address proof for company directors, and supporting documents like your company constitution and board resolution.

How long does it take to open a business account?

Application and verification times vary depending on the provider you choose (traditional bank or non-bank alternative) and the method needed to apply (in-branch or online). Modern non-bank alternatives like Airwallex can often get you up and running quickly, with verification taking a few business days.