Opening a corporate account in Singapore (2025 guide)

Key takeaways: 

• Opening a corporate account is essential for any registered business in Singapore, as it enables professional financial management, regulatory compliance, and access to key banking tools like 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.

• Fintech options like Airwallex offer a compelling alternative to corporate accounts with zero monthly fees, built-in multi-currency capabilities, and a fully digital onboarding process, making it ideal for businesses looking to scale globally.

Singapore continues to be a thriving hub for entrepreneurship, with approximately 50,000 new companies incorporated in 2024.¹ As more businesses emerge, having a corporate account has become essential for not only managing your company’s finances, but also in ensuring compliance and building credibility. 

Whether you’re launching a startup or expanding an enterprise, this guide provides an overview of the process, requirements, and options for opening a corporate account in Singapore.

What is a corporate account? Do I need one?

A corporate account – also known as a business bank account – is a type of account specifically designed for companies and registered businesses. Unlike personal accounts, corporate accounts are tailored to handle business transactions such as receiving payments from clients, paying suppliers, managing payroll, and tracking business expenses.

In Singapore, opening a corporate account is a key step after incorporating your company. It allows your business to operate professionally, meet regulatory requirements, and build financial credibility. 

What do I need to open a corporate account?

If you’ve gone through the process of how to start a business in Singapore, setting up a corporate account is straightforward. You'll need to prepare documents about your company and its partners or shareholders.²

The documentation you need to submit may include: 

• Company Business Profile from 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 account application forms

What is the corporate account opening application process?

The process for opening an account depends on whether your provider is a traditional bank or a fintech. A fintech firm may have a simpler process, as the documents can be submitted online, and there's no need to visit a physical branch. 

For example, creating a DBS business bank account would require you to visit one of their branches for verification, while a fintech firm like Airwallex would have its entire process conducted online.

Here are the five steps you can expect to take:

1. Research and select a financial services firm that offers services tailored to your needs. 

2. Gather and prepare supporting documents, such as your Unique Entity Number (UEN), ACRA company profile, and identification documents.

3. Apply online, by phone, or in person at a bank branch, depending on your provider’s process.

4. Your chosen provider will go through the Know Your Customer (KYC) process, which is required by the Monetary Authority of Singapore (MAS). This step ensures regulatory compliance before financial services can be provided to a business.³

5. Once verified, set up your account, add funds, issue corporate cards, and get started.

Example: How to open a business account with Airwallex

As the process of opening a business account differs depending on the financial partner you’re choosing, we’re going to use Airwallex’s account opening process as an example of what you can generally expect.

1. Sign up for an Airwallex Business Account 

   • Provide your business email, legal name, and create a password 

   • Provide additional details, including your company size, primary area of interest, business name, business headquarters, and mobile number

2. Verify your business and activate your account 

   • Confirm your business location  

   • Provide your Unique Entity Number (UEN)     

   • Provide documents for identity verification* 

Note: Read here for the exhaustive list of documentation needed for verification. 

Choosing the right bank to open your corporate account

There's a wide range of business accounts offered by established legacy banks and fintech providers in Singapore. Each account offers distinct features and services tailored to various needs. It’s important to consider key features that can impact your business operations and costs. These include:

• Monthly account fees

• Transfer fees

• Integration support

To help you weigh your options, we’ve examined four of the best corporate accounts offered by established banks in Singapore, as well as a non-bank alternative in the Airwallex Business Account.

With zero monthly fees, no international transfer charges, and seamless integration with leading accounting software, fintech solutions like the Airwallex Business Account are becoming an increasingly attractive choice for modern businesses looking to go global.

Although fintech companies like Airwallex aren't considered banks, we’re regulated as a Major Payment Institution (MPI) by MAS. This means we have a proven track record for providing payment services to businesses and follow strict guidelines for safeguarding customer funds.⁴

How much does opening a corporate account cost?

The cost of a corporate account opening in Singapore can vary depending on the bank and the type of account you choose. Traditional banks such as DBS, OCBC, and UOB often charge a one-time account opening fee, typically ranging from S$30 to S$100. Some also impose a minimum initial deposit, which can be anywhere between S$1,000 to S$3,000, depending on the account tier and features.

In addition to these upfront costs, businesses should also be aware of monthly account maintenance fees, fall-below fees, and charges for features like multi-currency support or international transfers.

That said, not all business accounts come with these costs. For example, the Airwallex Business Account can be opened completely free of charge, with no setup fee, no minimum deposit, and no monthly maintenance fees. It’s a great option for startups and SMEs looking to keep overheads low while enjoying access to global financial tools.

How long does it take to open a business account?

The time taken to open a business account may vary depending on the provider you choose (traditional bank or fintech provider) and the method needed to apply (in-branch or online). 

Modern non-bank alternatives like Airwallex can often get you up and running as quickly as 1–2 business days because you can answer key questions and upload documents online.

Can I open a corporate account remotely?

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 corporate account opening process. This can be time-consuming, especially for busy business owners or those incorporating remotely.

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 their 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.

What are the benefits of opening a corporate account?

Opening a corporate account is a crucial step in running a legitimate and well-organised business in Singapore. Here are some key benefits:

1. Clear separation of personal and business finances: Keeping your business funds separate from your personal savings is essential for good financial hygiene. It makes bookkeeping easier, helps you track business expenses accurately, and reduces confusion when filing taxes or preparing financial reports.

2. Professionalism and credibility: Using a corporate account to receive payments and issue invoices presents a more professional image to clients, partners, and suppliers. It shows that you’re running a registered and serious business, not just a hobby or side hustle.

3. Access to business banking tools: Corporate accounts often come with value-added services like multi-user access, payroll support, foreign currency transactions, and integration with accounting platforms, making it easier to manage day-to-day operations.

4. Tax benefits and compliance: A corporate account makes it easier to claim tax deductions and prepare accurate tax filings. It also simplifies the process if IRAS requests documentation, as all business transactions are neatly separated and recorded.

5. Easier access to financing and credit: When you have an established business account, banks and lenders are more likely to extend credit facilities, such as business loans, overdrafts, or trade financing. It also helps you build a credit history for your company.

Whether you’re running a startup, SME, or freelance business, having a corporate account isn't just about convenience – it’s about building a strong foundation for future growth.

Scale faster with ease through tech-driven financial solutions 

Airwallex isn’t just another business account. It’s a powerful, all-in-one financial platform designed to help modern businesses streamline their operations. From managing expenses to accepting payments online with integrated payment gateway solutions, Airwallex brings all the solutions you need to grow globally in one platform.

Unlike traditional banks and single-solution fintechs, we give you full visibility and control over your global finances – all from a single dashboard. Whether you're scaling a startup or managing a growing enterprise, Airwallex helps you move faster, smarter, and more efficiently.

Frequently asked questions (FAQs)

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

The main difference between a corporate account – also known as a business bank account – and a business account lies in who provides the account and the features that come with it. 

Corporate accounts, offered by traditional banks like DBS or OCBC, typically require in-person visits to open and manage. They offer standard financial services such as loans, overdrafts, and branch support. However, these accounts often come with higher fees and slower processing times.

In contrast, business accounts offered by fintech providers like Airwallex are built for the digital era. Entirely online, they offer faster setup, lower fees, and features such as multi-currency wallets, automated payments, and seamless integration with accounting software. With no physical branches, business accounts offered by fintechs focus on efficiency, making them ideal for modern businesses looking to simplify financial operations and reduce costs.

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 DBS, OCBC, Airwallex, or Aspire. These accounts offer cost-effective features like low transfer fees and good exchange rates, which are ideal for small businesses with limited cash flow. 

Which bank accounts are best for international businesses?

The right business account can ease global expansion by simplifying international payments. Multi-currency accounts and banks with strong global networks help reduce currency conversion costs and streamline overseas transactions. Airwallex stands out with 23+ local currency accounts, operations in 60+ countries, and fast, cost-effective transfers to 150 countries.

Can I open a business account from a fintech alongside my corporate account? 

Yes, a fintech business account can complement a traditional corporate account by offering lower-cost international transfers, fewer fees, and streamlined financial operations. This allows businesses to save money and reduce administrative tasks while still enjoying the services of a traditional bank.

As your business grows beyond Singapore, you may want to consider fintech providers that offer purpose-built business solutions like payment gateway solutions, invoicing software integrations, company cards, and expense management.

Sources: 

1. https://www.acra.gov.sg/training-and-resources/facts-and-figures/statistical-highlights-2024

2. https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company

3. https://www.mas.gov.sg/regulation/anti-money-laundering

4. https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.