How to open a business account in Singapore? Process, requirements and best options

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.

Singapore continues to be a thriving hub for entrepreneurship, with approximately 58,000 companies incorporated in 2025. As more businesses emerge, having a business bank account in Singapore has become essential not only for managing your company’s finances, but also for meeting regulatory requirements and building financial credibility.

Whether you’re launching a startup or expanding an existing company, this guide walks you through how to open a business account in Singapore, covering the requirements, account opening steps, and the most common bank accounts available today.

We’ll also show you how Airwallex business accounts can streamline your setup with fully digital onboarding, zero monthly fees, and built-in multi-currency features, so you can manage global finances from Singapore in one place.

What is a business account?

A business account is a type of account specifically designed for companies and registered businesses. Unlike personal accounts, business accounts are tailored to handle business banking such as receiving payments from clients, paying suppliers, managing payroll, tracking business expenses, and day-to-day business finances.

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

A dedicated business bank account helps you keep business funds separate, simplify tax reporting, and access business banking features like online banking, bulk payments, and integrations with accounting platforms. This separation makes it easier for you to manage your company’s finances as your operations grow.  

There’s a wide range of business accounts available in Singapore from both traditional banks, digital banks, and non-bank digital providers, with different fees, features, and service options depending on your needs. When choosing one, think about what your business may need in the future, not just what it needs to operate today.

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:

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

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

3. Your provider conducts KYC checks

4. 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.

How to choose the right business account

There's a wide range of business bank 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 and annual account fees

• International and local transfer fees

• Multi currency account support for international payments

• Minimum balance requirements and average daily balance thresholds

• Fall below fee charges

• Accounting software and accounting platforms integration

• Access to corporate cards and tools for managing business funds

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

Note: The information in this table has been reviewed to be accurate as of 1 January 2026.

With zero monthly fees, no international transfer charges, and seamless integration with leading accounting platforms, fintech solutions like 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.

Costs and fees to open a business bank account

The cost of a business account opening in Singapore varies depending on the bank and the type of business bank 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 fee charges linked to minimum balance or average daily balance requirements, and charges for features like multi-currency support or international transfers. Over time, these costs can add up to several hundred or even thousands of Singapore dollars each year, especially for businesses handling frequent cross-border payments.

That said, not all business accounts come with these costs. For example, 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.

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.

Benefits of opening a business account

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

• 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.

• Professionalism and credibility: Using a business 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.

• Access to business banking tools: Business 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.

• Tax benefits and compliance: A business account makes it easier to claim tax deductions and prepare accurate tax filings. It also simplifies the process if Inland Revenue Authority of Singapore (IRAS) requests documentation, as all business transactions are neatly separated and recorded.

• 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.

For startups, SMEs, and freelance businesses alike, a good business account provides the foundations you need to manage your business finances and support long-term growth.

Airwallex: the better, faster and more cost-effective business account

A lot of finance setups still look like they were patched together over time. One bank account here, a separate payments provider there, a spreadsheet or two holding everything together. It works, until it doesn’t. Once you start operating across markets, currencies, and payment methods, that patchwork approach creates more friction than flexibility. Finance teams end up spending their time reconciling systems instead of running the business.

Modern businesses want fewer tools, cleaner data, and financial operations that hold up when payment preferences change, FX conditions move, or suppliers sit in three different regions. This is what Airwallex is built for, giving you business accounts, payments, spend, and FX on one global platform, so managing money feels joined-up rather than improvised.

Airwallex Business Account lets you open domestic and foreign currency accounts in 21 countries and collect funds like a local from over 70 countries. Payments can be accepted through 160+ local payment methods, while multi-currency corporate cards support company and employee spending in 60+ markets. For payouts, businesses can send funds to 200+ countries, with 120+ using local rails instead of SWIFT, helping reduce delays and cut FX costs by up to 80% compared to traditional bank transfers.

This combination played out perfectly for Love, Bonito. As the Singapore-born womenswear brand expanded across Southeast Asia and beyond, paying overseas suppliers through traditional banking rails became expensive and unpredictable. After switching to Airwallex, Love, Bonito reduced cross-border transfer costs by around 25%. Payments that once took days now arrive on the same day for 95% of transfers, improving cash flow and strengthening supplier relationships as the business scaled internationally.

Unlike traditional banks or single-purpose fintech tools, Airwallex gives you visibility and control over your global finances from one dashboard. Whether you’re setting up your first overseas market or managing a complex international operation, everything from accounts and payments to FX and spend lives in one place. That means fewer workarounds, clearer costs, and financial operations that scale with your business, not against it.

Frequently asked questions (FAQs)

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

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

Business bank 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. These accounts are entirely online, and 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.

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

Yes, a fintech business account complements a traditional business account by offering lower-cost international transfers, fewer fees, and streamlined financial operations. This allows you 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.

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 supports 23+ local currency accounts, operates in 60+ countries, and enables fast, cost-effective transfers to over 150 countries.

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, allowing you to answer key questions and upload documents online in as little as one to two business days.

Sources: 

1. https://www.acra.gov.sg/training-and-resources/facts-and-figures/business-registry-statistics

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.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

5. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account

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

7. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

8. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b

9. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

10. https://www.uobgroup.com/online-rates/foreign-exchange-rates-against-singapore-dollar.page

11. https://www.cimb.com.sg/en/business/help-support/rates-charges/rates/foreign-exchange-rates.html

12. 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.