Opening a Corporate Bank Account in Singapore

Zelda Xie6 minutes
Opening a Corporate Bank Account in Singapore
In this article

Opening a corporate bank account in Singapore makes business transactions so much easier. A corporate bank account helps separate your personal spending from company spending, making all your payment logs clear and easily understood immediately. 

Singapore’s status as a global business and economic hub means that she has a variety of banks that offer corporate bank accounts, along with other privileges such as multi-currency accounts, cashbacks, and reward systems. In this article we’ll go through the hows and whys, and what you should look out for when opening a corporate bank account in Singapore.

How to Open a Corporate Bank Account in Singapore

Opening a corporate bank account in Singapore is easy and straightforward - if you have the relevant documents on hand. 

Once you have the relevant documents ready, you can either open a corporate bank account via online or in-person appointment. After that, you’ll have to pay a minimum deposit -- this amount ranges from bank to bank. 

Then, the bank will create your corporate bank account once your application is approved.

Considerations When Choosing a Corporate Bank Account

With so many options, choosing the bank to open a corporate bank account can seem complicated. However, one thing that should be at the top of your list is your company’s needs. Does your company deal with clients from overseas and require a multi-currency corporate account? Does your company spend a considerable sum of money and is looking for cashback? These should always be taken into consideration before coming to a decision.

Fees when opening a Corporate Bank Account

Both before and after opening a bank account, you’d need to keep in mind the different fees you’ll need to pay. Some examples include:

  1. Set up fees: this is paid when you’re setting up the bank account. 

  2. Minimum deposit: this will vary depending on the bank, but will generally range between no minimum deposit to $3000. Read more here.

  3. Monthly average balance: the minimum amount you should have in your bank account daily

  4. International transfer fees: such fees will still apply when you send money to another country

Documents required to open a Corporate Bank Account in Singapore

Before opening a business bank account, make sure you have copies of these documents on hand:

  1. A resolution by your company’s board of directors

  2. Your company’s certificate of incorporation

  3. Your company’s business profile

  4. Your company’s Memorandum and Articles of Association (MAA)

  5. Copies of passports or Singapore ICs of all the company directors

  6. Proof of residential addresses of the directors and ultimate beneficial owners of the company

All copies of documents must be “Certified True”. Some banks may request for original documents for further verification. Other banks may also require a notary to be present during the signing of documents.

How long does it take to open a corporate bank account?

Opening a corporate bank account in Singapore takes anywhere from a week to a month, depending on how quickly you submit the verification documents and how quickly the documents are signed.

Who is Authorised to Open a Corporate Bank Account?

You can open a corporate bank account if you meet these requirements:

  1. You’re a director of your company

  2. You’re an authorised signatory at your company who is listed on the Board Resolution

  3. You pass the bank’s assessment. These may include checks on your identity and background, and the industry and nature of your company, among others. 

Singapore is strict with the opening of corporate bank accounts, but this ensures that the companies set up are genuine and do not go against the rules of Singapore and her banks.

What is a Multi-Currency Business Bank Account?

A multi-currency bank account is one that allows you to hold different currencies, which enables your company to deal with foreign customers without having to go to the bank in person. Some banks, like OCBC and UOB, offer multi-currency business bank accounts. 

However, as with all other transactions, a multi-currency business bank account would still incur charges when you transfer money to foreign clients. These vary from bank to bank. For example, OCBC charges $10 for inward payment fee while UOB charges $20. There are also other fees like minimum balance; OCBC requires $5000 while UOB requires $10000. Read more here.

Because of the additional fees, maintaining a multi-currency bank account may also be more expensive than a local currency account. But that's not a worry since most banks offer multi-currency business bank accounts.

Airwallex Multi-Currency Business Account

If you’re still worried that opening a corporate bank account might be difficult, the Airwallex Multi-Currency Business Account helps keep your worries at bay. 

With Airwallex, you can set up a business account within minutes and start paying and receiving money from your suppliers and clients immediately. This means that you’ll not need to visit a bank branch or sign documents in front of a public notary. Everything is done online, and your corporate account will be opened just with a few clicks. 

You can also avoid unnecessary conversion fees that traditional banks charge. There are also no annual card fees and no minimum transactions. You can even connect the multi-currency corporate account to your virtual cards, which makes foreign transactions a much easier process.

Sounds good? Book an online demo with us today to find out how an Airwallex Multi-Currency Business Account helps you save more. 


  • Is it easy to open a corporate bank account in Singapore? Yes, opening a corporate bank account in Singapore is an easy and straightforward process, if you have the necessary documents on hand (which must all be True Certified) and can sign in the presence of a public notary (depending on your bank).

  • Can I open a business bank account online in Singapore? Yes, some banks like DBS and OCBC allow you to open a corporate bank account online. Others may require a face-to-face meeting or will only strictly allow in-person applications. 

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Zelda Xie
Content Writer

Zelda is a content writer at Airwallex SG. Outside of work, she is always on the hunt for the best aburi sushi and mandopop ballads. She has a soft spot for ginger tabbies and plans to adopt one.

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