How to open a business bank account in Singapore: eight steps

The eight steps at a glance

Timings come from ACRA pages checked in October 2026; banks publish no standard review time, and this guide does not estimate one.

Phase 1: set up the company

1. Step 1: Incorporate the company and appoint its officers

   • What you need: an approved company name, constitution, details of directors, shareholders and company secretary, and a registered office address in Singapore.
   • Time and cost: ACRA's registration fee for a local company is S$300. ACRA states that "most registrations are approved soon after payment"; complex applications take up to 15 working days, and those referred to other government agencies take 14 to 60 days (ACRA Bizfile page, updated 19 October 2026).
   • Who does it: only the name applicant, who must also be a director or secretary, or a corporate service provider (CSP) can file. Individuals log in with Singpass; CSPs use Corppass. ACRA states that "foreigners must engage a Corporate Service Provider (CSP) to reserve a name and register a business structure".
   • Common sticking points: every company needs at least one director who is ordinarily resident in Singapore and aged 18 or above. Qualifying residents include citizens, PRs and holders of a valid Employment Pass, Personalised Employment Pass or ONE Pass. A secretary must be appointed within six months, and an auditor within three months unless the company is exempt. Nominee directors must disclose their nominee status to the company.

2. Step 2: Set up the register of controllers and corporate records

   • What you need: the identity of every individual or entity with significant interest or control. ACRA defines significant interest as more than 25% of shares or voting rights. Where no controller can be identified, a director with executive control and the CEO are treated as controllers.
   • Time: companies registered on or after 16 June 2025 keep the register from registration and file controller information with ACRA at incorporation. After that, all companies must file updates with ACRA within 2 business days of entering or updating information in their own register (ACRA RORC Guidance v2.0, paragraphs 10.1.2–10.1.3).
   • Who does it: the company secretary or CSP, with input from shareholders.
   • Common sticking points: an unrecorded share transfer, or an ownership chart that does not match ACRA filings, triggers bank questions later; banks may also ask about owners below 25%.

3. Step 3: Set up Corppass and digital identities for directors

   • What you need: a Corppass admin for the company and user accounts for people who will transact with government and some bank services.
   • Time: no published standard; allow time for overseas directors.
   • Who does it: the company's Corppass admin.
   • Common sticking points: directors without NRIC or FIN do not have regular Singpass. IRAS explains that a Singpass Foreign user Account (SFA) is issued automatically by Corppass when a Corppass user account is applied for, and works only for the services of the organisation that issued it (IRAS, updated 13 August 2026). Some bank online channels still require the applicant to hold regular Singpass. UOB, for example, says a Singaporean Singpass holder must start its online application where directors are foreign, and its online route requires at least one owner or director who is a citizen or PR (UOB eBusiness page, checked October 2026).

Phase 2: choose the bank and prepare

1. Step 4: Decide what the account must do

   • What you need: a short profile of intended use, covering currencies, countries you will pay and receive from, expected monthly volumes, typical balances, whether you need PayNow (companies use their UEN as the PayNow identifier, per ABS), cards, trade finance or payroll.
   • Time: internal; usually done alongside step 1.
   • Who does it: founders and the finance lead.
   • Common sticking points: this profile becomes the bank's baseline for monitoring under Notice 626. Estimates far below actual activity cause queries after opening, and vague answers ("general trading", "various countries") cause queries before it.

2. Step 5: Check eligibility before choosing a bank

   • What you need: a clear view of shareholder nationalities and residency, directors' Singpass status, place of incorporation, and whether any shareholder is a company or trust.
   • Time: internal.
   • Who does it: management, often with the CSP or an adviser.
   • Common sticking points: published routes depend on ownership: instant online opening at DBS and OCBC is limited to companies wholly owned by citizens or PRs, and digital banks apply their own citizenship, PR or Singpass tests. Compare eligibility first and fees second; see corporate accounts, digital banks and the bank comparison.

3. Step 6: Prepare the document pack

   • What you need: entity documents, board resolution and mandate, IDs for directors, signatories and beneficial owners, an ownership chart, a business profile, financial evidence where relevant, and CRS and FATCA self-certifications. The full list is on the corporate checklist.
   • Time: depends on how many entities and jurisdictions are involved; overseas certification and translation usually add the most time. No standard is published.
   • Who does it: company secretary, accountant and, for layered structures, a lawyer.
   • Common sticking points: inconsistent names, addresses or percentages across documents; certified copies older than the bank accepts; and no explanation for the source of share capital and initial deposit.

Phase 3: apply, activate and maintain

1. Step 7: Apply and respond to due-diligence questions

   • What you need: the document pack, plus availability of directors and owners for verification, which may include video calls or branch visits.
   • Time: varies with ownership complexity, risk factors and how complete the file is. Banks do not publish a standard business-account review time.
   • Who does it: the company's authorised applicant, with the bank's onboarding or relationship team.
   • Common sticking points: banks often ask follow-up questions about business activity, source of funds and ownership. MAS has asked banks to keep these requests proportionate (Circular AMLD 05/2026; see KYC and CDD). If due diligence cannot be completed, Notice 626 prohibits the bank from opening the account. See the red flags checklist.

2. Step 8: Activate, fund and maintain the account

   • What you need: the initial deposit, ideally from a source consistent with what you declared; online banking tokens or app set-up for signatories.
   • Time: activation follows approval; maintenance is ongoing.
   • Who does it: the finance lead and signatories.
   • Common sticking points: fall-below fees once introductory waivers end; published tariffs are compared in business fees and deposit insurance. Report changes in directors, owners, address or tax residency promptly, and expect periodic reviews. Reporting financial institutions file CRS information with IRAS by 31 May each year.

Why timelines stretch and how to keep them short

Most delays at the bank stage come from information gaps rather than from the rules themselves. The table lists the patterns that recur, mapped to the step where they can be prevented.

This site does not open accounts or register companies, and outcomes rest with each bank.