To open a business account in Singapore you need a company registered with ACRA and its Unique Entity Number. Local owners can often apply online with SingPass and CorpPass, while foreign owned companies usually face enhanced checks and may need an in person visit.
- Can a non resident open
- Possible but harder, varies by provider
- Typical timeline
- Days for local online, 4 to 8 weeks for foreign owned at traditional banks
- Free account available
- Yes, some neobank entry plans have no monthly fee
- Most providers
- Traditional banks and neobanks both serve Singapore business customers
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How business banking works in Singapore
Singapore has a deep and competitive market. The three large local banks, DBS, OCBC, and UOB, serve businesses of every size, and a group of neobanks such as Aspire, Wise, and Airwallex serve companies that want multi currency accounts and online onboarding. Before any account, the company must exist on the public register, so registration comes first and banking second.
Who can open a business account
A company registered with ACRA, the Accounting and Corporate Regulatory Authority, with a Unique Entity Number can apply for a business account. Under the Companies Act, a Singapore company must have at least one director who is ordinarily resident in Singapore, which shapes who can incorporate in the first place. For banking, local owners can usually apply online with SingPass and CorpPass, with company details pulled from the government MyInfo Business service, while foreign owned companies face enhanced checks. Confirm the current eligibility with the provider.
Traditional banks compared with neobanks
The local banks offer a full branch and cash service, local payment access, and lending, but they apply careful due diligence and may ask a director to attend in person, especially for foreign owned companies. Neobanks tend to onboard online, hold multiple currencies, and start with low or no monthly fees, but they are payment and account services rather than full banks, so they may not cover cash handling or lending. The right fit depends on what your business actually needs.
Requirements and documents
Expect to prove who the company is and who controls it, and to pass know your customer checks. Verify with the provider
- The Unique Entity Number and the company business profile from ACRA, together with the certificate of incorporation
- A board resolution authorising the account, and identification plus proof of address for directors, shareholders, and beneficial owners
- For local owners, SingPass and CorpPass to apply online, with details drawn from MyInfo Business
How to open an account
- Register the company with ACRA and obtain the Unique Entity Number and business profile
- Choose a provider that fits your needs, then prepare the documents and a board resolution
- Apply online where eligible, or arrange the in person verification a traditional bank may require, then complete the know your customer checks
Compare business accounts available in Singapore
These providers accept business customers in Singapore. Fees and eligibility shown as of 15 June 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about business banking in Singapore
Who can open a business bank account in Singapore?
How long does it take to open a business account in Singapore?
Can a non resident open a business account in Singapore?
Is there a free business account in Singapore?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 15 June 2026. Confirm current terms with the provider before applying.