Business banking in Singapore: fees and how to open

Snapshot

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: Varies by provider. Foreign owned companies usually take longer 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

Fees and features as of 11 October 2026Last updated 11 October 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Singapore is one of the easier places in Asia to bank as a registered company, with strong choice between the three large local banks and a set of neobanks. As of 11 October 2026 you first register the company with ACRA to get a Unique Entity Number, then open the account. Local owners can often apply online using Singpass and Corppass, while foreign owned companies face enhanced due diligence and sometimes an in person visit. Confirm details with the provider, since they vary by business profile.

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. Singapore company law sets a local director requirement, which shapes who can incorporate in the first place. Check the current rule with ACRA. 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 11 October 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?

A company registered with ACRA, the Accounting and Corporate Regulatory Authority, with a Unique Entity Number can open a business account. Local owners can usually apply online with Singpass and Corppass, while foreign owned companies often face enhanced checks. Confirm the current eligibility with the provider as of 11 October 2026.

How long does it take to open a business account in Singapore?

A local company applying online can sometimes be set up within days. Foreign owned companies at the traditional banks should expect enhanced due diligence, which takes longer, and in many cases an in person visit by a director. Confirm the current timeline with the provider.

Can a non resident open a business account in Singapore?

It is possible but harder. Some traditional banks require a director to attend in person, while others assess remote video checks case by case. Several neobanks onboard online. Availability depends on your business profile, so verify with the provider before applying.

Is there a free business account in Singapore?

Some neobanks offer an entry plan with no monthly fee, such as Aspire, Wise, and Airwallex as of 11 October 2026, though transaction and currency costs still apply. Traditional bank accounts can carry a monthly fee or a minimum balance, so check the bank's price list. Confirm the current pricing with the provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 11 October 2026. Confirm current terms with the provider before applying.

Business banking in Singapore