How to open a business account in Singapore: steps, documents, timeline

Snapshot

To open a business account in Singapore you first register the company with ACRA and get its Unique Entity Number, then apply to a provider with the company documents, a board resolution, and identification for directors and beneficial owners. Local owners can often apply online with SingPass and CorpPass, while foreign owned companies face enhanced checks and may need an in person visit. As of 30 January 2026.

Step one: Register the company with ACRA and obtain the Unique Entity Number and business profile.
Who can apply: A company registered with ACRA with a Unique Entity Number. Local owners apply online with SingPass and CorpPass.
Typical timeline: Days for a local company applying online, often 4 to 8 weeks for foreign owned companies at traditional banks. As of 30 January 2026.
Always: Confirm the current process and documents with the provider.

Fees and features as of 30 January 2026Last reviewed 30 January 2026

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

To open a business account in Singapore you register the company with ACRA first, then apply to a bank or neobank. You need the Unique Entity Number and business profile, a board resolution authorising the account, and identification plus proof of address for directors, shareholders, and beneficial owners. Local owners can usually apply online using SingPass and CorpPass, with company details drawn from the government MyInfo Business service. Foreign owned companies face enhanced due diligence and sometimes an in person visit, which can take 4 to 8 weeks at a traditional bank. Neobanks such as Aspire, Wise, and Airwallex tend to onboard online. Figures are shown as of 30 January 2026, so confirm the current process with each provider.

The order of steps in Singapore

Registration comes first and banking second. A company must exist on the public ACRA register, with a Unique Entity Number, before a provider will open an account for it. Under the Companies Act, a Singapore company must have at least one director who is ordinarily resident in Singapore, which shapes who can incorporate. Once the company exists, you choose a provider, prepare the documents, and pass know your customer checks. As of 30 January 2026.

Applying as a local owner

Local owners can usually apply online. SingPass identifies the individual, CorpPass authorises them to act for the company, and the MyInfo Business service can pull the company details into the application so you retype less. A local company applying online can sometimes be set up within days. The neobanks and the local banks both support this route, though the exact steps vary. As of 30 January 2026. Confirm the current process with the provider.

Applying as a foreign owned company

Foreign owned companies face enhanced due diligence. A traditional bank may ask a director to attend in person and may take around 4 to 8 weeks to complete checks, while some neobanks assess remote video checks case by case. Acceptance depends on the business profile, the ownership structure, and the activity of the company, so the position is not the same for every applicant. As of 30 January 2026. Verify with the provider before you apply.

Documents to prepare

Most providers ask for the same core set. The exact list varies. Verify with the provider

The Unique Entity Number and the company business profile from ACRA, with the certificate of incorporation.
A board resolution authorising the account, plus identification and 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 step by step

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 30 January 2026. Confirm current terms with the provider before applying.

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Questions about how to open a business account in Singapore

What do I need to open a business account in Singapore?

You need a company registered with ACRA and its Unique Entity Number, the company business profile and certificate of incorporation, a board resolution authorising the account, and identification plus proof of address for directors, shareholders, and beneficial owners. Local owners also use SingPass and CorpPass to apply online. As of 30 January 2026. Confirm the current list with the provider.

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, often around 4 to 8 weeks, and in many cases an in person visit by a director. As of 30 January 2026. Confirm the current timeline with the provider.

Can I open the account before registering the company?

No. The company must exist on the ACRA register with a Unique Entity Number before a provider will open a business account for it, so registration comes first and banking second. As of 30 January 2026. Verify with the provider.

Do I have to visit a branch in person?

It depends on the provider and the ownership. Local owners can often complete the whole process online with SingPass and CorpPass. Foreign owned companies at traditional banks may be asked to send a director in person, while some neobanks assess remote video checks case by case. As of 30 January 2026. Confirm with the provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 30 January 2026. Confirm current terms with the provider before applying.