A non resident or foreign owned company can open a business account in Singapore, but it is harder than for a locally owned company. Traditional banks apply enhanced due diligence and may require a director to attend in person, while some neobanks onboard foreign owned companies online. The company must still be registered with ACRA and have a Unique Entity Number. As of 27 April 2026.
- Availability
- Possible but harder for foreign owned companies. Varies by provider and business profile.
- Traditional banks
- Enhanced due diligence, often an in person visit, around 4 to 8 weeks. As of 27 April 2026.
- Neobanks
- Aspire, Wise, and Airwallex often onboard foreign owned companies online, subject to checks. As of 27 April 2026.
- Always
- Confirm the current position with the provider before you apply.
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
What non resident means here
In Singapore the practical question is usually not whether the owner lives abroad but whether the company is foreign owned, since a Singapore registered company is the entity that holds the account. A company with overseas shareholders or directors can register and bank in Singapore, but it must still meet the Companies Act rule that at least one director is ordinarily resident in Singapore, and it will face closer checks on ownership and source of funds. A purely overseas company with no Singapore registration is a different case and is generally not eligible for a local business account. As of 27 April 2026.
The traditional bank route
DBS, OCBC, and UOB accept foreign owned companies but apply enhanced due diligence. They look closely at the ownership structure, the beneficial owners, and the nature of the business, and they may require a director to attend in person to complete identity checks. The process can take around 4 to 8 weeks, longer than for a locally owned company. A bank may decline a profile it sees as higher risk, so it is sensible to ask about eligibility before committing. As of 27 April 2026. Verify with the bank.
The neobank route
Neobanks such as Aspire, Wise, and Airwallex often onboard foreign owned Singapore companies online, sometimes with remote video checks, which can be faster than the traditional banks. They still run know your customer checks on directors and beneficial owners and may ask for more detail where the structure is complex. They are payment service providers rather than full banks, so funds are safeguarded or held at partner banks rather than covered by the SDIC deposit insurance scheme. As of 27 April 2026. Confirm the current onboarding rules with the provider.
What foreign owned applicants are asked for
Expect closer checks than a local company faces. The exact list varies. Verify with the provider
- Full ownership detail, including beneficial owners, and identification plus proof of address for each.
- Evidence of the business activity and, in some cases, the source of funds.
- The ACRA business profile, the certificate of incorporation, and a board resolution authorising the account.
How to approach it as a foreign owned company
- Confirm the company is registered with ACRA, holds a Unique Entity Number, and meets the resident director rule.
- Ask each provider about eligibility for your ownership structure before you apply, since acceptance varies.
- Prepare full ownership and source of funds detail, then complete the in person or remote checks the provider requires.
Compare business accounts available in Singapore
These providers accept business customers in Singapore. Fees and eligibility shown as of 27 April 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about non resident accounts in Singapore
Can a non resident open a business account in Singapore?
Does the company need a resident director?
How long does it take for a foreign owned company?
Can an overseas company with no Singapore registration open an account?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 27 April 2026. Confirm current terms with the provider before applying.