Opening a corporate bank account in Singapore is a key step for businesses setting up in the country. The process is straightforward but requires proper documentation and compliance with banking regulations.
Most banks require a company’s incorporation documents, proof of address, business plan, and information about directors and shareholders. Depending on the bank and business risk profile, a face-to-face meeting may be required.
Foreign-owned companies can also open accounts, though additional scrutiny may apply. It's common for fintech and startups to start with digital banks before upgrading to full-service accounts.
FAQs:
Q: How long does it take to open a business account?
A: Typically 5 to 15 working days, depending on the bank and completeness of documents.
User Comments:
- “We chose UOB because of its SME-friendly account packages.”
- “Digital onboarding saved us a trip and worked seamlessly.”
Editor’s Note:
Early preparation of documents ensures smoother processing and increases the chance of approval.