Comprehensive Guide To Open A Corporate Bank Account in Singapore

Did you know that over 90% of companies in Singapore rely on a dedicated business bank account to manage their finances, ensure compliance, and build credibility with partners?

If you’re starting a company in Singapore, opening a business bank account is one of the first and most important steps you’ll take. But for many entrepreneurs—especially foreign founders—the process can feel complicated.

This guide explains how to open a business bank account in Singapore, the documents you’ll need, challenges to expect, and how Grof can simplify the process for you.

TL;DR 🚀

Opening a business bank account in Singapore is a must for credibility, compliance, and smooth financial management.

• Locals: Process takes 5–10 days, main challenge is picking the right account.
• Foreigners: Expect 10–20 days due to stricter KYC and travel requirements.
• Requirements: Incorporation papers, IDs, proof of address, and (for foreigners) contracts or a business plan.
• Options: Choose between traditional banks (full services, higher fees) and neobanks (faster, lower cost, digital-first).
• Pro tip: Partner with Grof to prepare documents and connect with the right banks—saving time, money, and stress.

👉 In short: Do your homework, get your paperwork right, and let Grof make account opening hassle-free.

Why Your Company Needs a Business Bank Account

Opening a company bank account isn’t just an administrative step—it’s a business foundation. Here’s why:

• Separates personal and business finances – keeps your accounts clean and compliant.
• Builds professionalism and trust – clients and investors prefer companies with a corporate account.
• Facilitates growth – access to loans, trade finance, and international transfers.
• Simplifies compliance – makes tax filing, audits, and record-keeping much easier.

👉 Without one, you risk credibility issues, cash flow headaches, and complications during audits or fundraising.

Requirements to Open a Business Bank Account in Singapore

Banks in Singapore follow strict Monetary Authority of Singapore (MAS) guidelines. While both locals and foreigners can open accounts, requirements differ slightly.

Here’s a side-by-side comparison:

💡 Tip: Banks may request additional supporting documents depending on your industry and business model.

Step-by-Step Guide: How to Open a Business Bank Account in Singapore

Opening an account becomes much simpler when you break it into clear steps:

1. Choose your bank – Compare fees, services, and features (multi-currency, trade financing, digital tools).
2. Prepare your documents – Incorporation papers, IDs, and proof of address. Foreigners should add contracts or a business plan.
3. Submit your application – Either online (if available) or in person.
4. Attend KYC checks – Directors/shareholders may be required to meet with the bank officer.
5. Approval & activation – Once approved, you’ll receive your account details, usually within 1–2 weeks.

Common Challenges and How to Overcome Them

Even with preparation, entrepreneurs face hurdles. Here’s what to expect and how to solve them:

Challenge 1: Choosing the Right Account (Locals)

Many Singapore-based founders struggle to compare different bank accounts, each with its own fees and minimum balance.

Solution: Grof helps you assess your business needs and recommend banks that align with your budget and growth plans.

Challenge 2: Meeting KYC Requirements (Foreigners)

Foreign directors often face stricter checks and may need to fly into Singapore for verification.

Solution: Grof works with partner banks experienced in handling foreign-owned companies. We also help prepare your documents to avoid delays.

Traditional vs Digital Business Accounts

You now have two main choices:

Traditional Banks

• Wide branch network and personal banker support.
• Full-service facilities: loans, trade finance, treasury management.
• Higher fees and stricter requirements.

Digital/Neobanks

• Low or zero fees, no physical branch needed.
• 24/7 account access and fast onboarding.
• Integrated tools for invoicing, expense tracking, and bookkeeping.
• Limited face-to-face support.

👉 If you value speed and tech integration, neobanks are attractive. But if you need complex financial products, traditional banks may serve you better.

How Grof Supports Your Business

At Grof, we don’t directly provide business accounts anymore—but we partner with leading banks in Singapore to make the process smoother for entrepreneurs.

Here’s how we help:

• Document preparation – Ensure everything is correct before submission.
• Bank connections – Introduce you to the right banking partners for your business type.
• Compliance guidance – Especially for foreign founders navigating MAS rules.
• Time savings – Avoid rejection and repeated paperwork.

With Grof, you’ll spend less time on banking formalities and more time growing your company.

Conclusion

Opening a business bank account in Singapore is essential for credibility, compliance, and growth. While locals may find the process straightforward, foreign entrepreneurs face additional challenges with KYC and presence requirements.

The good news? With the right preparation and guidance, you can open your account in as little as 5–20 working days.

🚀 Ready to simplify your business bank account opening? Work with Grof to get expert support, prepare the right documents, and connect with the right banking partners in Singapore.