Singapore bank account opening — DBS, OCBC, UOB, Wise, Aspire — Documents required and templates

Singapore bank account opening is the step that turns a newly incorporated company into an operating business. Whether you choose a traditional bank such as DBS, OCBC or UOB, or a digital multi-currency provider such as Wise or Aspire, the account decision shapes your cash flow, foreign-exchange costs and compliance. This guide compares the options, lists the documents required, and gives you the templates to speed up onboarding.

Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.

Traditional banks versus digital providers

The three local banks — DBS, OCBC and UOB — offer full-service corporate accounts, cheque books, trade finance and local GIRO, but apply thorough know-your-customer (KYC) checks and may require a director to attend in person. Digital providers such as Wise Business and Aspire open faster, excel at multi-currency and cross-border payments, and suit online-first businesses, though they are payment institutions rather than deposit-taking banks. Many founders open a digital account first for speed, then add a local bank account as the business matures.

Who this is for

It is for foreign founders who have just incorporated, existing companies adding a foreign-currency account, and businesses frustrated by slow onboarding who want to know what the banks actually need. The document set is broadly similar across providers; the difference is turnaround.

Eligibility and KYC expectations

Banks assess the nature of the business, the source of funds, the residency of directors and beneficial owners, and the expected transaction profile. A local resident director generally smooths onboarding, though it is not always mandatory. Providers apply customer due diligence obligations that flow from the anti-money-laundering framework overseen by the Monetary Authority of Singapore, so a clear, documented business model is your best asset.

Documents required

Prepare the ACRA business profile (BizFile+ extract), the company constitution, a board resolution approving the account opening and authorised signatories, identification and proof of address for all directors, shareholders and beneficial owners holding 25 per cent or more, and a description of the business with expected turnover and counterparties. A standing template for the account-opening board resolution and a signatory mandate saves time across multiple providers.

Cost and timeline benchmarks

Local bank corporate accounts often carry a minimum balance of S$1,000 to S$10,000 and monthly fall-below fees of around S$35 to S$50 if the balance is not maintained. Digital accounts usually have no minimum balance and lower monthly fees. Onboarding timelines range from same-day to two weeks for digital providers, and from one to six weeks for traditional banks depending on the risk profile and whether an in-person meeting is required.

Common mistakes and gotchas

The most common problem is an incomplete beneficial-owner picture, which stalls KYC; banks want a clean chart down to the individuals. Others underestimate fall-below fees, or assume a digital payment account is a substitute for a deposit-taking bank when trade finance is needed. If you are hiring while you set up banking, our colleagues explain approvals in S Pass approval tips for Singapore employers. Where you are acquiring or selling a business alongside opening accounts, the GST transfer of a going concern rules can change your cash position. For help deciding who manages your ongoing compliance, read our comparison of AI corporate secretary platforms versus traditional providers.

FAQs

Do I need a resident director to open a corporate account? Not always, but a local resident director usually speeds up onboarding at the traditional banks.

How long does account opening take? Same-day to two weeks for digital providers; one to six weeks for DBS, OCBC or UOB depending on risk.

Are Wise and Aspire banks? They are licensed payment institutions offering business accounts, not deposit-taking banks; they suit multi-currency and cross-border needs.

What is a fall-below fee? A monthly charge — often S$35 to S$50 — applied when your balance drops below the required minimum.

Who regulates these providers? The Ministry of Manpower governs your hiring, while the account providers operate under the anti-money-laundering framework of the tax and regulatory authorities; company records are filed with ACRA.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.