How to open a business bank account in Singapore

Singapore is welcoming more and more international businesses to the republic. As a result, banks in Singapore are also becoming easier to work with.

The US has a Free Trade Agreement (FTA) with Singapore since 2004 which supports a close and cooperative trade relationship.⁴ Sales of services in Singapore by majority US-owned affiliates already reached $88.1 billion in 2018.⁵

Opening a corporate bank account in Singapore as a US citizen is a straightforward process once you know the requirements.

Read on for information about what business types are welcome, the process for opening an account, and a rundown of which banks to consider.

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Can I open a business bank account in Singapore from the US?

Yes. US citizens and US-registered companies can open business bank accounts in Singapore.¹ Most banks will require the account signatories and the company's majority directors to be physically present in Singapore to sign paperwork.
However, some of the larger international banks — like HSBC and Citibank — allow you to sign the necessary documents at one of their overseas branches, or in the presence of a notary public.¹
A few things to keep in mind if you're opening an account from outside Singapore:

• All documents must be submitted in English. If originals are in another language, you're responsible for providing certified translations¹
• Original passports of all authorized signers, directors, and Ultimate Beneficial Owners must be presented for verification¹
• Documents signed outside Singapore typically need to be witnessed by bank staff at an international branch, a notary public, or the Singapore High Commissioner¹

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Can I open a business bank account in Singapore from the US?

Yes. US citizens and US-registered companies can open business bank accounts in Singapore.¹ Most banks will require the account signatories and the company's majority directors to be physically present in Singapore to sign paperwork.

However, some of the larger international banks — like HSBC and Citibank — allow you to sign the necessary documents at one of their overseas branches, or in the presence of a notary public.¹
A few things to keep in mind if you're opening an account from outside Singapore:

• All documents must be submitted in English. If originals are in another language, you're responsible for providing certified translations¹
• Original passports of all authorized signers, directors, and Ultimate Beneficial Owners must be presented for verification¹
• Documents signed outside Singapore typically need to be witnessed by bank staff at an international branch, a notary public, or the Singapore High Commissioner¹

Can a foreigner open a business bank account in Singapore?

Yes. Singapore's banking system is open to foreign business entities.¹ The process depends on where your company is incorporated.
Singapore-incorporated companies (including subsidiaries of foreign parent companies) generally have a smoother process. If the company is locally registered and fully owned by Singapore citizens or permanent residents, some banks may allow entirely online applications.²

Foreign-registered companies — such as a US LLC or corporation — will need to submit official documentation from the relevant government authority or Registrar of Companies.¹ Companies incorporated in jurisdictions classified as tax havens may face additional requirements, including providing a Certificate of Incumbency issued within the past 12 months.

In either case, banks will conduct standard Know Your Customer (KYC) checks, which may include verifying the identity of beneficial owners and the source of funds.

Can I open a bank account in Singapore as a US citizen?

Yes, US citizens can open business bank accounts in Singapore. The process is largely the same as for other foreign nationals, with one notable addition: FATCA compliance.

Under the Foreign Account Tax Compliance Act (FATCA), Singapore banks are required to identify US account holders and report certain account information to the IRS. This means you'll likely need to:

• Complete a W-8BEN-E or W-9 form (depending on your entity type)
• Provide your Employer Identification Number (EIN) or Social Security Number
• Consent to the bank sharing account information with US tax authorities

This doesn't prevent you from opening an account — it just means a bit more paperwork. Some banks may take slightly longer to process applications from US persons due to these additional compliance steps.

Can a non-resident open a bank account in Singapore online?

It depends on the bank and your company's registration.
For Singapore-registered, locally-owned companies, several banks offer online account opening:

• DBS allows eligible businesses to open a Multi-Currency Account online if company information is retrievable via government-verified sources like MyInfo or ACRA²
• OCBC offers instant online opening via Singpass for eligible customers, with an account number provided on the spot³
• CIMB accepts online applications for all Singapore-registered businesses, with same-day account opening if documents are in order⁴

For foreign-owned or non-resident companies, fully online opening is rare. Most banks will require either:

• An in-person meeting at a Singapore branch
• A phone or video interview
• Document signing at an international branch or before a notary¹

What’s the process for opening a corporate bank account in Singapore as a US citizen?

The process for opening a business account in Singapore is fairly easy, even as a US citizen. Most banks will require the account signatories and the company’s majority directors to be physically present in Singapore to sign paperwork at the time of opening.

However, some of the larger international banks, like HSBC and Citibank, will allow you to sign the necessary documents at one of their overseas branches, or in the presence of a notary.

While the exact required paperwork varies from bank to bank, typically you’ll need the following:

Can I open a corporate bank account in Singapore with a foreign corporate entity?

Singapore is home to many of the world’s major banks, and in general they will be happy to open a corporate account for any any entity, whether Singapore or offshore, as long as the correct paperwork has been submitted and is satisfactory.

What types of corporate entities can open a bank account in Singapore?

Singapore hosts a wide range of business structures. The most common include:

• Private Limited Companies (Pte. Ltd.) — the most popular structure for foreign businesses
• Sole proprietorships
• Partnerships — including limited partnerships and limited liability partnerships (LLPs)

Foreign companies looking to establish a formal presence have two main options:

1. Create a subsidiary company

A subsidiary is a private limited company incorporated in Singapore, with the foreign parent company as a shareholder. This is typically the preferred route for small and mid-sized US businesses because the subsidiary operates as a separate legal entity — meaning the parent company's liability is limited to its investment.

2. Open a branch office

A branch office is registered in Singapore but is not a separate legal entity. The parent company bears full liability for the branch's obligations. This structure may suit larger companies that want a direct extension of their operations in Singapore.

Which business bank should I choose in Singapore?

While there are many banks to choose from in Singapore, some of the most reputable for business bank accounts include local banks such as:

DBS Bank

DBS requires a minimum average daily balance, which is determined based on aggregated balances across all wallets in one account for Multi-Currency Accounts.² An account with DBS comes with a debit card, credit card, checkbook, and access to online banking.

OCBC Bank

OCBC typically requires the executive director, as well as an authorized signatory, to be present to open an account. However, an account at OCBC does not carry a setup fee. There is a monthly account fee of S$38, which is waived for the first three months. There is also a service fee of S$35 if the monthly average balance falls below S$5000 per month.³

Some international banks that are trusted for corporate banking include:

• HSBC Singapore
• Standard Chartered Singapore
• Citibank Singapore

What are the typical business banking fees in Singapore?

Business accounts in Singapore come with several types of fees. Here's what to expect:

• Minimum balance requirements: Typically range from S$1,000 to S$10,000 depending on the bank and account type²³⁴
• Fall-below fees: Charged if your balance drops below the minimum — usually S$15 to S$35 per month, though some banks (like CIMB's SME Account) waive this entirely⁴
• Monthly or annual account fees: Range from S$0 to S$18 per month, with many banks offering fee waivers for the first 6-12 months²³⁴
• Foreign transfer fees: International telegraphic transfers typically cost S$15 to S$30 per transaction, plus possible agent and cable fees²⁴
• Cash handling fees: Some banks charge for over-the-counter transactions or cash deposits

For US businesses that frequently move money between the US and Singapore, foreign transfer fees can add up. It's worth comparing the total cost of transfers — including any exchange rate markups — across different providers.

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Sources:

1.Open a corpotate account
2. DBS fees
3. Business Banking Pricing Guide - 1 Account Charges
4. Fees and Charges for Overseas Funds Transfer | DBS Singapore
5. Singapore Free Trade Agreement | United States Trade Representative
6. Singapore | United States Trade Representative

All sources checked March 20, 2026.