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Open a business bank account in Singapore

Banking is the genuine hard part of running a Singapore company from abroad — harder than incorporation, and harder than in most comparable jurisdictions. Forming the Pte Ltd is fast and remote, but the major local banks were built around face-to-face KYC and operational substance, and a company controlled entirely by a non-resident with no Singapore footprint is exactly the profile they scrutinise most. DBS may consider remote video KYC case-by-case, while UOB in practice requires non-resident directors to attend a Singapore branch in person, and minimum deposits and multi-week timelines are common. The realistic first move for almost every foreign founder is a fintech business account, then a local bank later once there is transaction history.

Singapore overview How we research
Country
Singapore
Topic
Open a bank account
Reviewed
June 2026

By the Lanzamo Editorial Team · Reviewed June 2026 · How we research

Difficulty for non-residents: Hard for non-residents

Traditional banks

DBS

Singapore's largest bank; strong multi-currency corporate accounts. May allow remote video KYC for non-residents on a case-by-case basis depending on business profile and country of residence, but expects real substance and often a meaningful minimum balance.

OCBC

Major local bank with solid SME and cross-border offerings; onboarding for purely non-resident-controlled companies is cautious and usually wants demonstrable business substance — often more realistic after you have a few months of trading history elsewhere.

UOB

Established local bank, but in practice requires all non-resident foreign directors to attend a Singapore branch in person to open the account — effectively meaning a trip to Singapore for a pure non-resident.

Fintech & EMI options (built for remote)

Wise Business

Onboards Singapore-registered companies with non-resident directors fully remotely; provides SGD and multi-currency local account details. A payment account rather than a bank, but the default choice for cross-border founders who want to move quickly.

Aspire

Singapore-built business account aimed at startups and SMEs; remote onboarding against your BizFile+ profile, multi-currency accounts and cards, with low or no minimum deposit — popular as a first account for foreign-owned Pte Ltds.

Airwallex

Multi-currency business accounts with SGD and global collection details; remote KYC and accepts cross-border companies registered with ACRA. Strong for companies receiving payments in several currencies.

Statrys

Hong Kong/Singapore-focused business account provider that markets specifically to non-resident-owned companies; remote onboarding with a human-led KYC process — a fallback when fully automated fintechs decline a profile.

What you'll usually need

  • BizFile+ business profile / notice of incorporation and the company's UEN
  • Passport and proof of residential address for every director and beneficial owner
  • Details of registrable controllers / beneficial owners holding more than 25%
  • Company constitution and a board resolution to open the account
  • Clear description of the business model, expected turnover and source of funds (KYC/AML)
  • Local registered office address on file (your CSP's address satisfies this)

Tips to get approved

  • Open a fintech account (Wise, Aspire, Airwallex) first — don't lose weeks waiting on a local bank that may want an in-person visit.
  • Build a few months of clean transaction history on the fintech account before approaching DBS or OCBC for a traditional account.
  • Have a concrete, honest source-of-funds and substance story; a company with zero Singapore nexus and a vague business model is the top rejection trigger.
  • Keep your ACRA / BizFile+ record perfectly current — banks pull it directly and any mismatch in directors, controllers or address causes instant friction.
  • Avoid activities banks treat as high-risk (crypto, money-services, gambling, adult); these are routinely declined regardless of jurisdiction.

Frequently asked questions

Can I open a Singapore business bank account without flying there?

Through a fintech — yes. Wise, Aspire, Airwallex and Statrys onboard Singapore-registered companies and non-resident directors remotely against the BizFile+ profile. With the traditional banks it is harder: DBS may allow remote video KYC case-by-case, OCBC is cautious, and UOB generally requires non-resident directors to attend a branch in person.

Is a fintech account a 'real' bank account?

For most operating needs, functionally yes — you get SGD (and usually multi-currency) account details, can send and receive payments, and pay suppliers, your CSP and IRAS. The legal distinction is that providers like Wise, Aspire and Airwallex are payment/e-money institutions, not banks: funds are safeguarded rather than covered by Singapore's deposit-insurance scheme, and they don't offer local credit or overdrafts.

Why is opening an account so much harder than incorporating?

Singapore's banks apply strict anti-money-laundering rules and increasingly judge 'substance' — whether the company has a genuine operational nexus to Singapore. A company owned and run entirely by a non-resident, with only a nominee director and a service-address registered office, reads as higher risk, so the local banks default to deep KYC and often in-person checks. Fintechs accept more of that risk with stronger automated KYC, which is why they're the practical route.

Will having a nominee director help me get a bank account?

It helps satisfy ACRA, but it does not automatically satisfy a bank. Banks want to see the real controller and genuine business substance, and a nominee with no economic interest doesn't supply that on its own. The combination that actually moves a local-bank application is a clear business model, demonstrable activity, and — often — a track record on a fintech account first.

Sources

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