A corporate bank account is essential for trading, receiving payments, and separating personal and business finances. However, opening one in Singapore is not automatic and requires careful preparation. You must have your ACRA Business Profile (Bizfile) before you can apply.

The required documentation for a Pte Ltd typically includes: your Certificate of Incorporation, the company’s constitution, a board resolution authorizing the account opening, and identification (passports and residential address proof) for all directors and ultimate beneficial owners. Many banks, including DBS, OCBC, and UOB, now offer digital applications via Singpass, with onboarding times ranging from 24 hours to two weeks. For foreign-owned companies, having at least one local resident director significantly eases the approval process. Foreign founders should also be prepared for enhanced due diligence, including possible in-person bank interviews.