How To Open A Business Bank Account In Singapore – 2026 Guide

Deepinder Kaur

7 mins read

Published:

21 July 2025

Updated:

18 February 2026

Skip the in-person visits.

Wondering how to open a business bank account in Singapore without dealing with delays, bank queues, or confusing requirements?

After registering their businesses, many entrepreneurs struggle with corporate banking because they don’t know what documents are needed, which banks to choose, or how long the process will take.

This guide explains the easiest way to open bank account in Singapore for a business. But first, let’s understand why you need a business bank account and who can apply for it.

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What is a business bank account?

A business bank account, also called a corporate bank account, is a dedicated account used to manage your company’s finances. It helps you separate business and personal expenses, receive payments professionally, pay vendors, and track cash flow. It’s also essential for tax filing, audits, and securing loans or grants.

Why a business bank account matters

Opening a corporate bank account Singapore is one of the first and most important steps for any new business. It allows you to:

Accept customer payments professionally
Pay vendors and employees
Keep business and personal expenses separate (a must for compliance!)
Build financial credibility for loans, grants, and tax claims

Whether you’re a solo entrepreneur, SME, or foreign founder, Singapore offers a robust and entrepreneur-friendly banking ecosystem. However, traditional banks often require in-person visits, lots of paperwork, and long wait times.

That’s why digital alternatives like the Sleek Business Account are becoming the go-to choice.

Who can open a business bank account in Singapore?

You’re eligible to open bank account in Singapore for business if:

Your company is registered with ACRA and has a valid UEN (Unique Entity Number)
You are a director, shareholder, or authorised signatory of the company
You can provide the required identity and company documents
For foreign-owned companies, most traditional banks may require a local director or in-person verification

Documents needed to open a business bank account in Singapore

Most banks and digital providers will ask for:

Certificate of Incorporation / Bizfile from ACRA
Company Constitution (the governing rules of your business)
Board resolution authorising account opening
Identity documents (NRIC or passport) of all directors and shareholders
Proof of residential address (e.g., utility bill or tax notice)
Basic business activity details or short-term business plan
Additional documents for foreign-owned or complex structures

Note: For sole-director companies, a board resolution may not be required.

How much does it cost to open a business bank account Singapore?

Costs vary depending on the provider:

Item	Sleek Business Account	Traditional Bank
Account setup fee	$0	$0 to $1,000+ (varies)
Minimum deposit	$0	SGD $1,000–$5,000
Monthly balance requirement	None	Often SGD $3,000–$10,000
Fall-below fee	None	$15–$50/month
Card and transaction fees	Free virtual cards	Varies by bank

How long does it take to open a corporate bank account in Singapore?

Traditional banks: 5–15 working days (sometimes up to 8 weeks), depending on KYC checks, presence of foreign shareholders, and document review
Sleek Business Account: Approval is often completed within minutes once documents are verified, though some cases may take a few working days due to Monetary Authority of Singapore (MAS) compliance checks.

Note: Keep in mind that traditional banks may take longer, up to several weeks, especially for companies with foreign directors or complex structures.

Want help incorporating your company and opening your account?

How to open a business bank account (step-by-step)

How to open a business bank account in Singapore — How to open bank account in Singapore for business

While bank account opening procedures vary between providers, Sleek offers one of Singapore’s fastest and simplest options. There are no branch visits, and if your company is already incorporated with Sleek and your documents are verified, your business account can be activated quickly.

Here’s how to open a corporate bank account Singapore with Sleek:

Step 1: Log in to your Sleek Account

Go to sleek.com and click on “Log in” at the top right of the homepage.

Step 2: Enter your credentials

Enter your credentials to open a business bank account — Enter your credentials

Step 3: Go to the “Requests” tab

Make a request - How to open a bank account — Go to the “Requests” tab

Once inside your dashboard, click on “Requests” > “Request” in the left-hand sidebar to begin the application process.

Step 4: Choose “I would like to open a bank account”

Open a bank account in Singapore — Choose “I would like to open a bank account”

Under popular requests, scroll down and click on:
“I would like to open a bank account”

This opens the Sleek-assisted banking application process.

Step 5: Click “Create a New Request”

Create a new request on Sleek to open your bank account for business — Click “Create a New Request”

Click the “CREATE A NEW REQUEST” button to launch your account application form. The form takes less than 5 minutes to complete.

Processing time:

Sleek Business Account: Quick approval in most cases
Other bank options (via Sleek support): Up to 2 weeks depending on the provider

Note: All digital or traditional applications are subject to MAS’s AML and KYC checks. These are mandatory checks under the MAS to prevent fraud, money laundering, and illicit activities.

Step 6: Select Sleek Business Account and submit

On the request page:

1. Select “Sleek Business Account”

2. Click “Next”

3. Fill in the required details and submit

After submission, you’ll receive confirmation and next steps via email or your dashboard. While the process is paperless, submission of identity and company documents is still required as part of MAS compliance.

Prefer a visual guide on how to open a business bank account with Sleek? Download the step-by-step PDF here.

Comparing Sleek vs other options to open a business account

Feature	Sleek Business Account	Traditional Bank Account
Setup time	Fast approval if documents are ready	1–2 weeks (or more)
Minimum deposit	None	SGD $1,000–$5,000
Application method	100% online	Often requires an in-person visit
Apply from overseas	Yes	In-person visit or local representative often required
Virtual cards	Yes	Varies
Licensed by MAS	Yes	Yes

Not a Sleek customer yet?
Sign up here before continuing your account request.

How Sleek can help you open a bank account for your business

Opening a corporate bank account in Singapore can be time-consuming, unclear, and frustrating, especially for first-time founders or remote entrepreneurs.

Here’s how Sleek removes the usual friction points with a solution built for modern businesses:

Too much paperwork and outdated processes?
Sleek simplifies the process with a 100% online application. No physical forms, no queues, and no in-person appointments.
Not sure what banks need or what documents to prepare?
We guide you through each step and auto-fill details if you’re already using Sleek for incorporation or compliance.
Concerned about high fees or deposit requirements?
The Sleek Business Account has $0 setup fees, $0 minimum balance, and no hidden charges.
Need to open a corporate bank account from outside Singapore?
You can apply from anywhere in the world. There’s no need to be physically present.
Tired of managing multiple tools for banking, accounting, and company admin?
Sleek brings it all together with an integrated dashboard that connects your business account to SleekBooks and your company secretary.
Concerned about security and compliance?
Sleek is licensed by the Monetary Authority of Singapore (MAS), and your funds are safeguarded with Tier 1 banks like DBS.

We make business banking clear, fast, and built around how modern founders work.

Ready to open your corporate account digitally?

FAQs on opening a business bank account in Singapore

Can I use my personal bank account for business?

Technically yes, but it is not advisable. Mixing personal and business funds can lead to accounting confusion, tax issues, and compliance risks. Most banks and accounting professionals strongly recommend opening a dedicated business bank account from day one.

How do I open a business bank account in Singapore?

You can apply through:

A traditional bank (e.g., DBS, OCBC, UOB), which may require a branch visit and hard copy documents
A digital solution like Sleek Business Account, which offers an online application process with faster turnaround

Steps generally include identity verification, document submission, and a compliance review before approval.

Can foreigners open a corporate bank account in Singapore?

Yes. Foreign-owned companies can open a corporate account in Singapore. However, traditional banks may request a local director, in-person verification, or additional documentation. Many foreigners prefer digital providers like Sleek, which support 100 percent remote onboarding.

Can I open multiple business bank accounts?

Yes. Companies often open multiple business accounts to manage currencies, separate revenue streams, or streamline budgeting. Each account will need a separate application and compliance approval.

Can I open a corporate bank account if I have no revenue yet?

Yes. Most banks and digital providers accept early-stage startups or pre-revenue companies, as long as your documents are in order and you can describe your planned business activities.

What is the easiest way to open a corporate bank account?

The easiest route for many founders is using a digital-first provider like Sleek, especially if you already use them for incorporation or accounting. The process is paperless, fast, and remote-friendly. Traditional banks may offer more services, but often require longer lead times and physical documents.