COREDO > Opening a Bank Account in Singapore

Opening a Bank Account in Singapore

Banking System of Singapore

Singapore is one of the world’s leading financial centres and the most developed banking market in the Asia-Pacific region. The country offers a favourable business environment, transparent regulation, and a high level of asset protection, making it highly attractive for international businesses and investors.

Since 2016, COREDO has been assisting clients with opening bank accounts in Singapore, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

Banks in Singapore provide a wide range of accounts depending on the client’s needs.

A corporate bank account

is intended for companies registered in Singapore and allows settlement operations, international transfers, and working capital management. To open a corporate account, the company must be registered with the Accounting and Corporate Regulatory Authority (ACRA).

A payment institution account (PI account)

is an alternative for companies that require access to payment services without full banking services. Such accounts are offered by licensed payment institutions regulated by MAS in accordance with the Payment Services Act 2019.

A personal bank account

is opened for individuals to manage personal finances, savings, and day-to-day transactions. The largest banks in Singapore offer multi-currency personal accounts with access to investment products and wealth management programmes.

Client Requirements

Singapore applies some of the strictest standards for anti-money laundering (AML) and countering the financing of terrorism (CFT) in the Asia-Pacific region. The primary legislative act in the field of AML is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), which defines obligations for preventing financial crimes and establishes penalties for their violation. MAS regulates compliance procedures through MAS Notice 626, which sets requirements for banks regarding customer due diligence (CDD), transaction monitoring, and the filing of suspicious transaction reports (STR).

Since 2025, MAS has introduced updated requirements for the verification of ultimate beneficial owners (UBO): banks are obliged to conduct independent verification of beneficiary information and cannot rely solely on data provided by the client. In addition, banks must assess the source of wealth of founders, which is especially relevant for companies with foreign capital or recently incorporated legal entities.

For non-residents, account opening is available provided they pass an enhanced due diligence (EDD) procedure. Banks require the submission of documents confirming the legitimacy of the business, source of funds, and the existence of genuine economic activity.

Account Opening Process and Timelines

The procedure for opening a bank account in Singapore with COREDO’s support includes the following stages.

Preliminary client analysis (Client Analysis).

COREDO specialists assess the client’s profile, analyse the corporate structure, and determine the optimal bank and account type taking into account the specifics of the business and the jurisdiction of the company’s registration.

01

Document preparation.

A complete set of documents is assembled in accordance with the requirements of the chosen bank, including notarisation, apostille, and, where necessary, translation into English.

02

Submission of the application to the bank.

Documents are sent to the bank; where necessary, a personal meeting between the client and bank representatives is arranged, or video verification is conducted.

03

Passing the compliance review.

The bank carries out KYC/AML procedures, including document verification, UBO checks, and source of funds assessment.

04

Account opening.

Upon successfully passing the review, the account is activated, and the client receives account details and access to online banking systems.

05

Account opening timelines depend on the client category. For companies owned by Singapore residents, the process may take from several days to one week. For companies with foreign capital, standard timelines range from 3 to 4 weeks, owing to a more thorough enhanced due diligence (EDD) procedure. For non-resident individuals, timelines typically range from 2 to 4 weeks.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee includes full support throughout the process, from the preliminary analysis to receiving account details. The deposit is transferred directly to the bank and is not a COREDO commission.

Required Documents

To open a corporate bank account in Singapore, the following documents are generally required: Certificate of Incorporation, ACRA extract (BizFile+ Business Profile), incorporation documents (Constitution), Board Resolution to open the account, identification documents of directors and beneficial owners (passport copies), documents confirming the source of funds and the nature of business activity (business plan or profile description), bank statements for the last three months (if existing accounts are held), and a completed bank application form.

Documents of foreign origin must be notarised, legalised, or apostilled. Documents in languages other than English require certified translation.

To open a personal bank account, an individual must provide: a valid international passport, proof of residential address (bank statement or utility bill issued no more than three months prior), documents on the origin of funds (income certificate, tax declaration), and a completed bank application form.

The specific list of documents may vary depending on the bank, account type, and client profile. Some banks may require a local address or a visit to the bank’s office by the client.

Advantages of Working with COREDO

COREDO provides clients with a number of significant advantages when opening a bank account in Singapore. Professional experience since 2016 ensures a deep understanding of the requirements of Singaporean banks and MAS regulatory standards. COREDO specialists provide full support at every stage — from the initial analysis to receiving access to the account. Transparent pricing with fixed fees at each stage eliminates hidden charges. An individual approach to each client enables the selection of the optimal bank and account type, taking into account the specifics of the business, jurisdiction of registration, and operational needs.

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Our Experts

Diana Šnajdr

Customer Success Manager at COREDO. Coordinates the bank account opening process, liaises with banks, and ensures timely updates to clients at every stage. Educated at Lomonosov Moscow State University.

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017 and has led the legal team since 2020. Specialises in banking law, corporate structuring, and interaction with financial regulators.

Frequently Asked Questions

Can non-residents open a bank account in Singapore?

Yes, banks in Singapore accept non-residents; however, the process involves enhanced due diligence (EDD). The company must be registered in Singapore through ACRA, and the applicant is required to provide documents confirming the source of funds and the nature of business activity. COREDO assists in preparing the complete set of documents for successfully passing the review.

What currencies are available for bank accounts in Singapore?

Banks in Singapore offer multi-currency accounts. The primary currency is the Singapore dollar (SGD); accounts are also available in US dollars, euros, British pounds, Chinese yuan, Japanese yen, and other currencies. The largest banks — DBS, OCBC, and UOB — provide multi-currency services for corporate and private clients.

Is a personal visit required to open an account?

Most Singaporean banks prefer a personal meeting with the company’s directors and beneficial owners. Some banks allow video verification. COREDO assists in organising the process in a way that minimises the need for a visit to Singapore.

How long does it take to open a corporate account?

For companies with foreign capital, standard timelines range from 3 to 4 weeks. The actual timeframe depends on the completeness of the documents provided, the results of the compliance review, and the internal procedures of the chosen bank. COREDO ensures prompt document preparation to reduce timelines.

Which regulator oversees banking activity in Singapore?

The sole financial regulator is the Monetary Authority of Singapore (MAS), which oversees banking, insurance, investment, and payment activities. MAS regulates AML/CFT procedures through MAS Notice 626 and monitors compliance with the requirements of the Banking Act.

Submit Application

For an individual consultation on opening a bank account in Singapore, contact COREDO specialists. We will analyse your profile and propose an optimal solution tailored to the specifics of your business.