What are the steps to open a Singapore corporate bank account?
After incorporation is completed, the usual steps are choosing a bank, preparing documents, applying and meeting the bank (or an online review), and approval. Digital banks take about 1 week, and traditional banks about 1-2 months.
- Complete incorporation (ACRA registration and issuance of company information)
- Choose a bank: consider transaction currencies, whether you can visit in person, and the shareholder structure
- Prepare documents: company documents, identity and address proof of directors, shareholders and authorised signatories, and an English business profile
- Bank application and meeting, or online review
- After approval, set up internet banking and deposit the capital
If additional documents are requested during the review, the process may take longer, and whether the account is opened depends on the bank's review.
Lee Kim Alliance provides a corporate bank account opening support service.
