Business accounts: Singapore

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Singapore is opened at a local bank supervised by the Monetary Authority of Singapore. Banks work most easily with a company incorporated in Singapore and with real presence there: a local director, an address, clients or staff in the region. A foreign company without a link to the country finds it much harder, so a Singapore company is often set up first and the bank approached afterwards.

A Singapore company: what you need before the account

• Registration with the Accounting and Corporate Regulatory Authority. Name application about $15; company registration about $240. Filed online.
• Local director. At least one director must be ordinarily resident in Singapore: a citizen, permanent resident or foreigner with a work pass.
• Registered office in Singapore; a PO box does not qualify.
• Company secretary, appointed within six months of incorporation.
• Annual return to the registry: about $50, for a private company within seven months of the financial year end.

What the bank checks

• Owners and controllers. Passports, addresses, ownership up to ultimate beneficial owners.
• Source of funds and wealth of the founders: where the money arriving in the account comes from.
• Business. Description, contracts, website, key clients and suppliers, payment countries and expected turnover.
• Link to Singapore. Why the company and account are here: Asian market, team, partners.

Customer due diligence rules for banks are set by the Monetary Authority, and banks apply them strictly: an incomplete file usually means a refusal, not a follow-up question.

Taxes the bank will see

• Corporate income tax: 17%, with partial exemptions for smaller profits.
• Goods and services tax: 9% since 1 January 2024. Registration is mandatory once annual turnover exceeds S$1 million, about $781,100.

The bank compares declared turnover with the company's tax picture, so the business description and turnover forecast must match.

Deposit protection

Singapore dollar deposits at banks in the deposit insurance scheme are insured up to S$100,000, about $78,000, per depositor per bank. The limit has applied since 1 April 2024. Foreign currency deposits are not covered.

How opening works

1. Profile assessment. Owners, business, payment countries: we decide whether the case is ready for a Singapore bank.
2. Company. If there is none yet, we incorporate one with a local director and address.
3. Bank file. Business description, contracts, source of funds, turnover forecast.
4. Filing and bank questions. We answer reviewers' queries and prepare the director for the interview.
5. Account opening and online banking setup.

Why banks refuse

• A company with no real activity or link to Singapore.
• Owners' source of funds not proven.
• Payments with higher-risk countries and sectors without a clear explanation.
• A local director in name only, not involved in management.
• Turnover in the application does not match the documents.

What we do

Murblz specialists assess the chances before starting, incorporate a Singapore company where needed, match a bank to the profile, prepare the file and source-of-funds evidence, and support the review until the bank decides. Account opening support is $12,000. The decision always rests with the bank.

Fees

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

FAQ