Open a Business Bank Account in Singapore as a Foreigner: The 2026 Strategic Guide

While it is straightforward to a foreigner to register a company in Singapore, the banking landscape has shifted significantly. This guide outlines the strategic framework international founders need to successfully navigate the process for a Singapore business bank account.

1. Who can open a business bank account in Singapore?

Before diving into the 2026 strategy, it is important to understand the baseline eligibility requirements. You are eligible to open a business bank account in Singapore if:

• Your company is registered with ACRA: You must have a valid Unique Entity Number (UEN).
• You hold a key role: You must be a director, shareholder, or an authorized signatory of the company.
• You have complete documentation: You can provide the required identity and company documents (BizFile, Constitution, etc.).
• You have a local anchor: For foreign-owned companies, most traditional banks require a local resident director. If you are starting a small business in Singapore for foreigners, Counto provides this through our professional Nominee Director service.

2. The “Substance” requirement: Why bank applications get rejected

Local banks in Singapore (such as DBS, OCBC, and UOB) now prioritise operational substance and business legitimacy when non-residents apply for a business bank account. Increasingly, passing the Know Your Customer (KYC) process requires a deep dive into your business model, far beyond just presenting a valid passport.

For example, if your customers and suppliers are all based in Europe or the US, a Singapore bank will question why you need a local account. To pass the compliance check, you must demonstrate a clear operational link to the region. To prove your company’s legitimacy, you must be prepared to show:

• Business activity and logic: Banks require detailed information on the nature of your business, your intended transaction volumes, and your target customers. You must demonstrate a clear economic reason for choosing Singapore as your financial base.
• Operational nexus: You need to show that your business has a physical and legal presence in the city. This includes a local registered office, a resident Nominee Director of high professional standing, and ideally, evidence of regional business intent (such as draft contracts with Asian vendors).
• Economic rationale: Why Singapore? Be ready to explain the strategic benefit of your setup—whether it’s using Singapore as a regional treasury hub, a gateway to the Southeast Asian market, or a stable jurisdiction for managing intellectual property.
• The director profile: Banks are increasingly cautious about the “quality” of local directors. They prioritize companies that use professional, non-executive Nominee Directors who understand the business model and can speak to the company’s legitimacy during the onboarding process.

3. The Counto Roadmap: Digital speed vs. traditional depth

Instead of applying to every bank at once, follow this proven two-step sequence to ensure your business can transact immediately.

Step 1: Secure instant digital banking

The moment you register company in Singapore for foreigner operations, we assist you in applying for a digital business account with partners like Airwallex.

• No Travel Required: 100% online onboarding.
• Speed: Approval typically within 3–5 working days.
• Functionality: Instant multi-currency accounts to start receiving capital.

Step 2: Graduate to a traditional bank (OCBC/DBS)

Once your company has 3–6 months of transaction history via your digital account, you have “proven” your business substance. At this stage, we assist your application for a traditional business bank account with OCBC or UOB. This provides long-term stability and access to local credit facilities.

4. The “Zero-Access” Guarantee: Protecting your capital

The #1 fear when starting a small business in Singapore for foreigners is the mandatory local Nominee Director. Can they touch my money?

At Counto, we bridge this trust gap with our Zero-Access Policy. When you use our company registration in Singapore for foreigners package:

• No Signing Authority: Our Nominee Directors are strictly non-executive and have zero signing rights on your accounts.
• Full Token Control: You hold the physical or digital tokens.
• Legal Ringfencing: Our service agreements explicitly forbid any interference with your corporate treasury.

5. Requirements for a Singapore business bank account

To avoid delays when you foreigner start business in Singapore, prepare these documents in advance:

1. Certified True Copies: ACRA BizFile and Constitution (Counto provides these as your Corporate Secretary).
2. Identification: Passports and proof of residential address for all directors and UBOs (Ultimate Beneficial Owners).
3. Board Resolution: A signed document from your board of directors authorising the account opening.
4. Operational Proof: A clear description of your business model and expected transaction volumes.

6. How long does it take to open a business bank account in Singapore?

Timing is the most frequent concern for founders starting a small business in Singapore for foreigners. The duration of the application process depends entirely on the type of institution and the complexity of your company structure.

Traditional banks (DBS, OCBC, UOB)

Opening a business bank account with a traditional local bank typically takes 5 to 15 working days. However, for companies with multiple foreign shareholders or directors, the process can extend to 4 to 8 weeks.

• Why the delay? Traditional banks perform deep-dive KYC checks, often requiring manual review of foreign residential proof and detailed business logic.
• Success tip: Having a registered filing agent like Counto handle your documents ensures that your BizFile and Constitution are certified correctly, which can prevent “back-and-forth” delays with the bank’s compliance team.

Digital-first providers (Airwallex, Wise)

If your priority is speed, digital providers are significantly faster. You can typically secure a functioning account in 3 to 5 working days.

• Instant trading: This is why we recommend international founders start with a digital account immediately after incorporation. It allows you to receive capital and start trading while your traditional business bank account application is being processed in the background.

7. Do foreigners need to fly to Singapore to open a corporate bank account?

No, foreigners do not necessarily need to be physically present in Singapore to set up a business bank account. The requirements vary depending on the type of financial institution you choose:

• Digital banks and fintech platforms: These providers offer 100% remote, online onboarding. Designed for international founders, they allow you to complete identity verification from anywhere in the world.
• Traditional banks (DBS, OCBC, UOB): While these banks traditionally required an in-person meeting, many have modernised their processes. In 2026, many traditional banks allow remote video-call verification for founders from major jurisdictions. However, they evaluate this on a case-by-case basis depending on your business risk profile and country of residence.
• The professional advantage: By working with a registered filing agent like Counto, you can often bypass the need for travel. We facilitate the certified documentation and coordination required to help traditional banks approve your business bank account remotely.

Choose a partner, not just a platform

A business bank account is the operational heartbeat of your new company. Because the banking landscape for non-residents is increasingly complex, you shouldn’t leave this critical step to a “black box” automated service that offers only links with no follow-through.

When you incorporate company in Singapore with us, you aren’t just getting a UEN; you are gaining a dedicated team that stays with you long after the business registration is complete.

Ready to start your Singapore journey with a partner you can rely on? Contact us here, or Book a Meeting with our Experts →