Singapore Corporate Banking — DBS, OCBC, UOB, HSBC & Standard Chartered

The three main local banks — DBS, OCBC, and UOB — all offer corporate current accounts for Singapore Pte. Ltd. companies. DBS Business Account and OCBC Business Growth Account are popular choices. Requirements typically include a Singapore business registration certificate, identification documents for all directors and beneficial owners, and a meeting with a relationship manager. Account opening fees range from S$0 to S$500 depending on the bank and account type.

For traditional banks (DBS, OCBC, UOB), corporate account opening typically takes 2–4 weeks from submitting a complete application, including the KYC/AML review process. More complex structures — multiple shareholders, foreign directors, regulated industries — may extend the process to 6–8 weeks. Digital business accounts with fintechs like Aspire or Airwallex can be opened in 1–5 business days with lighter documentation requirements.

Traditional banks such as DBS, OCBC, and UOB generally require at least one authorised signatory to be present in Singapore for identity verification. However, fintech business accounts — Aspire, Airwallex, and Wise Business — fully support remote onboarding with video verification and digital document submission. These accounts support multi-currency wallets, SWIFT/SEPA transfers, and virtual/physical debit cards, making them practical for international founders.

Typical documentation requirements include: Certificate of Incorporation and Business Profile from ACRA, Memorandum and Articles of Association, board resolution to open the account, certified passports of all directors, shareholders, and UBOs, proof of residential address for directors (utility bill or bank statement), and a description of the company's business activities and expected transaction volumes. Banks may request additional documents for high-risk industries or complex ownership structures.

Aspire is a Singapore-licensed digital business account provider (MAS-regulated under the PSA as a Major Payment Institution). It offers instant multi-currency accounts, corporate Visa cards, accounts payable automation, and integrations with Xero, QuickBooks, and Shopify. Account opening is fully remote with approval in 1–3 business days. Aspire is popular with Singapore tech startups and foreign-owned companies that need a fast, functional banking alternative to traditional banks while their primary bank account application is pending.