Opening a Corporate Bank Account

Incorporating the company is the easy part. Opening the corporate bank account is where most foreign founders hit a wall. Singapore banks have implemented extreme Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

The Traditional Banks (DBS, OCBC, UOB)

If you have complex shareholding structures (e.g., your Singapore company is owned by a BVI holding company), traditional banks will put you through a rigorous, multi-week compliance review.

The Reality:

• Physical Presence: While some allow remote opening, many still require a physical face-to-face meeting in Singapore or at an overseas branch.
• Minimum Balances: Expect high minimum initial deposits and ongoing balance requirements (often S$10,000 to S$100,000 depending on the account tier).
• Fall-below Fees: S$35 to S$50 per month if you drop below the minimum.
• Rejection Risk: They frequently reject foreign startups without a clear local business plan or proof of ties to Singapore.

The Digital Alternatives (Aspire, Airwallex, Wise)

For modern startups, digital payment institutions have become the default choice. They are regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act.

The Advantages:

• 100% Remote: Accounts can be opened entirely online via video KYC and Singpass/MyInfo.
• No Minimum Balances: Ideal for early-stage bootstrapping.
• Multi-Currency: Superior FX rates for USD/SGD/EUR conversions compared to traditional banks.
• Speed: Accounts are often approved within 24 to 48 hours.

The Catch: They are technically "Payment Institutions," not full banks. They safeguard your funds in trust accounts at Tier 1 banks, but they do not lend out deposits and are not covered by the SDIC deposit insurance scheme.