Your Business Account in Singapore 🇸🇬

The cost of opening a business bank account in Singapore can vary depending on the bank and the type of account chosen. Generally, there may be initial deposit requirements ranging from a few hundred to several thousand Singapore dollars, and some banks may charge maintenance or transaction fees.

For a MultiPass multi-currency account with SGD payment support, the cost of opening ranges from 50 to 500 euros for most tariffs, depending on factors such as your business type, country of incorporation and others.

Yes, it is possible to open a business bank account online in Singapore. Many banks offer online account opening services, allowing you to complete the application process remotely. However, some banks may still require you to visit a branch for identity verification or to submit certain documents.

The good news is that you don't need a Singapore-based bank to transact in SGD. MultiPass multi-currency IBAN lets you hold, receive and send Singapore dollars and comes with 100% online onboarding.

To open a business bank account in Singapore, you typically need the following documents: business registration documents, identification of business owners and signatories, proof of address, company profile, and potentially additional documents based on the bank's requirements.

The process is not too complicated, as Singapore banks generally welcome international businesses, whether they are local or offshore entities. Simply contact the bank, prepare the required documentation, and follow their guidelines for account opening. Depending on the bank, you may or may not be required to sign documentation in person.