Open a business bank account
Once you're registered with ACRA, open a bank account in the company's name, kept completely separate from any personal account.
Once you're registered with ACRA, open a bank account in the company's name, kept completely separate from any personal account. You'll need it before you can pay suppliers, take card payments, run payroll, or set up GIRO for licence and CPF payments.
Mixing personal and business money makes your bookkeeping and tax filings much harder to defend under audit, and most banks and payment providers won't set up merchant or payroll facilities until a proper business account exists.
We don't recommend a specific bank — compare current fees, minimum balances and digital banking features before choosing.
General starting point; not a bank comparison tool.
Who this is for
Every registered business, however small.
What you’ll hold
- Business Profile from ACRA
- Company constitution
- Directors' NRIC/passport and proof of address
Watch out for
- Waiting until after opening to separate personal and business spending — untangling a mixed account months in is a real accounting headache.
- Not checking the minimum balance and fall-below fee before choosing an account — some accounts that look free charge a fee once your balance dips below a threshold.
- Sending only one director to the branch when the bank requires all directors or authorised signatories present or pre-verified for account opening — check requirements before booking.
Sources
- GoBusiness — Start a business in Singapore checked 2026-09-08
See also
This is item 2 of 36 in the free Singapore Launch Checklist. See the whole list →