Banking in Singapore, explained against the Inland Revenue Authority of Singapore (IRAS): which banks take non-resident owners, the documents they ask for
Opening a business account in Singapore is where onboarding and source-of-funds checks decide how fast a new company can actually trade.
The GST rate rose to 9% in 2024, and statutory audit and legal work are reserved to licensed professionals. Tax here is administered by the Inland Revenue Authority of Singapore (IRAS), and the guides below walk through which banks take non-resident owners, the documents they ask for, typical timelines, and what tends to hold an application up for Singapore specifically.
Comprehensive guide to getting a business bank account in Singapore, focusing on major banks and options.
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