Which Bank Is Best for Opening an Account for a Singapore Company

When people set up a company in Singapore, the next question often comes up: which bank is best for opening an account for a Singapore company? The answer is not as simple as picking the one with the fanciest building downtown. It really comes down to whether the bank understands cross-border businesses and can offer flexible, reliable services. In this regard, CBiBank, a U.S.-based commercial bank, has become a strong option for many small and medium-sized enterprises that want efficiency and global coverage.

What makes opening a bank account in Singapore so important?

A corporate bank account is more than just a place to store funds. For businesses registered in Singapore, it serves as a gateway to handle global payments, settle invoices, and improve credibility with partners. A well-chosen account can:

Enable smooth trade settlements across multiple currencies.

Provide online banking that supports international transactions.

Help build corporate reputation when dealing with overseas suppliers or clients.

Without a stable account, even a well-structured Singapore company can face bottlenecks in operations.

What documents are required for account opening?

Opening a corporate account involves compliance checks. Typically, companies need to prepare:

⚠️ Company registration documents – such as certificate of incorporation and business profile.
⚠️ Constitution and shareholder information – details of directors and equity distribution.
⚠️ Business proof – contracts, invoices, or other documents showing real operations.
⚠️ Financial or tax records – depending on the scale of the company.

At CBiBank, the process is streamlined: after online submission, a video verification is conducted, and within 1–3 days the account can be activated.

How fast can a Singapore company get the account activated?

Time matters for businesses. Many entrepreneurs cannot afford to wait weeks. With traditional banks, approval can stretch over a month, especially if directors are foreigners. By contrast, CBiBank has simplified this with remote procedures:

Online application → submit company documents.

Video interview → complete KYC requirements.

Bank review → compliance checks within a few days.

Account ready → U-key delivered within 10 days for secure access.

For companies eager to start operations quickly, this speed is a major advantage.

What currencies can the account handle?

One of the biggest concerns for Singapore companies is multi-currency support. After all, cross-border trade rarely sticks to one currency. With CBiBank corporate accounts, companies can receive and send: USD, EUR, GBP, HKD, SGD, JPY, CNH, CAD, AUD and more than 20 major currencies.

💡 This flexibility allows Singapore-based businesses to avoid the hassle of opening multiple accounts in different countries.

What are the advantages of choosing CBiBank?

For a Singapore company evaluating “which bank is best,” several points make CBiBank stand out:

📌 Remote account opening – no need for physical visits or couriering piles of paperwork.

📌 Wide business coverage – supports industries from logistics and consulting to e-commerce and IT.

📌 Account stability – policies are designed to minimize sudden freezes or closures.

📌 Dedicated customer service – bilingual support and one-to-one relationship managers.

👉 You can explore more details here: CBiBank official application page.

What should companies be careful about?

When opening a corporate account, there are a few lessons worth noting:

⚠️ Don’t underestimate compliance checks — every bank, including CBiBank, will verify shareholder and business activity details.
⚠️ Keep business proofs updated — contracts and invoices can significantly speed up approval.
⚠️ Plan ahead for global settlements — choosing an account that supports multiple trade currencies saves effort later.

FAQ: Opening a Bank Account for a Singapore Company

Q1: Which bank is best for opening an account for a Singapore company?
A: It depends on business needs, but many SMEs prefer CBiBank because it offers remote account opening, multi-currency support, and quick approval.

Q2: Can foreign shareholders open an account under a Singapore company?
A: Yes. CBiBank allows Singapore companies with foreign directors or shareholders to apply, provided they submit proper documentation.

Q3: How long does the account approval usually take?
A: At CBiBank, the process can be completed within 1–3 days after submitting all required documents and passing a video verification.

Q4: What currencies are available for transactions?
A: More than 20 major currencies are supported, including USD, SGD, EUR, GBP, HKD, and CNH.

Q5: What mistakes should companies avoid when applying?
A: Common pitfalls include incomplete shareholder records, lack of business proof, and delays in providing tax documents. Preparing these in advance helps ensure smooth approval.

Conclusion

So, which bank is best for opening an account for a Singapore company? For businesses that care about speed, multi-currency flexibility, and global trade support, CBiBank provides a practical solution. By offering remote account opening and a wide range of services tailored for SMEs, it helps Singapore companies not only open a bank account but also step confidently into international markets.