Documents Needed to Open a Singapore Bank Account

Documents Needed to Open a Singapore Bank Account

Opening a bank account in Singapore is usually straightforward when your paperwork is tidy. Banks follow “know-your-customer” and anti-money-laundering rules, so they’ll ask for documents that prove who you are, where you live, your tax residency, and—where relevant—how you earn or intend to use the account. Below is a practical, bank-neutral checklist for individuals and businesses.

At a Glance: Quick Checklist

• Identity: Passport (foreigners) or NRIC (citizens/permanent residents)
• Immigration status: Employment Pass, S Pass, Work Permit, Dependant’s Pass, Long-Term Visit Pass, or Student Pass (or an In-Principle Approval letter if newly approved)
• Proof of address: Recent utility/telecom bill, bank/credit card statement, tenancy agreement, government letter (typically issued within the last 3 months)
• Tax residency self-certification: Your tax residence and Tax Identification Number (TIN), plus FATCA/CRS forms as applicable
• Source of funds / purpose of account: Employment letter, payslips, contract, invoices, or other supporting documents
• Initial deposit: Amount depends on account type; prepare funds to meet the stated minimum
• Contact details: Email and phone number (a Singapore number is helpful but not always mandatory)

Individuals (Residents & Foreigners)

1) Identity

• Singapore Citizens/PRs: NRIC (front and back if requested)
• Foreigners: Valid passport (with at least 6 months’ validity recommended)

2) Immigration / Residency

• One of: Employment Pass, S Pass, Work Permit, Dependant’s Pass, Long-Term Visit Pass, Student Pass, or an In-Principle Approval (IPA) if your pass was just approved
• Entry stamp or e-pass acknowledgment may be requested if you arrived recently

3) Proof of Address

• Recent utility or telecom bill, bank/credit card statement, tenancy agreement, or government letter
• Documents should show your full name and address, typically dated within the last 3 months
• If you are new to Singapore, some banks temporarily accept an overseas residential address; you can update to a local address later

4) Tax & Regulatory Forms

• CRS (Common Reporting Standard) self-certification: declare your tax residence and provide your TIN
• FATCA: customers with U.S. indicia may be asked for a W-9; others may be asked for a W-8BEN

5) Source of Funds / Purpose of Account

• Employees: recent payslips, employment letter/contract, or HR confirmation
• Self-employed/freelancers: invoices, contracts, or bank statements showing business receipts
• Students/Dependants: sponsor letter, proof of allowance, or relevant documentation
• Savings/Investments: statements or sale contracts if funds come from assets

6) Helpful Extras

• Singapore mobile number for OTPs and notifications
• Student enrollment letter (for student accounts) or HR onboarding email (for salary crediting)
• Tenancy agreement or letter from your accommodation provider if your name isn’t yet on a bill

Tip: Some profiles can complete onboarding fully online. Others—especially non-residents—may be asked to visit a branch for face-to-face verification.

Students

• Passport (or NRIC for PRs) and Student Pass (or IPA if newly approved)
• Proof of address (campus housing letter, tenancy agreement, or a recent bill/statement)
• Enrollment/acceptance letter or student card, if requested

Dependants & Long-Term Visit Pass Holders

• Passport and Dependant’s Pass or Long-Term Visit Pass (or IPA)
• Proof of address and, where relevant, sponsor details or allowance documentation

Joint Accounts

• Each applicant provides their full set of documents (identity, pass, address, tax forms)
• Bank may require both parties to be present (physically or via verified digital process)

Corporate / Business Accounts

Requirements vary by entity type and ownership structure, but most banks will ask for the following.

1) Company Identity & Registration

• ACRA BizFile+ business profile (recent), showing company name, registration number (UEN), registered address, directors, and shareholders
• Certificate of Incorporation (for foreign-incorporated entities opening a Singapore account)

2) Governing Documents & Authority

• Company Constitution (Memorandum & Articles)
• Board resolution specifying the account opening and authorised signatories
• Specimen signatures and signing mandate

3) Directors, Partners, Shareholders & UBOs

• Identity (NRIC/passport) and address proofs for directors, partners, significant shareholders, and ultimate beneficial owners (UBOs)
• UBO declaration forms and tax residency self-certifications (CRS/FATCA)

4) Business Activity & Source of Funds

• Brief description of business model, expected transaction volumes, key markets, and counterparties
• Supporting evidence: website, contracts, invoices/quotations, office lease, or a simple business plan for early-stage companies

5) Additional Items (as applicable)

• Licences/permits for regulated activities
• For groups: corporate structure chart and parent company documents
• For foreign directors/UBOs: certified true copies or notarised documents may be requested

Document Standards & Practical Tips

• Language: Documents should be in English; provide certified translations if not
• Recency: Address proofs are usually accepted if issued within the last 3 months
• Consistency: Your name, address, and passport/NRIC details should match across documents
• Certification: If you submit copies, banks may ask for certified true copies or notarisation (especially for overseas signers)
• Bring originals: When visiting a branch, carry originals for on-the-spot verification
• File format: For online onboarding, prepare clear scans or PDFs (avoid cropped or low-resolution images)

Typical Application Flow

1. Choose the account type (personal/priority/student/business) and review eligibility
2. Pre-fill the online form or book a branch appointment
3. Gather documents from the checklists above
4. Complete identity verification (digital or in-person) and submit regulatory forms (CRS/FATCA)
5. Make the initial deposit and set up digital banking/OTP
6. Receive your debit/ATM card and activate it per the bank’s instructions

Frequently Asked Notes

• Remote opening: Available for selected profiles and products; policy differs by bank
• Non-resident applicants: Many banks prefer an in-person meeting; check if your profile qualifies for digital onboarding
• Updating details: If you start with an overseas address, you can typically update to a Singapore address once settled
• Timing: Straightforward cases can be quick; complex structures or cross-border ownership may take longer due to due diligence

Important: Requirements can change. Always confirm the latest information on official sources before you apply. Useful starting points include the Monetary Authority of Singapore (MAS), Immigration & Checkpoints Authority (ICA) for pass information, and ACRA for company records.