How to Register a Singapore Company and Open a Bank Account in 2025

How to Register a Singapore Company and Open a Bank Account in 2025 | Bestar

Singapore Company and Bank Account Guide

Singapore remains the premier global hub for entrepreneurs due to its tax efficiency, political stability, and ease of doing business. If you are looking to set up a Singapore company and bank account, this comprehensive guide covers the latest ACRA requirements and banking trends for 2025.

1. Choosing the Right Business Structure

Before registering with the Accounting and Corporate Regulatory Authority (ACRA), you must select a legal entity.

• Private Limited Company (Pte Ltd): The most popular choice. It offers limited liability, tax incentives, and a separate legal personality.

  
  

• Sole Proprietorship: Easiest to set up but offers no personal liability protection.

  
  

• Limited Liability Partnership (LLP): Best for professional service firms (e.g., accountants, lawyers).

2. Mandatory Requirements for Singapore Company Registration

To incorporate a company in Singapore, you must meet these criteria:

• Company Name: Must be unique and approved by ACRA.

  
  

• Resident Director: At least one director must be "ordinarily resident" (Singapore Citizen, PR, or EntrePass/EP holder).

  
  

• Shareholders: Between 1 to 50 (can be 100% foreign-owned).

  
  

• Company Secretary: Must be appointed within 6 months of incorporation.

  
  

• Registered Office Address: A local physical address (virtual offices are acceptable).

  
  

• Paid-up Capital: Minimum of S$1.

3. Step-by-Step Incorporation Process

1. Name Reservation: Apply via BizFile+.¹⁰ Approval is usually instant and costs S$15.

   
   

2. Company Registration: Submit your Constitution and director/shareholder details. The registration fee is S$300.

   
   

3. Receive UEN: Once approved (usually within 15 minutes to 3 days), you’ll receive your Unique Entity Number (UEN) and Business Profile.

4. Opening a Corporate Bank Account in Singapore (2025)

Opening a bank account is the most critical post-incorporation step. Singapore banks are known for strict KYC (Know Your Customer) and AML (Anti-Money Laundering) checks.

Best Banks for SMEs and Startups

Bank	Best For	Key Feature
DBS	Established SMEs	Robust digital platform (IDEAL) and global reach.
OCBC	New Startups	Business Growth Account with waived fees for 2 months.
UOB	Regional Expansion	Strong presence across Southeast Asia.
Aspire / Wise	Digital Nomads	100% online setup, multi-currency, and lower FX fees.

Required Documents for Bank Opening

• ACRA Business Profile (recent copy).

  
  

• Certificate of Incorporation.

  
  

• Company Constitution.

  
  

• Board Resolution authorizing the account opening.

  
  

• KYC Documents: Passports and proof of address for all directors and ultimate beneficial owners (UBOs).

  
  

Pro-Tip for Foreigners: Many traditional banks (DBS, OCBC, UOB) may require an in-person meeting. If you cannot travel to Singapore, consider Fintech providers like Aspire or Airwallex, which offer fully remote onboarding.

5. Ongoing Compliance and Tax Benefits

• Corporate Tax: A flat 17% rate, with significant exemptions for the first S$200,000 of taxable income for new companies.

  
  

• Annual Filings: Every company must hold an AGM and file Annual Returns with ACRA and Tax Returns with IRAS.

  
  

• GST Registration: Mandatory only if your annual taxable turnover exceeds S$1 million.

Conclusion

Setting up a Singapore company and bank account is a streamlined process if you have the right documentation. By choosing the right banking partner and maintaining compliance, your business can leverage Singapore’s world-class financial ecosystem to scale globally.

Comparison of the Top 3 Digital Banks for 2025

In 2025, digital banking in Singapore has evolved into two distinct categories: Fintech Neobanks (fastest for international trade) and MAS-Licensed Digital Banks (best for local interest and lending).

Here is a comparison of the top 3 digital choices for your business: Aspire, Airwallex, and ANEXT Bank.

Comparison Table: Top 3 Digital Business Accounts (2025)

Feature	Aspire	Airwallex	ANEXT Bank
Best For	Startups & All-in-one Finance	Global E-commerce & FX	MSMEs seeking interest/loans
Account Opening	$0 (Online)	$0 (Online)	$0 (Online)
Monthly Fees	$0 (Base Plan)	$0 (Core Plan)	$0
Currencies	30+ Currencies	20+ Currencies	SGD, USD, EUR, CNH
Interest Rates	Up to 3.45% p.a. (USD Yield)	Up to 3.98% p.a. (USD)	~2.7% p.a. (SGD/USD)
Corporate Cards	Unlimited Virtual (Free)	5 Free Cards	No Cards
Key Advantage	Built-in Expense Mgmt & 1% Cashback on SaaS	Best FX rates and Payment Gateway integration	Backed by Ant Group; easy SME loans

1. Aspire: The All-in-One Operations Hub

Aspire is the top choice for Singapore-based startups because it functions as more than just a bank. It is an integrated finance operating system.

• Why choose it: It includes free expense management software, allowing you to issue virtual cards to employees with set limits.

  
  

• Unique Perk: Offers 1% cashback on digital marketing (Google/Meta Ads) and SaaS subscriptions (Slack, AWS, etc.).

  
  

• Onboarding: Fully remote and often approved within 24–48 hours for Singapore-registered entities.

2. Airwallex: The Global E-commerce Powerhouse

If your business involves heavy international trade, paying overseas suppliers, or collecting payments from global marketplaces (like Amazon or Shopify), Airwallex is the leader.

• Why choose it: They offer "Local Receiver" accounts in 20+ countries, allowing you to get paid like a local without high SWIFT fees.

  
  

• Unique Perk: Their FX rates are among the most competitive in the market (interbank rates with a tiny markup), often beating traditional banks by 3-4%.

  
  

• Integration: Seamlessly connects with Xero, QuickBooks, and Shopify.

3. ANEXT Bank: The SME Lending Specialist

As a MAS-licensed Digital Wholesale Bank (owned by Ant Group), ANEXT is focused on "Micro, Small, and Medium Enterprises" (MSMEs) that need traditional banking security with digital speed.

• Why choose it: Unlike neobanks, ANEXT is a licensed bank that offers Business Loans and specialized financing without requiring a long credit history.

  
  

• Unique Perk: Offers one of the highest daily interest rates for both SGD and USD balances (approx. 2.7% p.a. in 2025) with no lock-in periods.

  
  

• Security: As a licensed bank, deposits are regulated under MAS standards, providing a higher sense of security for larger capital holdings.

Which one should you pick?

• Pick Aspire if you are a local startup looking to automate your accounting and save on software subscriptions.

  
  

• Pick Airwallex if you are a global merchant or agency moving money across borders frequently.

  
  

• Pick ANEXT Bank if you want your idle business cash to earn high interest or if you anticipate needing a business loan soon.

How Bestar Singapore Can Help: How to Register a Singapore Company and Open a Bank Account in 2025

How to Register a Singapore Company and Open a Bank Account in 2025

In 2025, Singapore remains the gold standard for global business expansion. However, the regulatory landscape has become more digital-centric and compliance-heavy. Partnering with a professional firm like Bestar Singapore can be the difference between a seamless launch and a stalled application.

This article explores how Bestar simplifies the dual challenge of Singapore company registration and corporate bank account opening.

1. Navigating ACRA Registration with Bestar

Registering a company with the Accounting and Corporate Regulatory Authority (ACRA) involves more than just filling out a form. Bestar acts as your Registered Filing Agent, providing end-to-end expertise.

How Bestar Simplifies the Setup:

• Optimal Structure Selection: Bestar advisors help you decide between a Private Limited Company (Pte Ltd), a Branch Office, or a Subsidiary, ensuring your choice aligns with your tax and liability goals.

  
  

• Fast-Track Name Reservation: They ensure your proposed business name meets ACRA’s strict criteria, avoiding delays caused by "restricted words" or trademark conflicts.

  
  

• Document Preparation: Bestar drafts your Company Constitution and prepares the necessary Director/Shareholder consent forms, ensuring they are compliant with the 2025 Companies Act.

2. Solving the "Resident Director" Requirement

For many international entrepreneurs, the biggest hurdle is the legal requirement for at least one ordinarily resident director.

Bestar’s Solution:

• Nominee Director Services: Bestar provides qualified local professionals to act as your nominee director. This allows foreign founders to maintain 100% ownership while satisfying ACRA’s residency rules.

  
  

• Compliance Guarantee: Our nominee directors are vetted professionals who ensure your company adheres to all statutory requirements, protecting your business from penalties.

3. Streamlining Bank Account Opening in 2025

While Singapore's banks are world-class, their KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols are rigorous. Attempting a DIY application often leads to rejection or months of delays.

The Bestar Advantage in Banking:

• Strategic Matching: Bestar evaluates your business model and target markets to match you with the right bank (e.g., DBS, OCBC, UOB for local stability, or Aspire/Airwallex for digital agility).

  
  

• Bank Liaison & Introduction: As a trusted corporate service provider, Bestar provides the formal introductions and professional references that banks require.

  
  

• Document Verification: We compile the "Bank Pack"—including the certified Business Profile, Board Resolution, and UBO (Ultimate Beneficial Owner) documents—to ensure the bank has zero reasons to delay your approval.

4. Why Bestar is the Preferred Partner for 2025

Bestar is more than just an incorporation firm; they are a one-stop business hub. Beyond the initial setup, we provide the essential infrastructure every Singapore company needs:

Service Area	What Bestar Provides
Corporate Secretarial	Mandatory appointment within 6 months; managing AGMs and annual filings.
Registered Address	A physical CBD office address for official government correspondence.
Tax & Accounting	Expert guidance on the Start-up Tax Exemption (SUTE) and GST registration.
Work Passes	Assistance with Employment Pass (EP) or EntrePass applications for relocation.

Conclusion: Start Your Singapore Journey Today

In 2025, the speed of your business launch depends on the quality of your corporate partner. Bestar Singapore eliminates the administrative friction of ACRA registration and the complexity of corporate banking, allowing you to focus on growth from Day 1.

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