Sole proprietorship Singapore bank account: A guide [2027]

A comparison of six business bank accounts for sole proprietors in Singapore, covering documents and key fees–and how a multi-currency account can suit those handling international payments

• A sole proprietorship is a business structure owned and operated by a single individual
• UOB eBusiness Account, OCBC Business Growth Account, Maybank FlexiBiz Account, GXS Biz Account, CIMB SME Account and ANEXT Business Account are some of the many banking options for sole proprietors in Singapore
• A local SGD account may not be sufficient for sole proprietors who make frequent international transactions
• World Account, a multi-currency account by WorldFirst, gives sole proprietors local receiving details in 20+ currencies and a way to hold and spend foreign currency without routing every transaction through SGD

While ACRA doesn’t legally require you to hold a separate business bank account, keeping business income and expenses separate can simplify record-keeping and IRAS tax compliance.

This guide compares account features and fee structures of six sole proprietorship bank accounts in Singapore and introduces WorldFirst as a multi-currency option for managing cross-border transactions.

What is a sole proprietorship in Singapore?

A sole proprietorship is a business structure owned and operated by a single individual, where the business and the owner are treated as the same legal entity.¹

A sole proprietorship in Singapore is registered with the Accounting and Corporate Regulatory Authority (ACRA) through BizFile and receives a Unique Entity Number (UEN) after successful registration.²

Why do sole proprietors need a business bank account in Singapore?

• Simplified record keeping: Helps manage records of business revenue and operational expenses. IRAS requires sole proprietors to keep proper records and accounts for five years so that income earned and business expenses claimed can be readily determined.³
• Professional appearance: Gives your business a more professional appearance when clients make payments to your registered business name instead of a personal account.
• Simpler tax filling: Keeping your personal and business accounts separate makes tracking income, categorising expenses, filing annual taxes, and Goods and Services Tax (GST) reporting simpler.
• Broader banking access: Opens access to business banking products such as overdrafts, business credit cards, foreign currency accounts, bulk GIRO transfers, and other services that may not be available with personal accounts.

What documents do sole proprietors need to open a bank account?

Here’s how you open a business bank account:

• A recent ACRA BizFile+ Business Profile confirming active business registration⁴
• Identity documents such as an NRIC or Foreign Identification Number (FIN), or a passport for foreign sole proprietors. For online applications, banks may use Singpass, MyInfo Business, or Corppass⁵
• Proof of residential and business address, such as a utility bill, tenancy agreement, or bank statement⁵
• GST registration certificate if the sole proprietorship is GST-registered
• Relevant industry licences if the business operates in a regulated sector

Top bank accounts for sole proprietors in Singapore

1. UOB eBusiness

The UOB eBusiness Account gives Singapore sole proprietors access to digital banking through the UOB SME app. The account offers transaction rebates and a 12-month minimum balance waiver for eligible new accounts. Sole proprietors can also apply for a UOB Business World Debit Card.⁶

Fees checked in September 2026

2. OCBC Business Growth Account

Eligible SMEs in Singapore can instantly open their first OCBC Business Growth Account using MyInfo Business.⁸ You can manage your account with OCBC Velocity and get a bundled package of 80 free FAST transfers and 80 free GIRO transactions a month at zero cost.⁹ Account holders also get an OCBC Business Debit Card with cashback on selected categories.⁸

OCBC also offers enterprise and corporate bank accounts in Singapore.

Fees checked in September 2026

3. Maybank FlexiBiz

Maybank FlexiBiz is a current account available to sole proprietors, partnerships, and private limited companies incorporated in Singapore. It has no monthly fee, offers access to business internet banking services, and comes with a business debit card.¹⁰ No interest available on account balances

Fees checked in September 2026

4. GXS Biz Account

GXS Biz Account is an interest-bearing current account accessible through the GXS Bank app. The account has no minimum balance requirements, offers free domestic transfers via FAST and PayNow, and supports unlimited customer collections through PayNow at zero cost.⁵

Fees checked in September 2026

5. CIMB SME Account

CIMB SME Account is a commercial banking account that requires no minimum monthly balance and offers unlimited FAST, GIRO, and PayNow transactions. Account holders pay zero telegraphic transfer fees for 12 months.¹³ CIMB lets sole proprietors open a commercial account instantly using their UEN or Corppass.

Fees checked in September 2026

6. ANEXT Business Account

ANEXT Business Account is a multi-currency bank account from Singapore-licensed digital wholesale bank ANEXT. The account lets you hold funds in CNH, SGD, USD, and EUR and offers local currency account details in 10 currencies.¹⁵

Fees checked in September 2026

→If you are looking for the best business bank accounts in Singapore, check this guide.

Sole proprietor bank account comparison

Fees checked in September 2026

How to open a sole proprietor bank account in Singapore

Step 1 Register the business: Complete sole proprietorship registration through ACRA’s BizFile. After approval, ACRA issues the UEN and a link to the Business Profile

Step 2 Compare account options: Evaluate the available SME business accounts against established requirements and also assess if you need multi-currency account to manage international funds

Step 3 Gather required documentation: Put together all the documents required by the account provider, including ACRA business profile, NRIC/FIN/passport, proof of residential and business addresses, GST certificate (if applicable), and industry licences

Step 4 Submit the application: Complete the account application, which can be entirely online or require a branch visit, depending on the provider

Step 5: Fund and configure the account: Fund the account where minimum deposits are required,set up PayNow linking to your business UEN, and connect to accounting software if used.

The World Account: A multi-currency account for sole proprietors with international operations

A Singapore sole proprietor who sells on global marketplaces, invoices international clients, pays overseas freelancers or sources from Chinese suppliers is handling multiple foreign currencies at once. Running these flows through a single SGD account triggers a currency conversion on every transaction, and the FX costs stack up over time.

The World Account is a multi-currency account from WorldFirst, an international payments provider for cross-border businesses.

It’s designed to sit alongside a sole proprietor’s existing Singapore bank account, not replace it. The Singapore account continues to handle local SGD operations and the World Account handles the international side, giving the sole proprietor local receiving details in multiple currencies and a way to hold, spend and convert foreign currency without routing every transaction through SGD.

Collect international payments

World Account lets you collect payments as a local in 20+ currencies with local receiving account details for each. You can add these details as payout destinations on 130+ marketplaces and payment gateways

Pay suppliers and global partners 

World Account holders can send payments in 100+ currencies across 200+ countries and regions.

Spend with World Card and earn cashback 

Sole proprietors with a World Account can apply for World Card, a Mastercard-powered virtual debit card to spend across 150+ currencies and earn cashback on eligible spending.* You pay zero FX fees when spending in one of the 15 supported currencies, given you have sufficient balance in that currency.

These cards can be linked to Apple Pay and Google Pay Wallets. Businesses can issue up to 20 World Cards at no additional cost.

*Terms and Conditions apply

Lock in an exchange rate with forward contracts

Singapore businesses with known international payments can use forward contracts to lock in an exchange rate today for future transactions

Pay suppliers on 1688.com

Businesses sourcing products from 1688.com can use World Pay, an authorised international payment provider for 1688.com, to pay their Chinese suppliers in CNH directly from their World Account.

Fees checked in September2026

Business bank accounts vs the World Account: Feature comparison

FAQs

1. What is the best bank account for a sole proprietorship in Singapore?

There is no single account that fits every sole proprietorship. When comparing accounts, evaluate eligibility, minimum balance requirements, including local transactions, business cards, accounting software integrations, telegraphic transfer fees, and whether the account can be opened online.

2. What documents do I need to open a sole proprietor bank account in Singapore?

Sole proprietors must present an active ACRA business profile (BizFile), NRIC or FIN, identity and residential proof, GST registration certificate (if applicable), and relevant industry licences.

3. Can a sole proprietor use a personal bank account for business?

Yes. There is no legal requirement for sole proprietors to maintain a separate business bank account. However, IRAS encourages businesses to keep a separate bank account for business transactions, as this makes it easier to track income and expenses. Sole proprietors must also retain proper records and supporting documents for at least five years for tax purposes.

4. How do I open a sole proprietor bank account in Singapore?

Register the sole proprietorship with ACRA, compare account eligibility and fees, prepare the required identity and business information, then apply through the provider’s supported channel.

Sources

1. https://www.acra.gov.sg/register/business/choosing-business-structure/
2. https://www.acra.gov.sg/register/business/registering-different-business-structures/sole-proprietorship-or-partnership/
3. https://www.iras.gov.sg/taxes/individual-income-tax/self-employed-and-partnerships/keeping-proper-records-and-accounts
4. https://www.acra.gov.sg/register/business/after-registering/sole-proprietorship-or-partnership/
5. https://www.business.gxs.com.sg/biz-account
6. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page
7. https://www.uob.com.sg/business/help-support/rates-fees/remittance-fees-inward.page
8. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account
9. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide
10. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page
11. https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/outward-remittance.page
12. https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/inward-remittance.page
13. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html
14. https://www.cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide/transactions-inward.html
15. https://anext.com.sg/bank/business-account/
16. https://anext.com.sg/static/terms/feeschedule

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.