Comparing the Best Business Accounts in Singapore

Why should you consider opening a business bank account in Singapore for your SME?

The challenges of managing a successful start-up may come as a surprise to you as a new business owner. One significant change is that you are now in charge of all aspects of the business as opposed to merely being a competent operator or manager of one department of a corporation.

One of the first things you should do is open a corporate bank account in Singapore because you will use it to receive money, pay staff and suppliers, and for legal and accounting requirements.

Convenient to receive a business loan

A business that wants to develop and flourish may need to take out additional loans from financial institutions. By establishing your credibility as a real firm, having a business account will make it simpler for financial institutions to evaluate your loan application based on your company's financials.

Banks provide a wide range of business accounts. While having a sound business account is essential, you don't want to spend too much on it, especially because this will be an ongoing expense for your company.‍

Your business debit card will provide you with rebates

A debit card that you can use for company expenses may become available to you when you open a business bank account in Singapore. You will incur a sizable number of business expenses when your organization expands, which can take time to keep track of. Accounting is made simpler with an Aspire Business Debit Card because card transactions are debited straight from your business account and displayed in a single consolidated statement which you can obtain after opening a business bank account.‍

Easier to keep track of business transactions

Commercial owners, especially sole proprietors, frequently use their personal bank accounts for their business activities out of convenience and habit. However, this could become unclear and possibly result in confusion between your personal and business-related spending. Since you cannot claim input tax for purchases if the tax invoice is not made out in your firm's name, having a business account will be helpful when you file your taxes with IRAS.

Digital solution

Since the emergence of fintech, a business bank account has become more than just a location to safely store your company's funds and receive and send payments. With the local and global economies still being impacted by COVID-19, digital financial and banking instruments are more important than ever. Most banks today are online and provide various digital tools in addition to their internet and mobile banking services. The banks have integrated various digital solutions to improve ease and better equip businesses to digitalize and thrive.

How to apply for a business bank account in Singapore for your SME today?

Do some research

Before choosing a bank, carefully consider all of the offers, advantages of creating a business bank account, and charges. It's vital to do your research before creating a business bank account on your current situation and how you envision your company developing in the future. After deciding on the bank you want to open an account with, look into all of your possibilities. It may be smart for you to speak with a bank employee.‍

Choose the account category that you want to open

Decide if you want to open a business checking or savings account first (or both). Remember to look over the interest rates and associated costs for each.

Assemble the necessary documentation

Once you have chosen the type of account you want, list all the necessary documents. Get them far in advance so there are no hassles or delays once you've finished your application. Documents that are "Certified True" are required. Be advised that certain banks may require directors and others with power of attorney to be present in person.‍

Complete the application

Fill out the application completely and truthfully. Give as much detail as possible, and try to be as exact as possible. Your bank will process everything more swiftly if your data is accurate.

Make the necessary deposit

The account must be opened with a small deposit, like other accounts (particularly savings accounts). Write a check that meets these basic requirements after collecting the necessary amounts. A S$1000 deposit is often needed to open an account with a Singaporean bank.‍

Account Opening

Your work is only done if you get a confirmation that your account has actually been opened. To activate your account, you must use it. Learn how to use your account and the banking services (both online and offline)!

Requirements for Opening A Business Account in Singapore 

The following requirements are customary for opening a business account in Singapore:

1) Account signatories and majority directors must be present in person in Singapore for the official account opening papers signing.

2) The following supporting documents:

• Corporate Account Opening Forms signed by authorized signatories/personnel as per the board resolution.
• Board of Directors Resolution recommending the creation of the account and the account signatures (to be prepared by the company secretary)
• Certified True Copy of the following:

1. Resolution (authorizing the account's opening and the account's signatories)
2. Certificate of Incorporation (to be certified by CS or Any director)
3. Company’s Business Profile from ACRA ( (to be certified by CS or Any director)
4. Company’s Constitution (to be certified by CS or Any director)
5. Passport (or Singapore IC) and Proof of Residential Address of the Directors, Signatories, and Ultimate Beneficiary Owners

But how do you know which business bank account is the best for your company?

5 things to look out for when opening a business bank account in Singapore:

1. Monthly fees

The amount your bank will charge you to maintain the viability of your account. Banks typically charge from S$18 up to S$35, while Aspire charges start at S$12/month.

2. Minimum deposit and balance

Before creating a bank account, the minimum deposit amount is typically required, so make sure you meet it first. Additionally, keep a minimum balance of S$1000 up to S$10,000 to avoid paying penalties. Depending on the account type, some banks have a minimum spending requirement. Choose a bank with fewer requirements and a smaller nominal fee if your business is just starting. At Aspire, you don’t need to maintain any minimum balance.

3. Usability and ease of access

Does the bank provide mobile services for business accounts? Is the app user-friendly? Does the bank require branch visits? One whose name appears on the documents does not have exclusive access to the corporate bank account. Your accounting department, compliance officials, finance department, and even some staff will need access to bank facilities. Having a financial system with a robust and user-friendly web interface is always a good idea. For personnel to access information while on the go, make sure they have a smartphone application.

4. Limits on transfers and foreign currency conversion fees

Does the bank have a minimum and maximum transfer amount? How do the business account fees work on international transfers? A business bank account comes with many advantages and is granted with the understanding that you will use the account. Deposit restrictions may apply to your company's business bank savings account. A minimum and maximum number of transactions could be necessary if you choose a business checking account (or transactional amount). You should review transaction policies for each option before opening accounts.

5. Customer support networks

Does the bank offer 24/7 chat support? Prompt email replies? Or does the bank require branch visits? Verify whether there is access to a toll-free hotline, a 24-hour customer service hotline, an online e-statement view, and transaction e-advice.

Business bank accounts in Singapore

With so many options, it’s easy to get overwhelmed. To help you make a more informed decision, we’ve created a rundown of the most popular bank accounts for companies in Singapore.

Local Business Account Providers

1. DBS Business Multi-Currency Account

Depending on your company goals and structure, DBS offers a few different business bank accounts. We'll focus on the Main Bundle, but you can also consider the DBS Multi-currency account Starter Bundle. With a low initial deposit of S$1,000 and ability to hold SGD as well as 12 other currencies, it's no question why the DBS Business Multi-Currency (Main Bundle) Account is a worthwhile business account to consider.

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Opening an account at DBS also has a pretty fast turnaround rate—the account will be ready to use by the next business day. To track your expenses, simply log on to DBS iBanking or head to one of the many DBS branches and ATMs located around the island.

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However, opening a business bank account with DBS costs S$50 a year. On top of that, the DBS Business Multi-Currency Account also charges S$40 for over the counter transfers and S$30 as TT fees (not including agent bank fees). There's even a S$40 fall below fee.

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If you're a new company, you could opt for the Starter bundle instead, which does away with the fall below fee. But that does come at an increased yearly fee of S$120.

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If you’re just dipping your toes into the startup industry, these fees could quickly add up to your company expenses.

How to open an account with DBS:

The DBS website allows you to apply within 5 minutes. To cut down on application time and effort, have your company's UEN information and the names of all account users available. Companies that have been in existence for longer than three years may apply for the Starter Bundle, which differs from the basic DBS Business Multi-Currency Account in some ways.

💡 Tips: Try out Aspire Business Account with no monthly fees, minimum deposit, and minimum balance to generate significant savings.

2. OCBC Business Growth Account

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Similar to DBS, OCBC has a variety of business bank accounts tailored for businesses of varying scales. The OCBC Business Growth Account caters to small businesses and startups. With no initial minimum deposit or balance required, the OCBC Business Growth Account offers a fuss-free and no-cost set-up. Accounts can be opened directly on the OCBC website through their iBanking service.

It also charges a lower monthly fee of S$10, which is significantly lower than the DBS Business Digital Account. For the first two months, this monthly fee is waived for if you choose to set up your business bank account with OCBC. Although OCBC has a lower cost-average than DBS, do note that they do charge similar rates for the handling and processing of foreign transfers.

How to open an account with OCBC:

Accounts can be opened directly on the OCBC website through their iBanking service.

💡 Tips: Check out the comparison between Aspire and OCBC.

3. UOB Current Account

In terms of initial minimum deposit, the UOB Business Current Account is on par with the DBS Business Digital Account, where you’re required to have a minimum deposit of S$1,000. Unlike DBS and OCBC, setting up a UOB business bank account in Singapore will require a minimum daily balance of S$3,000. Falling below the minimum balance required will result in a fall-below fee of S$7.50.

These high maintenance costs might not be the most ideal situation for young entrepreneurs, since running a startup requires a high number of transactions and capital. Incurring unnecessary costs from your business bank account might not be what you're looking for.‍

How to open an account with UOB:‍

For companies registered in Singapore, an instant online account opening is available. To apply for a quick account opening, applicants must also be Singaporeans or PRs. Create an online UOB eBusiness Account.

💡 Tips: Sometimes, falling below the minimum average daily balance is unavoidable. Aspire Business Account helps businesses save with no monthly fall-below fees, no minimum deposit and no application fee! Check out our pricing.

International Business Account Providers

4. Maybank Flexibiz Account

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Another contender in the mix is the Maybank Flexibiz Account. Popular with companies that are working on a tight budget, this business bank account in Singapore offers a similar minimum initial deposit of S$1,000 as DBS. With no monthly maintenance fees, the Maybank Flexibiz Account offers smaller companies with more space to focus on their business needs.

However, Maybank also charges a minimum balance fee of S$10 if the daily balance falls below S$1,000.

How to open an account with Maybank:

Through MyInfo, you can create a Maybank FlexiBiz Account online. You will require a digital copy of your signature, certified true copies of your company's by-laws, constitution, by-memorandum and articles, or certified true copies of your LLP partnership agreement.

💡 Tips: Check out the comparison between Aspire and Maybank

5. CIMB BusinessGo Lite

The CIMB BusinessGo Lite account is another choice for SME business owners.  Keeping a minimum balance is not stressful because there are no fines if it falls below. You can also perform cost-free FAST, GIRO, and payroll transactions with the account. The minimum initial deposit is $5000 and has a multi-currency feature.

Unlike many other business banking accounts, you get free eAlerts to stay on top of any updates to your account. Chequebooks cost $25 each; however, check clearing fees are free. Businesses may have to pay $28 to use the account.

How to open an account with CIMB:

The CIMB BusinessGo Lite account has an online application process that takes under 15 minutes to complete. Businesses can enter their corporate information on Myinfo Business. When applying, you must have your UEN and business registration numbers in hand.

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6. Standard Chartered

With its headquarters in the UK, Standard Chartered has a presence worldwide, particularly in Asia, Africa, and the Middle East. Standard Chartered demands an initial deposit and an average monthly balance of SGD30,000 for businesses in Singapore; if you fall short of those requirements, you'll have to pay an SGD50 monthly fee.

Your initial deposit for a foreign currency account must be at least USD 30,000. If you wish to bank online, you'll additionally have to pay a one-time cost of SGD50. You can access FX spots, bonds, and other treasury services depending on the nature of your business.

Your business's size will also affect the extent of the loan you can get; you'll need to provide financial documents going back at least three years.

How to open an account with Standard Chartered:

Fill out the online application form completely, then deliver it to a Hong Kong branch of the Standard Chartered Business Banking Centre. To make an appointment, fill out an online form.

‍What other business account options do I have in Singapore?

‍Even though the banks mentioned offer online applications, there may be times that you’ll have to head down to a branch for paperwork; that’s where Aspire comes in. Say goodbye to long waits, branch visits or answering machines.

Here’s why Aspire is the ideal business account in Singapore:

1. An Aspire Business Account can be opened, operated and managed fully online, anytime and anywhere

2. No monthly fees, balances to maintain or fall below fees

3. Significantly lower FX fees than local banks through our partnership with Transferwise

4. Automated insights, integrated fully with Xero

5. The only business debit card in Singapore to offer 1% cashback on all online marketing and SaaS spend

6. 24/7 customer service provided through the app, Whatsapp, call, or email

We’ve got your back. Aspire helps business owners like you focus entirely on growing their business strategy, all with an efficient and convenient way to track expenses.

💡 Tips: Aspire supports business expense management feature that’s seamlessly integrated with your bank account. Opening an account is free!

On top of that, we also rank first place for the best business account in Singapore by BestInSingapore.co!

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Slice through roadblocks when it comes to opening a business bank account in Singapore. Join Aspire today! Learn more about how switching business account can help businesses.

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