DBS Corporate Account Opening: All You Need to Know [2022]

Published on
August 26, 2020
Written by
Marissa Saini
Reviewed by
Episode #
DBS Corporate Account Opening: All You Need to Know [2022]
If you’re on the hunt for a business account for your company, DBS might have the product for you. Find out all the things you need to know before opening a DBS Corporate Account Opening.
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If you’re Singaporean, chances are you have a bank account with the Development Bank of Singapore. More commonly known as DBS, this bank is considered the largest bank in the country and the entire Southeast Asian region.

Today, DBS has around 87 branches islandwide, making it an extremely convenient option for Singaporeans who are on-the-go. As the frontrunner for Singapore's favourite bank, DBS has remained one of the most popular banks due to its impressive digitisation and variety of financial products—including the DBS corporate account.

If you’re on the hunt for a business account for your company, DBS might have the product for you.

How do I open a corporate account with DBS?

Opening a corporate bank account with DBS is relatively simple. Here's how you can get started.

For Singapore-based single director/sole-proprietor companies with an existing DBS account, you’ll need:

  • Your personal DBS iBanking login information, or Debit/ATM card and PIN number
  • ACRA Business Registration Number

For companies with multiple directors or partners, you’ll need:

  • ACRA Business Registration Number
  • Contact details of all account users
  • Business documents

Upon completion, a DBS representative will get in contact with your to verify your business details and submitted documents before opening the account. Afterwards, a DBS courier will collect the paperwork for verification purposes and have your DBS corporate account ready or use on the next business day.

Steps for DBS Account Opening

Step 1: Head to the DBS SME portal

Step 2: Be sure to have your UEN or registered business name

Step 3: Apply to your preferred corporate DBS bank account一DBS Business Multi-Currency Account or DBS Corporate Multi-Currency Account 

Step 4: After submitting, check your application status via the DBS SME portal 

Step 5: Receive the SMS that will notify you once your application has been approved

DBS Account Opening: Documents to prepare 

If you’re all set on opening a DBS account for your business, it is worth noting that you would need to prepare several documents before you could successfully do so. Depending on your business type (eg. Sole Proprietor, Private Limited Company), the documents required could differ. To ensure that you’ve covered your bases, it is best to cross-check with the guides and forms provided by DBS below: 

What corporate accounts are offered at DBS?

Fortunately, for businesses thinking of opening a DBS bank account, you'll be able to choose from two options according to what your organisation's preferences are. They both have multi-currency features, favourable for companies with a high volume of international transfers.

1. DBS Business Multi-Currency Account

This is DBS's latest corporate account in Singapore. With an annual account fee of S$50 and 100 free local transfers monthly, this is suitable if you’re looking for a basic business account that can hold multiple currencies, including SGD, USD, EUR, HKD, JPY and more. Opening this DBS bank account gives you 50 free FAST and another 50 GIRO transfers on a monthly basis.

However, there’s a catch. This account charges a S$30 fee for outward TT, with S$10,000 minimum balance required. There's also a fall-below fee of S$40 to look out for. For those running a business with a high volume of transfers, the DBS Business Digital Account might not be the most ideal. This is where the next account comes in.

If you're a young business that's been incorporated for less than 3 years, you'll be eligible for DBS's Starter Bundle that's basically the DBS Business Multi-Currency Account with added perks. Under the Bundle, there's no minimum balance as well as an unlimited number of free FAST and GIRO transfers (albeit local). The main difference would be the account fees. You'll be charged a fee of $10 on a monthly basis instead of a yearly basis.

💡 Tips: Did you know that the Aspire Business Account allows you to transact in over 40 currencies? Get started today.

2. DBS Corporate Multi-Currency Account

With this account, you’ll be able to manage your transactions in 13 different currencies. But again, this account does come with certain requirements. The minimum opening deposit is S$3,000, with a daily minimum balance of S$10,000 and a fall-below fee of S$40.

However, before opening this DBS account, do keep in mind that you need to be an existing DBS customer to open the DBS Corporate Multi-Currency Account.

If you’re just starting-out in the business world, the requirements for a DBS Corporate Multi-Currency Account might be pretty hard to keep up with.

Still on the fence?

What if we told you that there’s a corporate account with no minimum deposits or minimum balances?

At Aspire, creating a corporate account is absolutely value for money. Whether your company is under single or multiple directors, the process is the same.

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

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

• No minimum balances to maintain or fall below fees.

• Significantly lower foreign transfer fees than local banks offer through our partnership with Transferwise.

• Automated insights, integrated fully with Xero.

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

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

Slice through roadblocks when it comes to opening a business bank account in Singapore. Open an account for free and join Aspire today!

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

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Marissa Saini is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
Marissa Saini
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Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
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