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

August 26, 2020

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 over 100 branches islandwide, making it an extremely convenient option for Singaporeans who are on-the-go. As the frontrunner for Singaporean'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 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.

What corporate accounts are offered at DBS?

1. DBS Business Digital Account

This is one of the most popular corporate accounts 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.

However, there’s a catch. This account only operates in Singapore dollars, with S$10,000 minimum balance required. For those running a business with a high volume of international transfers, the DBS Business Digital Account might not be the most ideal. This is where the next account comes in.

💡 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. In addition, it's worth keeping 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 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!

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