The 2026 guide to opening a corporate bank account in Singapore

Why startups need a corporate bank account

A dedicated corporate bank account helps you stay organised, credible, and ready for growth. Here’s why it matters:

1. Greater credibility

Clients take your company more seriously when you provide a business account rather than personal bank details.

2. Easy access to credit

Banks use your business account history when evaluating loan requests, giving you a better chance at financing.

3. Cleaner accounting

Separating personal and business funds prevents confusion, simplifies bookkeeping, and reduces mistakes during audits.

4. Better financial security

A separate account helps shield personal finances from business liabilities and improves transparency.

5. Rewards & lower costs

Many business accounts offer cashback, digital tools, and lower fees—especially helpful for new companies.

6. Easier tax reporting

Filing taxes becomes much simpler when your transactions are clearly separated.

Choosing between traditional banks and digital providers

While traditional banks are established and familiar, digital-first providers such as Aspire are becoming increasingly popular. Here’s how both compare:

Traditional banks

• Strong reputation and wide branch network
• Full-suite banking services
• Higher minimum balances and fees
• Some require in-person verification
• Longer processing times

Digital fintech providers

• Fully online onboarding
• No minimum balance or monthly fees
• Fast approval and lower FX costs
• Multiple built-in tools (expense management, invoice features, virtual cards)
• Ideal for digital businesses, SMEs, and startups

Your best choice depends on cost, convenience, and the nature of your business.

What to consider before selecting your corporate account

Whether you’re looking to open a small bank business account or a corporate bank account, these pointers will help you select the best account for your start-up.

The bank’s credibility

Do its customers highly trust this bank? What do current and previous clients say?

Fees and charges

What are stthe andard monthly fees? Do they offer waivers?

Account services offered

What are the features of the business account? Do they have services such as expense management, invoice management, or multi-user access?

Online banking options

Do they have mobile banking options, or do you have to conduct all transactions at a physical branch?

Introductory bonuses and offers

Does this bank offer sign-up bonuses or incentives for new customers?

Software integrations

Can I integrate my accounting or payroll software with this bank account?

Rewards

Does this bank have a rewards programme for customers?

Basic requirements to open a corporate bank account in Singapore

All banks will require some combination of the following:

Company and business documents:

• Completed account opening forms
• Company business profile from ACRA
• Certificate of incorporation
• Memorandum and Articles of Association (MAA) / Constitution
• Board resolution authorising the account opening
• Details of directors and shareholders

Director and signatory information

• Passport or NRIC (for all directors and UBOs)
• Proof of residential address (dated within 3 months)

Other requirements

• Minimum deposit (varies by bank)
• Documents certified true by a director or corporate secretary

Unlike many traditional business and corporate bank accounts that often come with a mandatory minimum balance requirement, platforms like Aspire offer the convenience of opening an account with no minimum balance.

This streamlined approach to money management eliminates worries about unexpected charges. Furthermore, these platforms often do not levy monthly service fees or overdraft fees, providing a more cost-effective banking solution for businesses.

How to open a corporate bank account

Step 1: Choose your provider

Compare traditional banks and fintech accounts, keeping your business model and cash flow in mind.

Step 2: Apply online or visit a branch

• Local founders can usually apply online.
• Foreign founders may still need to be present, depending on the bank.

Step 3: Submit documents

Upload or bring your incorporation papers, ID, and shareholder information.

Step 4: Make the minimum deposit (if required)

This ranges from SGD $0 to SGD $3,000, depending on the provider.

Step 5: Wait for account approval

Banks may take few days to several weeks. Fintechs often approve within hours.

Once approved, you’ll receive banking access, cards, and online tools.

Understanding the 3 key fees when opening a corporate account

Most business accounts in Singapore revolve around 3 major cost components:

1. Monthly fees

Some business accounts charge a monthly maintenance fee, especially those that include additional services such as cheque books, branch support, or premium banking features. These fees can range from a few dollars to close to twenty dollars per month.

For small businesses, e-commerce sellers, or early-stage startups operating on lean budgets, such monthly costs can quietly add up. In these cases, choosing a business account with zero monthly maintenance fees can help reduce overheads and improve cash flow during your early growth stage.

2. Minimum deposit

Many providers require a minimum opening deposit, often around SGD $1,000. Some accounts may require more, which might not be ideal if you're starting with limited capital.

If your business is in its early stages or if you need to preserve liquidity, a business account with a low or no minimum deposit makes it easier to get started without tying up your funds.

3. Minimum balance

Some accounts require you to maintain a daily or monthly minimum balance to avoid fall-below penalties. This can be challenging for startups, especially those:

• Handling many small transactions,
• Operating with unpredictable cash flow, or
• Investing heavily in growth during the first few months.

If you aren’t consistently meeting the minimum balance, fall-below fees can stack up quickly. Opting for a business account with no minimum balance requirement helps avoid these extra charges while giving your business more flexibility to manage day-to-day expenses.

4. Hidden fees

While minimum balances and monthly fees are the headline costs, truly efficient financial management requires understanding the less obvious, or secondary fees. These transaction-based charges can quickly accumulate, especially for businesses with high volumes of international trade or frequent use of traditional banking services.

Consider these secondary costs when making your final decision:

• Inward/Outward Telegraphic Transfer (TT) Fees: Charged for sending or receiving money internationally. Traditional banks often have a fixed fee (e.g., SGD $20 - $40 per outgoing transfer) plus currency conversion margins. Digital providers often charge lower or no fixed TT fees, relying only on a competitive FX spread.
• Cheque Book Fees: If your business still requires paper cheques, banks charge a fee per book (e.g., SGD $25 - $50). Most digital-first providers don’t support cheques.
• Maintenance Fees for Dormant/Inactive Accounts: If your account remains inactive (no transactions for 6 to 12 months), banks may impose a monthly or annual fee (e.g., SGD $10 - $30) until the account is closed or reactivated.
• Overdraft/Returned Cheque Fees: Significant penalties are charged if your account balance falls below zero or if a cheque is returned due to insufficient funds (e.g., SGD $40 - $75 per incident).
• Cash Deposit/Withdrawal Fees: While free for small amounts, some business accounts start charging a fee for high-volume cash transactions to encourage digital banking.

Major business account (corporate) providers in Singapore

Below is a consolidated overview of popular business (corporate account) providers with key considerations.

1. DBS

One of Singapore’s largest and most trusted banks.

Notable Features

• Online applications supported
• ID verification is possible via video call
• Digital Business Account has no minimum balance
• Wide ATM and branch network

Key Requirements

• Deposit: SGD $1,000 to SGD $3,000
• Minimum balance:
  • SGD $0 (fall-below fee SGD $40 ) for SGD account
  • SGD $10,000 (fall-below fee SGD $40) for multi-currency account

2. OCBC

A long-standing local bank well-known among SMEs.

Notable Features

• Requires in-person meeting (mostly)
• Strong trade finance and SME lending capabilities

Key Requirements

• Setup fee: None, but SGD $10 monthly account fee (first 2 months waived)
• Minimum deposit: SGD $1,000
• Minimum balance: SGD $1,000

3. Maybank

A regional bank popular among cross-border businesses.

Notable Features

• In-person verification required
• Overseas branches can verify documents in certain cases
• No minimum balance requirement

Key Requirements

• Minimum balance: SGD $1,000 (fall-below fee SGD $10/month)
• Cheque book available
• No monthly fees

4. Aspire

A digital-first solution tailored for modern businesses. Please note that Aspire is not a bank but is regulated under the Monetary Authority of Singapore (MAS), so its services may differ from those offered by traditional banks.

Notable Features

• 100% online onboarding
• No minimum deposit or balance
• No monthly fees
• Unlimited virtual cards
• Fast local and cross-border payments
• Integrations with leading accounting tools
• Cashback on SaaS and marketing spend

Key Requirements

• ID, selfie verification, business details
• Additional shareholder documents if applicable

Aspire business account suits SMEs, startups, e-commerce stores, and remote teams looking for a flexible and fully digital alternative.

Comparing fees for opening a Singapore corporate account

To help you make the best decision, we’ve collated a breakdown of the minimum deposit, minimum balances, and monthly fees required to maintain these Singapore business accounts. Please note that these data were cross-referenced against official bank pricing guides dated December 2025. Always refer to each bank’s official pricing guide for more updated details.

Conclusion

Opening a business account is more than a compliance requirement. It’s a strategic decision that affects your credibility, cash flow, and long-term growth. Whether you choose a traditional bank or a digital provider, look for an account that:

• Supports your business model
• Fits your budget
• Reduces administrative work
• Integrates well with your tools
• Scales with your growth

By choosing the right account early, you set your business up for smoother financial management and a stronger foundation for expansion.