Opening a business bank account is probably one of the first things you'll do after starting your company or relocating to Singapore.
Even though it looks like another formality, picking the right bank is important. Here’s an overview of the benefits of a business account and how you can select the best bank for your start-up.
There are many options to open a bank account in Singapore. Traditional banks are still the go-to option, but neobanks and even online payment service providers offer more and more suitable options for a digital business account.
The Aspire Business Account is an easy, fast and transparent alternative for traditional business accounts. Benefit from cashback, lower fees and smooth integrations
The best choice for your start-up depends on many factors.
So whether you’re looking to open a small business bank account or a corporate bank account, these pointers will help you select the best account for your start-up.
These requirements are standard for all banks across the country. Depending on the bank of your choice, extra documentation may be needed.
Mind that all copies of documents, such as the business profile and certificate of incorporation, must be “Certified True” by the company secretary, director or other relevant parties.
Step 1: Choose the bank you want to open an account with and ensure the bank fulfils all your business needs.
Step 2: Complete your application online or at a physical bank branch. For foreign founders who aren’t present in Singapore, representatives are encouraged to apply in person as several banks may require authorised signatures.
Step 3: Pay a minimum deposit, if applicable.
Step 4: Wait for the bank to review and process your application.
Step 5: You’ll get access to your bank account after approval.
Many banks in Singapore offer express account opening services, allowing business owners to open an account within one to three working days. For more complex cases and applications, opening an account may take four weeks.
Today, most banks in Singapore allow business owners to open an account entirely online. This includes everything from application to account processing.
In some cases, banks may still require applicants to be physically present to sign official documents. Make sure to check with your bank.
Yes, even foreign directors may open a corporate bank account in Singapore. While the requirements are generally the same, the process may take a few weeks, far longer than for local directors.
The first step to opening a business account is finding the right bank. Compare different banks to find the most suitable option for your company.