How to Open a Business Bank Account in Singapore

Benefits of Opening a Business Bank Account for Start-ups

1. An additional layer of credibility: A business bank account looks more professional than your personal bank details. 
   

2. Access to credit: Having a small business bank account facilitates your access to credit when you require a loan. 
   

3. Simple and organised accounting: You avoid using your personal bank account for business purposes, so there’s no confusion between private and company funds.
   

4. Financial security: Along with keeping your finances organised, a separate account protects your personal funds from any form of liability that your business may incur. 
   

5. Account benefits: Depending on your bank or provider, business owners can access unique rewards, including cashback and low fees. 
   

6. Ease of tax reporting: Tax reporting becomes easier with a separate account as your business and personal transactions will not be mixed up. 

What to consider before you open a business bank account

There are many options to open a bank account in Singapore. Traditional banks are still the go-to option, but neobanks and other 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. 

• The bank’s credibility: Do its customers highly trust this bank? What do current and previous clients say?
• Fees and charges: What are standard 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 business bank account in Singapore 

• All the completed Account Opening Forms
• Detailed information of the company 
• A resolution by the company’s board of directors
• A copy of the company’s business profile from the Registrar of Companies
• A copy of the company’s certificate of incorporation from ACRA 
• A copy of the company’s Memorandum of Articles of Association (MAA) 
• Proof of residential address of all company directors and ultimate benefit owners. These documents must be dated within the last 3 months. For example, you can use your tenancy agreement, telecommunication or utility bill.
• Passport copies or Singapore national identification cards of all company directors, signatories, and UBOs (ultimate beneficial owners — the real owners or people who take the profit of the company)
• A minimum deposit (if applicable) 
  

These requirements are standard for all banks across the country. Depending on the bank of your choice, extra documentation may be needed.

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.

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. 

A step-by-step guide to opening a business account 

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. 

Business bank account providers in Singapore

Singapore is home to 132 commercial banks, 31 trading banks, more than 1,000 fund managers and 1,514 license holders of capital market services. As a major center for wealth management and investment throughout Asia, it is easy for businesses to have access to private and commercial banking services to finance their expansion at low-interest rates. Here are some banks in Singapore that provide the business account with certain requirements.

1. DBS

DBS Bank was founded in 1968 as a development-financing institution led by the Singapore government. Today, more than 100 branch offices can be found throughout the island. DBS Bank is the largest bank in Southeast Asia with assets and among large banks in Asia. The bank has a market-dominant position in consumer banking, treasury and markets, asset management, securities brokers, equity and debt fundraising in Singapore and Hong Kong. DBS has been named the World's Best Bank by the leading global financial publication, Euromoney, at the 2019 Awards for Excellence event.

Here are some documents required to open a business account at DBS:

• DBS Bank offers online applications where you can potentially skip the branch visit and save time – account verification can be done over Facetime/Skype or a phone call, subject to the bank’s conditions
• Setup Fee: None
• Deposit required: S$1,000 to S$3,000
• Minimum Balance: DBS Digital Business Account has no minimum balance requirement. DBS Business Account requires an average monthly balance of S$10,000, or S$35 monthly fee will apply.
• Cheque Book: S$25/book for DBS Digital Business Account. Free-of-charge with DBS Business Account.
• Internet Banking: Yes, free access. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions.
• Card: Debit and credit. No annual fees for debit. Earn 0.3% cash rebate on all charges.

2. OCBC

Oversea-Chinese Banking Corporation Limited abbreviated as OCBC Bank is a publicity financial services organization with its headquarters in Singapore, founded in the year of 1932 due to the Great Depression with the merger of three banks - Chinese Commercial Bank (1912), Ho Hong Bank (1917) and Oversea-Chinese Bank (1919). OCBC Bank is one of Singapore's leading local banks, with group assets of more than S$224 billion. This bank has one of the highest bank credit ratings in the region. In November 2010, OCBC Bank was the largest local bank in Singapore with market capitalization.

Here are some documents required to open a business account at OCBC:

• OCBC Bank offers no online applications. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.
• Setup Fee: None. However, there is an account fee of S$38 per month (waived for 1st 3 months)
• Deposit required: S$3,000
• Minimum Balance: Average monthly balance of S$5,000 (waived for 1st 6 months). Thereafter, S$35 per month if monthly average balance falls below S$5,000.
• Cheque Book: Yes
• Internet Banking: Yes. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).
• Card: No credit card. Yes for Debit with S$5,000 daily cash withdrawal limit and with S$10,000 daily debit card transaction limit.

3. Maybank

Maybank, the trade name for Malayan Banking Berhad (Arabic script: مايبانك), with the nickname "Tiger Head Bank", is the second-largest bank network and financial services group in Malaysia, and operates as an important bank in Singapore, Indonesia, and the Philippines.

Here are some documents required to open a business account at Maybank

• Maybank offers no online applications. Require face to face meetings for all authorized signatories in account opening as part of our due diligence process. However, in exceptional cases where one of the directors (not major shareholder nor authorized signatory) is unable to come to Singapore, Maybank can arrange for the client to visit one of their overseas branches (London, New York, Hong Kong, China, Malaysia, Indonesia, Philippines, Cambodia, Vietnam, Laos & Myanmar) where they will assist to verify the documents and signature before sending back to Singapore for processing.
• Setup Fee: None
• Deposit required: S$1,000
• Minimum Balance: None
• Cheque Book: Yes
• Internet Banking: Yes
• Card: No Debit card. Yes for a Credit card.

4. Aspire

Unlike traditional banks, Aspire offers a modern, all-in-one financial solution tailored for your business needs. Our corporate card offers unlimited cashback on qualified SaaS and marketing spends, while our global payment services enable fast, cost-effective international transactions. Plus, our platform integrates with leading accounting tools to simplify financial management.Our platform provides a seamless alternative to traditional business banking, giving startups and SMEs the flexibility they need to scale.

Here are some documents required to open a business account at Aspire

• Aspire offers a fully online application process for a fast and hassle-free experience. To open a business account with Aspire, you’ll need your ID, a live selfie, verified contact details, and basic business info. If your company has corporate shareholders, additional shareholding documents may be required. For exact details about all document requirements, please check this FAQ.
• Setup Fee: None
• Deposit required: None
• Minimum Balance: None
• Cheque Book: No
• Internet Banking: Yes
• Card: Yes for a Debit card. No Credit card. Unlimited virtual cards.
  

Summary

Having the right financial institution for your business account is one of many good business strategies. For that reason, you can distinguish your assets, liabilities, and your business cash flow to monitor your business’s health. Choose the right business account provider that aligns with your business needs and supports your growth.

Frequently Asked Questions

How long does it take to open a business bank account in Singapore?

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.

Do I need to be physically present when opening a new account?

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.

Can foreign founders open a corporate account in Singapore? 

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. 

Where to start?

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.