Guide to Opening a Business Account in Singapore

Documents For Opening Business Account in Singapore

There is a wide range of banks and other financial institutions options in Singapore. Each offers their own specialties and you need to make adjustments based on your business' needs.

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When you opening a business account, there are some documents that you will need to prepare. Each bank may have different requirements needed to open a business account. But in general, you can prepare the following documents:

• Certified copies of the Passports/ICs of all the company directors, signatories, and UBOs (ultimate beneficial owners — the real owners or people who take the profit of the company).
• Residential address proofs of directors, signatories, and the ultimate beneficial owners. These documents must be dated within the last 3 months. For example, you can use your tenancy agreement, telecommunication or utility bill.
• A certified copy of the Certificate of Incorporation.
• A certified copy of the Company Business Profile from the Registrar of Companies.
• A Board of Directors Resolution sanctioning the account opening and signatories of the account. This document is prepared by the company secretary.
• A certified copy of the Company Constitution.
• Bank account forms signed by signatories.

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Once all documents are complete, you can refer to the Bank you choose to open your business account that differs from your personal account.

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The Banks

Singapore is home to more than 128 commercial banks, 31 trading banks, 365 fund managers and 604 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.

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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.

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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.

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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.

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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.

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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 important banking in Singapore, Indonesia, and the Philippines.

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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.

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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, your business cash flow to monitoring your business’s health. Choose the Bank with high credibility for safety reasons and better business finance.

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At Aspire

We envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.

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