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  • Country: Singapore
  • Services: Traditional bank account
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Opening a corporate bank account in Singapore is key for any business, whether you're a local startup or a foreign-owned company. Singapore’s robust banking system offers services like multi-currency accounts, credit facilities, and global transaction capabilities, making it an ideal choice for subsidiaries, branch offices, and SMEs.

To open an account, businesses must meet regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. 

In our upcoming article, we cover key requirements, top banks, and business accounts in Singapore, and key tips for effectively managing a business account in Singapore.

1. Can a foreigner open a corporate bank account in Singapore?

Yes, foreigners can open a corporate bank account in Singapore. To open a corporate account in Singapore, you must satisfy one of these 2 requirements

  1. You must have a company registered in Singapore or;
  2. You must have an overseas company to open an offshore company bank account in Singapore.

2. Key requirements for opening a company bank account in Singapore

Before approaching a bank, ensure you have the necessary documents. While requirements vary by bank and business structure, typically you’ll need.

  1. Incorporation Documents: Proof of registration with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

  2. Company Constitution: Details of the company's structure, directors, and shareholders.

  3. Proof of identity: Passport copies for directors, beneficial owners, and authorized signatories.

  4. Proof of residential address: Required for directors and significant shareholders. (Ultimate beneficial owners or UOB)

  5. Board Resolution: Authorize the account opening and assign signatories.

  6. Business Plan, brochure, website: especially for newly formed companies.

  7. Contracts and sales invoices, financial statements: For the bank officer see the financial health of the company
  8. Bank account application (provided by the bank):  We will assist you in completing this application g to enhance your chances of success;

Additional documents like a certificate of incumbency or notarized documents from the home country may be required for foreign businesses.

3. Top banks in Singapore for business bank accounts

As one of the world’s leading financial hubs, Singapore is home to over 150 banks regulated by the Monetary Authority of Singapore (MAS).

The top recommended banks in Singapore are reputable banks with a global presence, ideal for business clients.

DBS Bank (DBS)

Formerly known as the Development Bank of Singapore, DBS has maintained its status as Singapore's premier bank, securing the title of Asia's safest bank for 15 consecutive years (from 2009 to 2023) as per Global Finance's ratings. With over 12 million customers, and more than 100 branches in Singapore, DBS offers a comprehensive suite of services for all, including small and medium enterprises (SMEs).

4. Top business bank accounts in Singapore

4.1. Best corporate/SME bank accounts

Types of bank account Best for

Minimum deposit

(in SGD)

Features
DBS Business Digital Account SMEs and Startups

$1,000

  • Instant account opening online
  • Free access to DBS IDEAL™ digital banking platform
  • Integration with Xero/QuickBooks accounting software
  • Multi-currency account support
OCBC Business Growth Account Growing businesses in local markets $1,000
  • 12 months of fee waivers on essential services
  • Cash flow management tools
  • SME loans and financing
  • Multi-currency account support
  • Supports digital invoicing
  • Access to over 12 currencies for cross-border trades
  • One-stop solution for accounting, payroll, and banking
  • Multi-currency account support

UOB eBusiness Account

Start-ups and SMEs $1,000
  • Low minimum average daily balance

  • Free GIRO, FAST andPayNow FAST transactions

  • Free access to UOB Infinity and UOB SME App
HSBC Smart Business Account Global businesses and import/export firms $5,000
  • 24/7 access to HSBCnet global banking
  • Support for international transactions
  • Access to global markets for trade and FX
  • Multi-currency account support

5.

6. Multi-Currency Accounts

If you frequently deal with multiple currencies, a multi-currency account is an essential tool for avoiding hefty currency conversion fees and handling international transactions.

Types of bank account

Best for 

Minimum deposit

(in SGD)

Features
Wise Multi-Currency Account

SME, Start-ups

None

  • Real-time exchange rates

  • Low transfer fees

  • Over 50 currencies supported

  • No hidden charges

HSBC Everyday Global Account

Expats and frequent travelers

$2,000 to qualify for cashback

  • Up to 10 currencies supported
  • Access to the global banking network of HSBC
  • Free withdrawals from HSBC ATMs globally
DBS Multi-Currency Account

 SMEs with cross-border dealings

No initial deposit if the Singapore company is incorporated less than 3 years

  • Supports digital invoicing
  • Access to over 12 currencies for cross-border trades
  • One-stop solution for accounting, payroll, and banking
  • Multi-currency account support
UOB Global Currency Account

SMEs with cross-border dealings

$1,000

(Initial deposit depending on the currency)

  • 10 major currencies (USD, EUR, CAD) supported
  • Competitive exchange rates for FX conversions
  • Multi-currency funds transfer globally
Standard Chartered Multi-Currency Account

Individuals looking for both savings and FX

$2,000

  • Up to 14 currencies supported
  • Access to competitive FX rates
  • Bonus interest rates for spending, investments, and deposits

7. How to open a corporate bank account in Singapore with 100% success?

7.1. Step 1: Select the right bank

Selecting the right bank is crucial for your business’s financial success. This choice can significantly minimize potential banking issues in the future. The top 6 banks listed above can aid in your decision-making process. 

The questionnaire below can help to decide which bank is the right choice for the company neeeds

In addition, we prepare a list of essential questions for your decision-making process about the most suitable bank.

  • What is the estimated banking transaction volume for your company?
  • What is the expected initial deposit amount? Different banks in Singapore have varying minimum deposit requirements.
  • What is the average monthly minimum balance you intend to maintain?
  • Do you require additional services, such as loans, financial consultation, or investment management?
  • What level of customer service do you expect?
  • How easy is it to manage cash flow with this bank account?
  • Does the bank offer payment methods such as a Letter of Credit (LC), and how user-friendly is this service?

After choosing the right bank, the next step you need to do is document preparation.

7.2. Step 2: Prepare the necessary documentation

Refer to the list of required documents, ensuring you have them notarized if necessary. Foreign-owned businesses may need additional paperwork, so confirm with your chosen bank beforehand.

The more precise, transparent, and comprehensive your information is about your business's background and plans, the higher the likelihood that Singapore banks will understand your business model. This clarity significantly increases your chances of successfully opening a corporate bank account.n

If inaccuracies are found by the bank appraiser, it can negatively impact your chance of account opening

7.3. Step 3: Schedule an appointment

Most banks require you to visit the branch in person, though some may offer online pre-application processes. 

For businesses with foreign directors and foreign shareholders,  the majority of banks will schedule a meeting where all authorized signatories need to be present.

During the meeting, the bank officer will review your application and request any additional paperwork if needed. 

If your company structure or operations are complex, a Singaporean bank interviewer will ask for more details during the interview process. Be ready to answer questions and provide clear explanations upfront.

Some common questions the banker will ask are:

  • Who are the main figures in the business?
  • Where does the capital come from?
  • How does your company generate revenue?
  • Who is involved in the company's transactions?

The meeting takes around 1 hour to complete all papers for approval.

After submitting the necessary documents, the bank will verify them and conduct a Know Your Customer (KYC) process to eliminate any potential financial threats. For foreign-owned companies, this process can take 3-4 weeks or as long as 3-4 months.

7.4. Step 4: Activate the business account

Once approved, you'll receive the account details and can deposit the minimum required amount. You’ll be able to start using your corporate bank account immediately once it’s activated.

8. Alternate banking solution for business

In recent years, fintech companies have become an increasingly popular alternative for corporate banking services. For businesses that prioritize convenience and low fees, fintech solutions like Wise (formerly TransferWise), Revolut, and Aspire offer various business account options.

  1. Wise: Offers multi-currency accounts with low international transaction fees, making it an attractive choice for startups and SMEs, trading companies, and e-commerce businesses.
  2. Revolut: Provides quick, digital-only corporate accounts, suitable for businesses looking for fast and easy setups.
  3. Aspire: Offers features like a no-fee corporate account with unlimited local transfers, expense management tools, and integrations with accounting software

These options may not have the full suite of services provided by traditional banks, such as L/C  payment transfer, or trade financing, but they can be a great supplement to a traditional account, especially for international businesses.

9. How to increase your chance of opening a Singapore business bank accounts?

For a better chance of business account openings, you should consider these key points

  • The business intending to open a bank account in Singapore should have a registered company in Singapore.
  • For account holders (mainly foreign directors), you must be physically present in Singapore during the interview with a banking specialist.
  • The involvement and signatures of the nominated director (Nominee director) and the Singapore company secretary are essential. These roles are fundamental prerequisites when registering a Singapore company for foreigners
  • The banker will check your company transactions to see if you can maintain the minimum account balance, be sure to prepare invoices showing a higher value than the required account balance

10. Key notes to remember when managing a corporate bank account

There are crucial considerations that account holders should keep in mind to avoid potential issues

Restrict transactions with certain countries

Avoid conducting transactions with countries identified as potential sponsors of terrorism, involved in money laundering, or those on the EU's blacklist.

Engaging with these nations may lead to permanently closing your bank account in compliance with Singaporean law, often without prior notification from the bank.

11. How can we help you open your Singapore corporate bank account with success?

As a recognized partner of Singaporean banks, our expertise lies in simplifying the process of opening Singapore bank accounts. We ensure a smooth, prompt, and thorough experience for our clients, prioritizing professionalism throughout the entire procedure.

  • Choose a reputable bank (top 10 in Singapore) for peace of mind and meeting individual needs;
  • Support you in opening a reliable, trusted digital bank account or traditional bank account;
  • Prepare necessary documents for account opening;
  • Schedule an appointment with a Singapore bank representative;
  • Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you

12. FAQs for Singapore company bank account opening?

Can you transfer your money outside Singapore? Is there any restriction on the transfer limit?

Singapore banks do not levy any restrictions on transferring funds in and out of the country. 

However, if the inflow or outflow of funds doesn't align with your business activities, the bank may request additional documents, such as sales contracts or invoices for inspection.

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

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With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.

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