Comprehensive Guide to Open a Corporate Bank Account in Singapore

Just registered a company in Singapore? The process does not end at company incorporation – in fact, there are several post-incorporation tasks that you also need to check off your list.

Opening a bank account is one of the most important activities that you must do to facilitate your business operations. Singapore offers a plethora of options with physical banks, digital banks, and digital wallets for businesses.

However, it is important to review each bank to make sure that the requirements and features align with your business needs and plans. In this blog, we take you through the various factors to consider and share the key aspects of opening a corporate bank account.

What Are the Key Considerations When Choosing a Corporate Bank Account in Singapore?

It is essential to make a strategic decision when choosing the best bank for your business. Here are the main factors that should influence your choice:

• The minimum average balance requirements of the bank
• Fall below fees and account maintenance fees
• The type of currencies that your business will transact in
• How easy it is to transact
• The expected volume of banking transactions
• Additional financial services your business may require

What Are the Fees Involved in Opening a Corporate Bank Account?

Most banks will charge an account opening fee, with local banks typically charging less than foreign banks. Apart from this fee, there are also other fee types:

• Minimum Deposits
• Fall Below Fees
• Account Maintenance Fees
• Early Closure Fees
• ATM Withdrawal Fees
• International Transfer Fees

A Comparison of Corporate Bank Accounts in Singapore

To better help facilitate your decision, we have compiled a summary of the different types of corporate bank accounts in Singapore:

*information obtained as at 18.12.24

Requirements to Open a Corporate Bank Account in Singapore

Before you open a corporate bank account, you must be ready with the required documents to submit to the bank for approval. Most banks in Singapore require the following for review:

Proof of Singapore Company Registration and Proper Documentation

If you engage a reliable corporate services provider, such as Think SME, you can fulfil this requirement easily. It is also important to note that banks may ask for additional documents aside from a Unique Entity Number (UEN) number and Certificate of Incorporation.

Proof of Identification

The majority of banks in Singapore are sensitive to certain nationalities, so it is imperative to show proof of your nationality through your passport or a notarised true copy of it.

Proof of Residence

The individual company directors, shareholders, and ultimate beneficial owners must provide documentation that shows information of their places of residency. Examples of such documents can be a country or national ID, the latest tax returns filing, or invoices from utility or telecommunication providers not older than three months from the application date.

Detailed Company Information

It will be helpful to provide company information, such as a short-term business strategy, proposed business activities, sources of funds, and expected customers and suppliers. 

How to Open a Bank Account in Singapore

Opening a corporate bank account in Singapore usually involves these steps:

Apply in Person or Online

Yohttps://thinksme.sg/u can choose to head down to the bank to apply for a bank account in person or complete the procedure online. Some banks have a 1-day express account opening option that can be done online, such as the Aspire Business Account, OCBC Business Growth Account, and UOB eBusiness Account. 

However, certain banks may also require the presence of the director and authorised signatory. We advise that you check the requirements before you decide.

Submit Necessary Documents

You may need to submit additional documents depending on the specific bank’s requirements. Here are some documents that you should anticipate and prepare beforehand to ensure a smooth submission:

1. Completed Corporate Account Opening Forms (signed by authorised signatories as per the board resolution)
2. Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)
3. Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)
4. Certified True Copy of the Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)
5. Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their format, and you need to sign it)
6. Certified True Copy of the Company Constitution (must be certified by the company secretary or one of the directors)

Key Takeaways

• For startups or small businesses, go for low-cost options like CIMB SME Account or Aspire Business Account to minimize upfront costs and maintenance fees.
• For businesses prioritizing interest-bearing accounts, options like ANEXT Bank or SCB Smart Business$aver offer competitive interest rates, helping you maximize returns on your unused balance.
• Always consider factors such as minimum balance requirements, transaction fees, and additional services (e.g., FX rates or cashback).

If the process of opening a corporate bank account in Singapore may seem complicated, engaging a professional can help significantly. Contact Think SME today for professional advice and assistance in selecting and opening the best corporate account for your business needs. Let us make it easier for you to get started!