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Epica Guide Series

Guide to Opening a Singapore Corporate Bank Account

New Foreigner Promoters often have questions about opening bank account for their new Singapore entity. In this guide we answer all questions about it.

Watch the video or read below

In which Banks I can Open my Singapore Company Bank Account?

Table of Contents

The first step after a company has been incorporated is to open a corporate bank account in Singapore. The process that is involved in opening a Singapore Corporate bank account is simple and quite straightforward provided proper procedures are followed and correct documentation is provided. While it comes to opening a corporate bank account, Singapore companies have plenty of options. Most of the Singapore banks offer many customer-oriented features such as credit cards, multi-currency accounts, internet banking, freedom to move funds across countries, trade financing, and more. However, in order to select the bank, it is essential to compare the corporate account’s features of various banks so as to arrive at a decision that comes closest to meeting the particular needs of your company.

This article is an endeavor to chalk out a complete guide to give an overview of the procedures involved in opening a Singapore corporate bank account. It must be kept in mind that the information presented in the guide is for general guidance only. It may help you make up your mind regarding the type of account and back that suits your business needs. However, when you have narrowed down your choices, you should confirm the account features and packages for corporate accounts offered by the bank(s) that you have shortlisted at your own. A personal check is must to ensure that you are aware of the latest policies and regulations as per your requirements and nature of the business. You must remain wary of the fact that banks operate in a very competitive environment and normally change their offers and policies quite frequently.

For the readers who do not have the time to read through the article, below is the gist of the topics that will be covered in this article:

  • Important Facts to Know
  • Who are entitled to open Singapore Corporate Bank Account?
  • What are the Documents and Paperwork Required for Opening a Singapore Corporate Bank Account?
  • What is the Procedure for Opening a Singapore Corporate Bank Account?
  • Guide to Banking Fees
  • What are the Major Banks in Singapore?
  • Singapore Corporate Bank Account Services Guide

Bank Account Packages

For Foreign Entities

S$600
S$1,000

For your foreign entity we can help you to connect with the bankers to open a bank account.

Important Facts to Know

High Rated Economy

Singapore is a triple-A rated economy, and it continues to match the standards expected of it. Singapore is ranked as the third-best financial center of the world falling behind only London and New York City. There is a strong presence of almost all the banks of the world in Singapore.

International and Local Banks

Some of the vital banks that offer a wide range of corporate banking services to small to medium-sized companies are mentioned below:

  • International Banks – Standard Chartered, HSBC, and Citibank
  • Local Banks – OCBC, DBS, and UOB

Minimum balance and Bank fees for Singapore Corporate Account

Initial balance and ongoing balance amount requirements vary greatly from bank to bank but in general, the fees are extremely competitive and fair. Therefore, the selection of a bank that suits your needs is of prime importance.

Variety of Currencies

Singapore’s corporate bank accounts can function in a variety of currencies. Singapore corporate bank accounts are denominated in Singapore dollars as well as the major currencies like USD, EUR and GBP.

Requirement of an Executive Director

As per the law, banks in Singapore require at least one executive director to be present in Singapore for the opening of a Singapore corporate bank account. It is an anti-money laundering and anti-terrorist financing measure as per the rules and regulations of Singapore companies act.

Singapore Citizens and Permanent Residents may be able to open a corporate bank account without a visit. However, for foreign directors, a visit is generally a must. With the opening of digital banks in Singapore in 2020, the situation may change.

Anti Money Laundering Measures

Despite due diligence to the customer service, requirements have been made quite strict throughout the world because of money laundering and terrorist financing. For the banks, it is a complicated and challenging task to differentiate between the vast majority of legitimate companies who are doing bonafide business and those few that are created as front companies for money laundering. This is more critical and difficult in case of a start-up since there is no history or records to refer to. Therefore, banks ask for the information and documents from startups to better understand their business and risk profiles.

Application Processing Time

The time period required for processing of applications for opening of Singapore Corporate Bank Account take almost 3 weeks.

Who are entitled to open Singapore Corporate Bank Account?

Singapore Corporate Bank Account

The list of the businesses and entities that are entitled to open a Singapore Corporate bank account are mentioned below:

  1. Singapore’s Incorporated Companies
  2. Branch offices of the Singapore’s incorporated Companies
  3. Representative office of the Overseas Company doing business in Singapore

Can companies registered in overseas jurisdiction open a Singapore Corporate Bank Account?

It is also possible for companies registered in foreign jurisdictions like BVI to open a bank account in Singapore. However, the minimum initial balance in the bank account needs to be more than 30000 SGD in most of the cases. Some international banks may even ask the initial balance in excess of 100,000 SGD, to open a Corporate Bank account for such companies.

What are the Documents and Paperwork Required for Opening a Singapore Corporate Bank Account?

Opening of a Singapore Corporate bank account is a vital step in setting a business in Singapore. Therefore, in order to open a Singapore Corporate bank account, following documents, certificates, and papers may be asked by the banks:

  1. Corporate account application duly completed and signed by the authorized signatories and company directors. Bank representatives will normally help you to complete this application.
  2. The banks ask for a resolution by the Board of Directors, which authorizes the opening of a Singapore corporate bank account. This company secretary is responsible for preparing this document. It is required to be signed by two members of the board of directors or at least one member board of directors and the company secretary.
  3. There is a requirement of the Company’s Constitution‘s certified true copy as well (the document should be certified by the two directors or one director and the Singapore Company Secretary).
  4. A duly certified copy of Incorporation Certificate of the Singapore company.
  5. A duly certified copy of the Company’s business profile from the Company Registrar (the document should be certified by the two directors or one director and the Singapore Company Secretary)
  6. Banks ask for the copies of the identification documents such as a passport of Singapore IC of the following persons from the company:
    • Company directors
    • Authorized signatories to the account
    • Ultimate beneficial owners
  7. The Certified true copies of proof of residential address for all directors, authorized signatories and Ultimate Beneficiary Owners (UBOs). This document can also be deposited in the form of a utility bill or a bank statement mentioning the complete address. In the case of a bank statement or utility bill, the document should not be older than three months, and it should bear the name of the applicant.
  8. FATCA’s (Foreign Account Tax Compliance Act) W8 or W9 of the Self Certification Form. This act is an intergovernmental agreement to counter the tax evasion by the US taxpayers. According to this act, the Singapore banks are required to provide information about the financial accounts held directly / indirectly by the US taxpayers to the Internal Revenue Service of the US. Any holder of Singapore corporate bank account is required to fill the W8 and W9 forms if he/she is a US taxpayer.
Singapore Corporate Bank Account

Most of the banks ask for the physical presence of the account signatories, and the majority of the directors at the time of signing of paperwork for opening of the Singapore corporate bank account. Some banks may, however, accept the signing of the documents at one of their overseas branches or in front of a Notary Public.

It has been established through experience over the period of time that not providing the required documents in time is one of the most common delays in opening a Singapore Corporate bank account.

Note : It is essential to mention the list of the documents appended above is only for general reference and should not be taken as a standard checklist of documents required for opening a Singapore Corporate Bank Account. Bank policies change frequently, and they have the right to ask for the additional mandatory or supporting documents before opening your Singapore corporate bank account.

What is the Procedure for Opening a Singapore Corporate Bank Account?

Singapore Corporate Bank Account

To apply to open a bank account, a company must submit the application form and supporting documents to the bank.

Note that many banks in Singapore require the company directors and authorized signatories to be present at a local Singapore branch in order to sign the necessary paperwork in the presence of bank staff. Furthermore, the directors and signatories will be required to present his or her original passport or Singapore IC when signing the necessary documents.

Bank representative will normally meet you in our office, and go through all the documents with you. They will also sight the original passport and any other identity documents. During the meeting, you will also be explained all the plans and pricing options. Based on your preferences, the form will be completed and sent for processing.

If you want to get details of plans for any specific bank in Singapore, do a google search with term “Singapore pricing guide for Bank Name” and you will get the link to that banks pricing guide easily.

Guide to Banking Fees

Open Bank Account + Epica Consulting
  1. Annual or monthly account fee
  2. Fall below fee (this refers to a fee assessed if the account does not meet or “falls below” the minimum required balance). Fall below fees apply to corporate bank accounts in Singapore dollars and foreign currency accounts
  3. Cheque service fee
  4. Online banking fee
  5. GIRO transaction fees (GIRO is a payment service that allows companies to pay their bills through an automatic bank transfer. Many government agencies prefer payment made through GIRO).
  6. Outward remittance fees (this is a fee assessed for sending money to another country)

Which are the Major Banks in Singapore?

There are over 30 local and international banks that offer corporate bank accounts in Singapore. Some of the most prominent banks in Singapore include:

Local Singapore banks

  • Oversea-Chinese Banking Corporation (OCBC)
  • United Overseas Bank (UOB)
  • The Development Bank of Singapore (DBS)

International Banks

  • Standard Chartered
  • Citibank
  • HSBC
  • Maybank
  • ICICI
  • State Bank Of India

However, most of the Indian banks will not be able to give the flexibility in their corporate bank account operations as other banks may offer.

Singapore Corporate Bank Account Services Guide

Services

Bank (DBS)

Bank (OCBC)
Is it possible to open a bank account without being physically present in Singapore for the signing of the paperwork?

(Though physical presence is highly recommended for all the banks in Singapore in order to avoid delays in opening a Singapore Corporate Bank Account)

 In DBS Bank, the presence of an executive director and authorized signatory is a mandatory requirement and cannot be dispensed with. However, some exceptions can be made on case to case basis at the discretion of the bank authorities.

DBS Bank provides the facility of online application for registration of Singapore corporate bank account, to Singapore residents only. While utilizing this facility, you can skip the branch visit and save time. The verification of Singapore Corporate bank account can be done online through myinfo login.

 In OCBC Bank, the presence of an executive director and authorized signatory is a mandatory requirement and cannot be dispensed with. However, some exceptions can be made on case to case basis at the discretion of the bank authorities.

Current Bank Account – Singapore Dollars
Free Setting Up of Singapore Corporate Bank Account Doesn’t offer any free account Doesn’t offer a free account. However, the account fee of S$38 per month is waived off for the first three months.
Requirement of Minimum Deposit S$ 1,000 to S$ 3,000 S$ 3,000
Requirement of Minimum Balance There are two types of accounts in DBS, which have different implications:

Digital Business Account:  This account has no minimum balance requirement

Business Account: This account needs an average monthly balance of S$ 10,000 to be maintained otherwise S$ 35 monthly fee becomes applicable

 S$ 35 applies if the balance falls below S$ 5000. However, this fee is waived off for the first six months of opening Singapore Corporate Bank Account
Debit Card Issuance
  • Yes
  • No Annual Fee
  • 0.3% cash rebate on all the charges
  • Yes
  • S$ 5,000 daily cash withdrawal
  • S$ 10,000 daily debit card transaction
Checkbook Issuance Digital Business Account: S$ 25 per book

Business Account: Free of charge with this account

 Yes
Credit Card Issuance
  • Yes
  • Issuance is subject to approval from bank
  • No
  • Debit card is available linked to SGD account
Online Banking Facility
  • Yes
  • Free access, inquiries, overseas payments, local payments.
  • No limit of max transaction amount (can be set by customer)
  • Complete transactional access on the app and desktop
  • Yes
  • Free access, inquiries, overseas payments, local payments.
  • No limit of max transaction amount (can be set by customer)

Singapore Corporate Bank Account – Foreign Currency
Availability of Foreign currency account Both fixed deposit account and current account available in major currencies. Both fixed deposit account and current account available in major currencies.
Requirement of Minimum Deposit Rates vary depending upon currency

USD 1000

EUR 800

 Rates vary depending upon currency

USD 1000

EUR 1000
Requirement of Minimum amount of balance Rates vary depending upon currency

USD 1000

EUR 800

 Rates vary depending upon currency

USD 500

EUR 500
Checkbook Issuance Yes, for certain currencies. Yes, for USD.
Debit Card Issuance Yes. No.
Online Banking Facility
  • Yes
  • Free access, inquiries, overseas payments, local payments.
  • No limit of max transaction amount (can be set by customer)
  • Complete transactional access on the app and desktop
  • Yes
  • Free access, inquiries, overseas payments, local payments.
  • No limit of max transaction amount (can be set by customer)
Credit Card Issuance Yes, subject to approval. No.

Other Facilities and related services
Insurance for Business Yes Yes
Treasury Services: Bonds, FX Spots, IR Swaps, Forwards, FX Options, Futures, etc. Yes Yes
Eligibility for Business Loans

To be eligible generally the entity should have been in operation for 1 – 3 years

 Yes

The amount depends upon the factors like number of employees, company history, local shareholding, etc.

 Yes

The amount depends upon the factors like number of employees, company history, local shareholding, etc.
Accounts Payable Services: TT, DD, internal fund transfers interbank GIRO payment, cheque issuance services cashier’s order Yes Yes
Accounts Receivable Services: incoming TT, GIRO Collections, bill payment services, Yes Yes
Liquidity Management Services Yes Yes
Trade Finance Services: Bank Guarantees, Export Products, Import Products Yes Yes

International Banks in Singapore

Feature

Maybank (FlexiBiz)

Standard Chartered

CitiBank (CitiBusiness)
Is it possible to open a bank account without being physically present in Singapore for the signing of the paperwork?

(Though physical presence is highly recommended for all the banks in Singapore in order to avoid delays in opening a Singapore Corporate Bank Account)

 In-person meeting  for all authorized signatories is a must for opening of Singapore Corporate Bank Account as part of a foolproof account management system

However, in rare cases, where one of the directors (not a major shareholder or authorized signatory) is not able to come in person at Singapore, a visit to one of the overseas branches (New York, London, China, Hong Kong, Malaysia, Indonesia, Cambodia, Philippines, Vietnam, Laos & Myanmar) can be arranged for verification of the documents and signatures before sending them back to Singapore for processing

 In StanChart,the presence of executive director and authorized signatory is a mandatory requirement and cannot be dispensed with. However, some exceptions can be made on case to case basis at the discretion of the bank authorities where existing customers can go to the bank’s branch or an authorized agent worldwide for identification, verification, and teleconference In CitiBank,the presence of executive director and authorized signatory is a mandatory requirement and cannot be dispensed with. However, some exceptions can be made on case to case basis at the discretion of the bank authorities.

Current Account – Singapore Dollar
Free Setting Up of Singapore Corporate Bank Account Nil None Nil
Requirement of Initial Deposit S$1000 S$30000 S$100,000 or equivalent (for USD account USD equivalent).
Requirement of Minimum Balance Nil. This account requires an average monthly balance of S$ 30,000 to be maintained otherwise S$ 50 monthly fee becomes applicable This account requires an average monthly balance of S$ 50,000 to be maintained otherwise S$ 100 monthly fee becomes applicable for both SGD and USD accounts

Minimum balanced is not per account based rather depends upon the total relationship balance
Debit Card Issuance No. No. Nil.
Checkbook Issuance Yes. Yes. Yes.
Credit Card Issuance Yes^ No

Debit card is available (only linked to SGD)

 The bank offers corporate commercial cards.
Online Banking Facility Yes Yes Yes

Singapore Corporate Bank Account – Foreign Currency
Availability of Foreign currency account USD, GBP, EUR, CAD, AUD, NZD, HKD Both fixed deposit account and current account available in major currencies Both fixed deposit account and current account available in major currencies
Requirement of Initial  Deposit $1000 or its equivalent in respective currencies except for HKD $10000 US$30,000 (Varies based on currency). S$100,000 or equivalent (for USD account USD equivalent).
Requirement of Minimum amount of balance $1000 or it’s equivalent in respective currencies except for HKD $10000 Rates vary depending upon currency This account requires an average monthly balance of S$ 200,000 otherwise S$ 200 monthly fee becomes applicable

Minimum balanced is not per account based rather depends upon the total relationship balance
Checkbook Issuance For USD only For USD only Yes.
Debit Card Issuance No. No. Nil.
Online Banking Facility Yes Yes

One-off setup fee of S$50 is applicable

 Yes
Credit Card Issuance Yes^ No Yes

Other Facilities and related services
Insurance of Business Yes. Yes. No.
Treasury Services: Bonds, FX Spots, IR Swaps, Forwards, FX Options, Futures, etc. Yes. Yes, depending on business activities. Yes.
Eligibility for Business Loans
  • Yes
  • As a rule, the entity must be in operation for 1-3 years to be eligible for loan
  • Yes
  • As a rule, minimum 3 years, financial statements are required
  • The amount of loan depends on factors such as company history, local shareholding, number of employees, etc.
  • Yes
  • Subject to the bank’s assessment
Accounts Payable Services: TT, DD, internal fund transfers interbank GIRO payment, cheque issuance services, cashier’s order Yes Yes Yes
Accounts Receivable Services: incoming TT, GIRO Collections, bill payment services Yes Yes Yes
Liquidity Management Services Yes Info not available Yes
Trade Finance Services: Bank Guarantees, Export Products, Import Products Yes Yes Yes

Summary

Singapore has a lot of options for a corporate bank account. Almost all the major banks of the world operate in Singapore. Banks usually look forward to the Singapore Corporate bank account clients (whether inland or offshore) for obvious reasons. As long as the paperwork is handled with diligence, the documents required by the banks are provided in time and the bank’s internal review requirements are met, there should be no problem in getting a Singapore Corporate bank account opened. And why not after all you and your business deserve it.

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