Don’t make the mistake of using your personal bank account to receive and pay business expenses. A bank account is necessary not only for security but for easier access and control of your business funds.
Opening a bank account in Singapore
What bank should I choose?
- OCBC Bank
- Questionnaire to be completed by the company’s directors via email
- Video/phone call to run through the questionnaire, product offerings and any other questions
- Customer to notarise or certify their passport & signature specimen (note: if customer have a signature specimen on his/her passport page, just notarise/certify the passport will do)
- Customer will be guided on which pages to sign, signatures to match the specimen that was notarised/certified true.
- Customer to courier the original documents to Singapore for processing
- Video verification for the opening of UOB Corporate Bank accounts is now possible for Singapore incorporated companies
- Do note that only the director(s) or shareholder(s) can be the signatories for video conference verification
- First a KYC questionnaire will be sent to the directors to complete on behalf of the Singapore company – only 1 Director will need to complete the questionnaire or the Ultimate Beneficial Owner. Director or the Ultimate Beneficial Owner to forward the completed questionnaire to UOB Banker for an initial review
- After the initial review, UOB Banker will liaise with client on the date and time of the video conference
- Upon confirmation of the date and time of the video conference, a link will be sent to the directors/ shareholders (Video conference are done via Microsoft Teams). A copy of the bank forms will be sent as well
- The directors will click on the link on the date/time of video conference to sign in. All parties to prepare their original passport and have all the bank forms/ passport printed out
- All intended signatories (Director and/or Shareholder) will need to join in the Microsoft Team conference call – ideally all the signatories will need to be physically present at the same location of the conference as all wet signature(s) are to be signed on the same copy of the form
- The ID documents do not need to be notarised. The KYC check will be a per UOBs current process this includes shareholders and directors
- This service is currently only applicable to Singapore registered Sole Proprietor, Partnership and Private Limited Companies fully owned by individuals (i) Singapore Citizens or (ii) Permanent Resident. For Private Limited Companies, the directors must be also the approved signatories and approved persons of the company, not exceeding
- Applications must be submitted between 8.30am – 9pm to have the account opened instantly. Applications received outside these timings will be processed on the next working day.
- Applications submitted through this service are subject to approval by UOB Bank and the bank reserves the right to request for additional documents to support the account opening
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The best part about opening a company account with DBS is that they can process your application really fast. While DBS requires the authorized signatories and executive director to be present for a face-to-face meeting, exceptions can be made on the bank’s discretion. DBS also offers online application where you can save time and effort without visiting their branches. All account openings are subject to the bank’s approval.DBS offers two different type of accounts:
Digital Business Account
- No minimum balance
- Initial deposit of $1,000
- No fall-below fee
- Free online banking & debit card
- SGD only
Multi-Currency Corporate Account
- $10,000 min. balance
- Initial deposit of $3,000
- $35 fall-below fee
- Free online banking & debit card
- One account, 13 currencies including SGD, USD, EURO, AUD and more.
How to Apply?
Choose to open your account instantly or with the help of our Virtually RMs without any visit to the branchFor Local Incorporation with Foreign Directors – Choose a suitable appointment at the branch of your choice. 6) Once you complete and submit the forms online, please email your Online Account Opening Reference Number to the DBS Banker to keep track for you 7) Confirmed Appointment Document checklist – Click here
Premium Corporate Banking
- Get connected to a dedicated Business Relationship Manager to assist in the account opening process
- Preferential rates on Inward & Outward TT charges, Waiver of monthly IDEAL Internet banking charges
- Free Online banking and Debit card
- Product Specialist support: Cash & Trade management
- $50,000 minimum average daily balance (Fall below fees apply)
- One-time setup fees apply according to nature of company (ie. Complexity of the company structure, type of business etc)
ONLINE ACCOUNT PROVIDERS
- Free to open an account and no monthly fees
- Get local banking details in Singapore, as well as the USA, UK, Europe, Australia, and New Zealand to receive money like a local business
- Mastercard debit card to spend and withdraw money abroad
- Send, spend and hold money in over 70 currencies
- Streamline your cross-currency payments with the batch payment tool and open API