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Corporate Bank Account Features of Major Singapore Banks
Locally incorporated companies as well as offshore companies have plenty of options when it comes to opening a corporate bank account in Singapore. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries and more. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. However, before you open an account with a Singapore bank, it is important to compare corporate accounts features of the various banks and decide on the bank that comes closest to meeting your particular needs.
The purpose of this guide is to provide an overview of requirements for opening a bank account and to assist you with choosing a bank for the banking needs of your company. The focus is on banking needs of small to mid-size companies.
Note that the information presented here is for general guidance only. Once you have narrowed down your choice to 1-2 banks, you should confirm the account features with the bank(s) directly to ensure you are aware of their latest policies and offerings. Banks work in a very competitive environment and periodically make adjustments to their offerings to stay competitive.
Account Opening Requirements for Singapore Companies
In general, Singapore banks have the following requirements for opening a corporate bank account for Singapore companies.
Documents Required
- Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)
- Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
- Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)
- Certified True Copy of Company's Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)
- Certified True Copy of Company's Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)
- Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.
The banks may require additional documents on a case by case basis.
Document Signing Requirements
Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks will accept the signing of documents at one of their overseas branches or in front of a Notary Public.
Other
Many of the banks require a minimum deposit (see the comparison table below for more details) at the time of opening the account.
Account Opening Requirements for Offshore Companies
The bank account opening procedure and the requirements are mostly the same as Singapore companies except that more extensive due diligence is done by banks for opening an offshore company bank account. Among other things, they want to know more about the intended business activities, customers, where the funds will be coming from, the anticipated annual turnover, the size of transactions, detailed background of the beneficiaries, bank reference letters, proof of beneficial ownership, etc. You are also required to provide Certificate of Incumbency and Certificate of Good Standing for your offshore company. The approval is done on a case-by-case basis.
Corporate Account Features Comparison Among Major Banks
For comparison purposes, we have chosen three key local banks viz. Development Bank of Singapore (DBS), United Overseas Bank (UOB) and Oversea Chinese Banking Corporation (OCBC) and three major international banks viz. Standard Chartered Bank, HSBC and Citibank.. In general, local banks are preferred by small-to-midsize companies with regional focus because of the lower minimum deposit requirements and lower services charges as compared to foreign banks. There are also many other banks in Singapore that specialize exclusively in commercial banking and trade finance operations with many of them focusing on specific countries.
Local Banks
Feature
|
DBS |
OCBC |
UOB |
| Can the account be opened without being physically present in Singapore? |
Yes, subject to the following:
A phone interview for KYC purpose is a must.
Signature & Passport verification will need to be done at an overseas DBS branch.
** Physical presence is strongly recommended to avoid delays.
|
Yes, subject to the following:
The account opening documents must be signed at an overseas Standard Chartered branch or in front of a Notary Public.
** Physical presence is strongly recommended to avoid delays.
|
Physical presence in Singapore is required.
|
| Singapore Dollar Current Account |
| Initial deposit required |
S$50,000 plus a one-time setup fee of S$300 |
S$500 |
S$1000 |
| Minimum balance required |
Average monthly balance of S$50,000 or S$25 monthly fee will apply |
Average monthly balance of S$10,000 or S$15 monthly fee will apply |
Average monthly balance of S$10,000 or S$15 monthly fee will apply |
| ATM card |
Yes with S$3000 daily limit |
Yes with S$5000 daily limit |
Yes with S$3000 daily limit |
| Cheque book |
Yes |
Yes |
Yes |
| Credit card |
Yes subject to approval |
Yes subject to approval |
Yes subject to approval |
| Internet banking |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
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| Foreign Currency Account |
| Foreign currency account availability |
Both current account and fixed deposit account available in major currencies |
Both current account and fixed deposit account available in major currencies |
Both current account and fixed deposit account available in major currencies |
| Initial deposit |
Depends on currency type, normally equivalent of US$50,000 |
Depends on currency type, normally equivalent of US$500 |
Depends on currency type, normally equivalent of US$10,000 |
| Minimum balance |
Equivalent of US$50,000 |
Varies based on currency. For example, US$ is 1000 and EUR is 1000. |
Varies based on currency. For example, US$ is 20,000 and EUR is 10,000. |
| Cheque book |
Yes for certain currencies |
Yes for SGD and USD |
Yes for certain currencies |
| ATM Card |
No |
No |
No |
| Internet banking |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
Yes. Enquiries, local payments, overseas payments. No max transaction amount limit unless set by the customer. |
| Credit Card |
No |
Yes subject to approval |
Yes subject to approval |
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| Related Services |
| Business Insurance |
Yes |
Yes |
Yes |
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Treasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.
|
Yes
|
Yes |
Yes
|
| Business Loans |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
|
Accounts Payable Services: cashier's order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance services
|
Yes |
Yes |
Yes |
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Accounts Receivable Services: incoming TT, bill payment services, GIRO Collections
|
Yes
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Yes
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Yes
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| Liquidity Management Services |
Yes |
Yes |
Yes |
| Trade Finance Services: Import Products, Export Products, Bank Guarantees |
Yes
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Yes |
Yes |
International Banks
Feature
|
HSBC |
Standard Chartered |
Citibank |
| Can the account be opened without being physically present in Singapore? |
Yes, subject to the following:
A phone interview for KYC purpose is a must.
Signature & Passport verification will need to be done at an overseas HSBC branch.
** Physical presence is strongly recommended to avoid delays.
|
Yes, subject to the following:
The account opening documents must be signed at an overseas Standard Chartered branch or in front of a Notary Public.
** Physical presence is strongly recommended to avoid delays.
|
Can be done by going to the nearest overseas branch to verify their signatures, assuming the client has an existing personal relationship with the bank.
** Physical presence is strongly recommended to avoid delays.
|
| Singapore Dollar Current Account |
| Initial deposit required |
None |
S$10,000 |
S$50,000 |
| Minimum balance required |
Average monthly balance of S$30,000 or S$50monthly fee will apply |
Average monthly balance of S$10,000 or S$50 monthly fee will apply |
Average monthly balance of S$50,000 or S$100 monthly fee will apply |
| ATM card |
Yes with S$2000 daily limit |
No |
No |
| Cheque book |
Yes |
Yes |
Yes |
| Credit card |
Case by case basis |
No |
Yes after three years |
| Internet banking |
Yes. Enquiries, local payments, overseas payments. Default max transaction amount limit S$500,000, can be changed higher or lower by the customer. |
Yes. Enquiries, local and overseas transactions. No system limits unless set by customer. |
Yes. Enquiries, local payments, overseas payments. |
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| Foreign Currency Account |
| Foreign currency account availability |
Both current account and fixed deposit account available in major currencies |
Both current account and fixed deposit account available in major currencies |
Both current account and fixed deposit account available in major currencies |
| Initial deposit |
None |
Equivalent of US$5000 |
Equivalent of S$50,000 |
| Minimum balance |
Varies based on currency |
Varies based on currency. For example, US$ is 5000. |
Equivalent of S$50,000 |
| Cheque book |
SGD and USD only, other currencies available upon request |
For all major currencies |
For USD only |
| ATM Card |
No |
No |
No |
| Internet banking |
Yes. Enquiries, local payments, overseas payments. Default max transaction amount limit S$500,000, can be changed higher or lower by the customer. |
Yes. Enquiries, local and overseas transactions. No system limits unless set by customer. |
Yes. Enquiries, local payments, overseas payments. |
| Credit Card |
Temporarily stopped issuing new corporate credit cards in Q4 2008. |
No |
Yes after three years |
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| Related Services |
| Business Insurance |
Yes |
No |
Info not available |
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Treasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.
|
Yes but not all
|
Yes, with preferred FX rates via internet banking. |
Yes but not all
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| Business Loans |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
Yes. Loan amount depends on factors such as company history, number of employees, local shareholding, etc. |
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Accounts Payable Services: cashier's order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance services
|
Yes |
Yes |
Yes |
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Accounts Receivable Services: incoming TT, bill payment services, GIRO Collections
|
Yes
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Yes
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Yes
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| Liquidity Management Services |
Yes |
Info not available |
Info not available |
| Trade Finance Services: Import Products, Export Products, Bank Guarantees |
Yes
|
Yes |
Yes |
On a final note
Almost all major banks of the world have their presence in Singapore. Banks are happy to open a corporate bank account for Singapore as well as offshore companies as long as the necessary account opening paperwork is submitted and the banks are satisfied with the information provided.
About GuideMeSingapore.com
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte. Ltd., a leading Singapore based professional services firm that provides incorporation, accounting, tax, immigration and related Singapore incorporation services. Through our experienced team, we provide high quality personalized services at competitive prices. We look forward to being of service to you in your new venture or ongoing business in Singapore.
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