Opening a Corporate Bank Account in Singapore

The purpose of this guide is to provide an overview of the requirements for opening an account, and will assist you in choosing a bank that best matches the banking needs of your company. The focus in this guide is on the 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 a few banks, you should confirm the account features with the respective bank(s) directly, to ensure you are aware of their latest policies and offerings. Banks operate in a very competitive environment and are periodically adjusting their offerings to remain competitive.

Singapore Account Opening Requirements

In general, most banks have the following requirements for opening a corporate bank account in Singapore:

1) 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 may accept the signing of documents at one of their overseas branches or in front of a Notary Public.

2) Typically, the banks would require the documents listed below. Additional documents may be required by the bank on a case-by-case basis.

• 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 (to be prepared by your company secretary)
• Certified True Copy of 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 the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.

Local Banks in Singapore

Feature	DBS	OCBC
Can the account be opened without being physically present in Singapore?** Physical presence is strongly recommended for all the banks to avoid delays.	No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion. DBS Bank offer online applications where you can potentially skip the branch visit and save time – account verification can be done over Facetime/Skype or a phone call, subject to the bank’s conditions.	No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.
Singapore Dollar Current Account
Setup fee	None	None. However, there is an account fee of S$38 per month (waived for 1st 3 months)
Deposit required	S$1,000 to S$3,000	S$3,000
Minimum balance required	DBS Digital Business Account has no minimum balance requirement.  DBS Business Account requires an average monthly balance of S$10,000; or S$35 monthly fee will apply.	Average monthly balance of S$5,000 (waived for 1st 6 months). Thereafter, S$35 per month if monthly average balance falls below S$5,000.
Debit card	Yes, no annual fees. Earn 0.3% cash rebate on all charges.	Yes, with S$5,000 daily cash withdrawal limit and with S$10,000 daily debit card transaction limit.
Cheque book	S$25/book for DBS Digital Business Account. Free-of-charge with DBS Business Account.	Yes
Credit card	Yes, subject to approval**For local entities.	No. Debit card available linked to SGD account.
Internet banking	Yes, free access. Enquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions.	Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).
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.
Initial deposit required	Varies based on currency (For example, USD1,000 and EUR8,00).	Varies based on currency (For example, USD1,000 and EUR1,000).
Minimum balance	Varies based on currency (For example, USD1,000 and EUR800).	Depends on the currency type, normally equivalent to US$500/EUR500.
Cheque book	Yes, for certain currencies.	Yes, for USD.
Debit Card	Yes.	No.
Internet banking	Yes, free access. Enquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions including DealOnline FX platform.	Yes. Enquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).
Credit Card	Yes, subject to approval.	No.
Related Services
Business Insurance	Yes	Yes
Treasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.	Yes	Yes
Business Loans**Generally the entity must have been in operation for a minimum of 1-3 years	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
Accounts Receivable Services: incoming TT, bill payment services, GIRO Collections	Yes	Yes
Liquidity Management Services	Yes	Yes
Trade Finance Services: Import Products, Export Products, Bank Guarantees	Yes	Yes