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Opening a corporate bank account in singapore is a relatively simple and straight forward procedure.
Small business bank account singapore. Start your small business account with dbs sme banking. How to open a business 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.
Everything you need for a growing business. Discover the different financial solutions that fit your business size needs that cimb business has to offer. Opening any bank account comes with a wide range of standard fees.
Our commitment as a leader in sme banking in singapore and in asia since our inception in 1968. You will usually need to meet the following criteria. The accounting and corporate regulatory authority acra requires all businesses with some exceptions in singapore set up a bank account.
Dbs business account would fare better against ocbc business first account lite as the latter charges a monthly internet banking fee of s 25 free for the first 3 months while this fee is waived with dbs if you open your account online. It takes 5 minutes to apply for a dbs business account from the dbs site as opposed to waiting hours in a queue at ocbc and uob applying for a dbs business account has been one of my favourite banking experiences and it shows dbs commitment to being the. Singapore companies have plenty of options when it comes to opening a corporate bank account.
Aspire is the 1st business neobank in singapore to offer a digital business account for smes where all processes and features including the. That leaves us with dbs business account and ocbc business first account lite. Business accounts in singapore are most notorious for reinforcing their minimum balances which rage from s 5000 to s 10000 depending on which bank you choose with fall below fees that can be up to s 50.
All the basics for a new start up business. Unfortunately setting a corporate bank account was not exactly a seamless process endless paperwork demands for branch visits ridiculously high fx rates and fees until aspire came in. Seize new opportunities and grow your business with our one stop service and seamless regional connectivity.
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