Best banks in Singapore for startups

Choosing your bank, especially when your entity is a startup in Singapore, is not something to take lightly.

Startups typically have pretty limited resources, making the process of choosing the right bank essential to having smoother operations and cutting out wastages in banking fees.

 

These are some criteria for you to consider in the process of choosing your banking partner:

• Convenience and Accessibility: The bank you choose to partner with should have a wide network across the world. Though you may be a Singapore-based startup now, it is always good to have a goal of reaching international waters.

• Cost Factor for Maintenance of Account: Every dollar is precious for a startup. Young companies can’t afford to keep thousands of dollars in the account as a minimum balance or pay hundreds of dollars for account opening, cheques and other facilities. The most cost effective solution is paramount for a startup.

• Modern Banking Facilities: Today’s business is 24/7 and on the go.  Many start-ups are digital only and not having e-banking or the latest security certifications for safe transfer of funds will be a significant drag in scaling up the business.

Source: Pixabay

 

Here is what you will need to open a bank account:

• Account Opening form of the bank.

• Certified Copy of Certificate of Incorporation issued by Accounting & Corporate Regulatory Authority, Singapore (ACRA).

• Certified Copies of Passports and Residential Proofs of Signatories, Directors, and beneficiaries.

• Certified Copy of Company’s Business Profile issued by ACRA.

• Certified Copy of the Company’s Memorandum and Articles of Association.

• Resolution by Board of Directors approving account opening and authorized signatories for the purpose of a bank account.

• Certification of Copies by any one of the Directors.  

Source: Pixabay

 

These are some bank accounts for you to consider for your business and its perks:

1. DBS Digital Business Account
   – Minimum deposit of S$1000
   – No minimum balance and no fall-below fees
   – No annual account fee
   – Free Debit Card with no annual fee and 0.3% cash rebate
   – Monthly fee: S$18
   – Free digital tokens
   – Cheque book: S$25 each
   – OTC charges: SGD 20 + charges in Pricing Guide
   – Apply online in 5 minutes.

2. OCBC Business Entrepreneur Account
   – Minimum deposit of S$3,000
   – No minimum balance for first 6 months. Thereafter, a monthly average balance of S$5,000 is required
   – No annual fee on OCBC Business Debit Card
   – No monthly account fee for the first 3 months
   – Free: 200 GIRO Transactions, 30 cheques, 2 TT transactions and20 FAST payment transfers

3. UOB eBusiness Account
   – Minimum deposit of S$1,000
   – Fee of S$15 charged per month if average daily balance falls below S$5,000 during the month
   – OTC service charge: S$20
   – 100% rebates on Bulk Payroll transaction charges processed via BIB
   – S$1 rebate on outward TT (with monthly minimum average daily balance of S$10,000)

 

(By Heena Dhir)

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