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Business owners in Singapore have a lot of options when opening a business bank account. Financial institutions offer many useful features that can help a business conveniently and efficiently manage their money. These include foreign currency and multi-currency accounts, business insurance, trade finance services,treasury and market services, liquidity management services, accounts payable services, credit cards, check books and internet banking.
Opening Business Bank Accounts in Singapore
What documents are needed?
To open a business bank account, you need to prepare documents and information pertinent to the business. The documents required by most banks include:
- Completed and signed corporate account application form from the bank,
- Proof of the residential addresses of the directors, signatories, and ultimate beneficiary owners
- Certified True Copy of the Resolution approving the opening of the bank account, and appointing the signatories to the bank account,
- Certified True Copy of Certificate of Incorporation,
- Certified True Copy of Business Profile from ACRA,
- Certified True Copy of Memorandum and Articles of Association or MAA,
- Certified True Copies of Passport or Singapore NRIC,
- Certificate of Incumbency for offshore accounts, and
- Certificate of Good Standing for offshore accounts.
In accordance to the law, most banks require the account signatories to be physically present in Singapore when opening a bank account, to sign the paperwork. However, a number of banks may allow the signing of paperwork at one of their overseas branches or in front of a Notary Public.
What are the types of business bank accounts available?
Setting up a business bank account in Singapore is a rather straightforward. However, it is important to first evaluate the needs of your business before opening the bank account. Compare the features of business bank accounts from different banks. These steps will help you select the type of bank account most appropriate for your business activities.
There are over 700 financial institutions represented in Singapore, each of them offering different financial products and services. A few of the most reputable banks in the country include DBS, UOB, OCBC, and Standard Chartered.
- DBS Entrepreneur’s Account
The initial deposit for a DBS Entrepreneur’s Account is SGD500. Its minimum average balance of SGD10,000 is waived for the first six months. The features of the account include a debit card, check book, credit card subject to approval, and internet banking.
- UOB Current Account
The initial deposit for a UOB Current Account is SGD1,000 in cheque. It requires an average daily balance of SGD10,000. The account includes a debit card, cheque book, credit card subject to approval, and internet banking. UOB conveniently allows the executive director and signatories to conduct signature and passport verification of at any overseas UOB branch.
- OCBC Business Entrepreneur Account
The initial deposit for an OCBC Business Entrepreneur Account is SGD3,000. It also requires an average monthly balance of SGD8,000 from the 6th month onwards. Falling below the minimum balance will incur you a monthly fee of SGD35. The account includes a debit card with a SGD5,000 daily cash withdrawal limit and a SGD10,000 daily transaction limit. Other features include a cheque book and internet banking.
- Standard Chartered Business Saver
The initial deposit for a Standard Chartered Business Saver is SGD30,000. It requires an average monthly balance of SGD30,000. Falling below the minimum balance will incur you a monthly fee of SGD50. The account features a debit card and internet banking with a setup fee of SGD50.
This article is by The New Savvy.