Opening a business bank account is probably one of the first things you'll do after starting your company or relocating to Singapore. Show
Even though it looks like another formality, picking the right bank is important. Here’s an overview of the benefits of a business account and how you can select the best bank for your
start-up. Benefits of Opening a Business Bank Account for Start-ups
What to consider before you open a business bank accountThere are many options to open a bank account in Singapore. Traditional banks are still the go-to option,
but neobanks and even online payment service providers offer more and more suitable options for a digital business account. The Aspire Business Account is an easy, fast and transparent alternative for traditional business accounts. Benefit from cashback, lower fees and smooth integrations The best choice for your start-up depends on many factors. So whether you’re
looking to open a small business bank account or a corporate bank account, these pointers will help you select the best account for your start-up.
Basic requirements to open a business bank account in Singapore
These requirements are standard for all banks across the country. Depending on the bank of your choice, extra documentation may be needed. Mind that all copies of documents, such as the business profile and certificate of incorporation, must be “Certified True” by the company secretary, director or other relevant
parties. A step-by-step guide to opening a business accountStep 1: Choose the bank you want to open an account with and ensure the bank fulfils all your business needs. Step 2: Complete your application online or at a physical bank branch. For foreign founders who aren’t present in Singapore, representatives are encouraged to apply in person as several banks may require authorised signatures. Step
3: Pay a minimum deposit, if applicable. Step 4: Wait for the bank to review and process your application. Step 5: You’ll get access to your bank account after approval. Frequently Asked QuestionsHow long does it take to open a business bank account in Singapore?Many banks in Singapore offer express account opening services, allowing business owners to open an account within one to three
working days. For more complex cases and applications, opening an account may take four weeks. Do I need to be physically present when opening a new account?Today, most banks in Singapore allow business owners to open an account entirely online. This includes everything from application to account processing. In some cases, banks may still require applicants to be physically present to sign official documents. Make sure to check with your bank. Can foreign founders open a corporate account in Singapore?Yes, even foreign directors may open a corporate bank account in Singapore. While the requirements are generally the same, the process may take a few weeks, far longer than for local directors. Where to start?The first step to opening a business account is finding the right bank. Compare
different banks to find the most suitable option for your company. How does an Organisation open a bank account?Acceptable Identity Proof verifying Legal Name. Passport.. PAN card.. Voter's Identity Card.. Driving License.. Job Card issued by NREGA duly signed by an officer of the State Government.. Letter issued by the Unique Identification Authority of India ( UIDAI) containing details of name, address and Aadhaar number.. What are the documents required by the bank for opening an account of a company?Private/Public Limited Company
Certificate of incorporation. Memorandum of Association (MoA) and Articles of Association (AoA). Board Resolution (BR).
Which type of bank account is suitable for business Organisation?Like a personal checking account, a business checking account is typically used for an organization's day-to-day transactions, such as purchases or bill paying. Businesses can make deposits and withdrawals on these accounts and are issued checks and a debit card to make their purchases.
What 5 steps would you take to open a bank account for a client?5 steps to open a bank account. Decide what kind of account you need. ... . Look for an account with the services you'll use most. ... . Shop around to compare rates and fees. ... . Choose a financial institution and location. ... . Open your account.. |