How to open a corporate bank account in Singapore
The next crucial step is setting up a corporate bank account to manage your company’s cash flow. It is important that your personal funds are kept separate from your business’s so you can easily keep track of your business performance. This will also help protect your personal finances from any potential liabilities should they arise.
What documents are needed?
To open a corporate bank account in Singapore, most banks require a basic list of documents:
- Board of directors resolution approving the opening of a bank account (most banks have a standard format for this which just requires the authorised signatures)
- Completed and signed account opening form
- Certified copy of the company’s Certificate of Incorporation
- Certified copy of the company’s business profile from ACRA (Accounting and Corporate Regulatory Authority)
- Certified copy of Passport or NRIC and proof of residential address of directors, signatories and ultimate beneficial owners
Documents can be certified by a company director or secretary appointed from firms such as Shaft Ph.
Certain banks provide instant account opening through MyInfo, as long as the company is fully owned by Singaporean citizens/PRs. You will need your CorpPass and SingPass login details to apply.
Which banks to consider?
For early stage companies, the key factors to look out for in a corporate bank account include minimum balance, initial deposit and monthly or annual fees. You may also have other considerations depending on your business needs, such as access to multiple currencies, volume of transactions and business loan offerings.
But for now, we’ve compiled some of the basic SGD bank account offerings for SMEs in Singapore so you can compare them at a glance:
Business Digital Account
Business Growth Account
|Minimum balance||None||S$5,000||None for first 6 months, thereafter S$3,000||None|
|Monthly / Annual fee||S$18/month||None||S$38/year||None|
|Fall-below fee||None||S$15 (waived for first 2 months)||S$35 (waived for first 6 months)||None|
|Debit card||Free||Free for first year, thereafter S$36/year||Free||Free|
|Fund transfer fee||To DBS/POSB account: free|
PayNow: Free incoming (until Dec 2019)
|To UOB account: free|
PayNow: Free incoming (until Dec 2019), thereafter S$0.20; outgoing S$0.50 (until Sep 2019), thereafter S$0.70
|To OCBC account: free|
PayNow: Free incoming (until Dec 2019), thereafter S$0.20; outgoing same as FAST/GIRO fees
|To Maybank account: free,
PayNow: Free incoming / outgoing (until Dec 2019)
|Online banking||Yes – free access to DBS IDEAL platform||Yes – free access to Business Internet Banking Plus (BIBPlus) platform||Yes – free access to Velocity@ocbc platform||Yes – free access to Business Internet Banking (BIB) platform|
|Online banking token fee||None – free digital tokens on unlimited devices||Free for first 2 tokens until Dec 2019. Thereafter S$20/token||None – free digital tokens for at least 2 users||Free for first 3 tokens. Thereafter S$30/token|
Reconcile your bank transactions more efficiently
Staying updated on your business’s finances can be a tedious process when you have multiple transactions occurring on a regular basis.
Shaft Ph has partnered with Xero, an online accounting platform that gives you a real-time view of your cash flow. When you connect your bank to Xero, your bank transactions are fed back to the accounting software to be reconciled. This means more up-to-date financial information to help you better manage your business.
As a Xero-certified advisor, Shaft Ph can help you manage your bank reconciliation and streamline your accounting process.
Currently, the following banks in Singapore connect to the Xero platform: DBS, UOB, OCBC and HSBC.
Still unsure about your bank application? We are happy to help!
Contact Shaft Ph to enquire about opening a corporate bank account for your business.
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