PREMIA TNC Webinar – Corporate Bank Account Opening in Singapore


Singapore’s tax rates are low, making it very attractive for any business to open here. However, simply dropping by a bank in Singapore to open an account isn’t as easy as it seems. 

A company might open a corporate account with the local bank if the proper documents are submitted. Nonetheless, it’s best to do some research to find out exactly how to open a bank account in Singapore. This includes finding the right financial institution for the company’s needs. So, here are the steps that the company must consider before the bank account opening in Singapore. 

Decide the Type of Corporate Bank Account in Singapore 

A company can open a Multi-currency or Singapore dollar bank account as most banks provide this in Singapore. Do note that the company is required to provide the relevant business supporting documents for the bank preliminary review before the video call meeting can be arranged. 

The bank account is subject to final approval by the bank after the video call meeting has been conducted, one of the considerations being the business nature of the company. For example, businesses relating to cryptocurrency, military and defence items, precious stones and jewellery have a low chance to open a bank account. Note that the minimum balance required varies per account type and bank. However, the required minimum balance and bank fees are relatively more significant for global banks. 


Factors in Choosing a Bank to Open a Business Bank Account in Singapore 

Indeed, opening a bank account is vital when the business is ready to commence operations. A business bank account helps the firm to meet legal mandates that make it secure. It also provides gains to its clients and staff. Before opening a bank account in Singapore, companies must first check each bank’s current rules and service terms. 

After all, the best business bank account would be one that fits the company’s needs. When picking which bank in Singapore to open a business account with, the factors to check as followings: 


Offered Online Safety 

Companies need to check if the online banking facilities are available and safe. 


Bank Rating and Reputation 

Banks comply with confidentiality standard, known history, service reliability, and considerable global presence are the safest choice at any time. Even when the bank seems to appear incredible on paper, getting reviews from existing Singapore businesses for a specific bank is always helpful. 


Bank’s Business Focus 

Suppose the company’s preference is getting personalized advice and services on wealth and asset management. In this case, the company can choose a private bank. In contrast, clients with a trade focus and preference of accessible financing, cash management, international trade, and payment can choose a global commercial bank. 

The Convenience of Account Services 

Before picking a bank, it is best to consider whether joint investment and saving accounts, foreign exchanges accounts and combined bank statements in real-time are available. Also, checking on business credit or debit cards, ATM network, local and global branches coverage, and transaction limit per day is a wise move. After all, these services vary widely across banks. 


Fees, Pricing, and Interest 

Some banks collect fees for payment facilities, such as foreign exchange, telegraphic, and inter-bank money transfers. These fees differ greatly per bank. It is also helpful to check if there are any costs incurred in opening an account for various bank account types. 


Fully Automated Facilities 

These days, all banks have online banking services. However, not every bank has fully automated facilities to help clients in their daily transactions. Therefore, before picking a bank, inquire about the bank’s online cash management system. 


Minimum Balance and Initial Deposit 

It is necessary to know the specific bank fees, services, minimum balance, and initial deposit at the onset. And this is because some bank accounts targeting overseas customers have substantial requisites and charges. 


Niche Expertise and Specialization 

The chosen bank must be an expert within the banking demands of the business. After all, every trade has different challenges and standards. So, a bank with the experience of helping firms in the same industry can offer valuable guidance to the company. 


Range and Quality of Banking Help 

Firms have to ask banks if they offer 24-hour client service, phone support, toll-free calls, and online viewing of electronic statements, besides transaction e-advice. 


Prepare and Submit the Documents Required by Singapore Banks

Just like all the countries, all Singapore banks follow the laws. By and large, to open a business bank account in Singapore, the documents required are as follows: 

  • Board resolution 
  • Certificate of Incorporation 
  • Business profile 
  • Constitution 
  • Passport copy of the directors and shareholders 
  • Address proof (latest within 3 months) of the directors and shareholders; and 
  • Business proofs from your existing business (for e.g., invoices, agreements, contracts and any business correspondences)


So how to open a Bank Account Remotely? 

After the company is incorporated and setup, as a business owner and investor, the corporate bank account will be needed in order to operate your business. In Singapore, our banks are one of the best and having the most advance banking system in the world and provide the facilities like internet banking, debit card, digital security token, Letter of Credit and etc.  

We are partnered with the biggest local banks in Singapore like DBS, OCBC, MAYBANK and also the international bank like HSBC and Standard Chartered as well the online financial institution like Aspire and AirWallex which we are able to arrange a bank account opening for your company. 




In the recent years, due to a higher awareness of money laundering and financing of terrorism, regulatory bodies have increased checks and penalties against financial institutions with weak controls. This has led to banks all over the world, including Singapore, becoming increasingly stringent when vetting applications for bank accounts of companies with foreign directors and business natures considered to be of a higher risk. 

Whether a corporate bank account opening is successful or not may depend on various factors, such as the company’s business nature, its structure as well as the background of the individuals and entities involved in the company. 




It would be DBS bank. DBS Bank was established in 1968 with the ambition of expanding the services beyond development financing to a full-fledged financial institution. DBS is present in 18 markets globally, including six priority markets in Asia, namely Singapore, Hong Kong, China, India, Indonesia and Taiwan. This makes DBS the only Asian bank with a presence in the three key axes of growth – Southeast Asia, Greater China and South Asia.​ 


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