We know choosing a corporate account for your business is not an easy task. If your business is based in Singapore, it becomes more challenging as the city is popularly known as Asia’s financial hub. Although there have been some setbacks in its finance sector due to the outbreak of COVID-19, reports indicate a massive surge is yet to come.
Singapore is one of the most stable countries globally in terms of economy as the government has a regular flow of revenue and keeps itself away from foreign debts. SMEs (Small and medium-sized enterprises) plays a major role in accelerating the economic growth of Singapore.
Table of contents:
- Here’s what you need in order to open a business bank account in Singapore
- Curated tips that will find helpful while opening a corporate account bank account in Singapore
- Ensure that you have every paperwork required
- Analyze the bank before proceeding
- Check if your bank is accessible
- Are the working hours of the banks suitable for your business
- Go for the bank that offers fully automated services
- Top three banks that you can consider to open a business account in Singapore
- Development Bank of Singapore (DBS)
- United Overseas Bank
- Standard Chartered Bank
Here’s what you need in order to open a business bank account in Singapore:
Well we can’t mention the specifics for sure as it solely depends on the policies of your bank. Sometimes your passport and nature of the business can also play a role in opening a business account. Some banks also allow Singaporeans to open a corporate account without any documents or signatures.
However, some papers are mandatory to open a corporate account irrespective of the bank. If you are someone who is looking forward to opening a business bank account in Singapore, here’s what you will need.
Note: Every copy of the document you provide must be certified.
- Residential address proofs of directors, signatories, and ultimate beneficiaries of the company (must be dated within the last three months).
- A copy of your company’s Certificate of Incorporation.
- Passport copies of directors, signatories, and ultimate beneficiaries of the company.
- A copy of your company’s business profile from the Registrar of Companies.
- A copy of your company’s constitution.
- Get your bank account forms signed by the endorsers.
- Get resolution from your board of directors sanctioning the account opening and signatories of your account.
- If you are looking forward to opening offshore accounts, get the certificates of incumbency and good standing.
Curated tips that you will find helpful while opening a corporate bank account in Singapore:
Ensure that you have every paperwork required:
Irrespective of your business niche and locality, you must have the required paperwork ready to proceed without any hassles. Before proceeding to choose your bank, double-check for the authenticity and validity of your documents.
Analyze the bank before proceeding:
It would be better if you choose to open your business account with a bank that has high creditworthiness. Analyze their standards of confidentiality and check for their presence in the global market. Seeking advice and suggestions from others will help in narrowing down your choices.
Check if your bank is accessible:
Certain banks operate only in the upscale and industrial areas of Singapore. Overseas banks in Singapore have their policies and exhibit a restricted presence in the market. It would be better if you choose a bank that is situated close to your office.
To make things easier for your employees, ensure that you choose a bank with a high number of ATMs across various parts of the city. By joining hands with the right bank, you can get several financial benefits.
Are the working hours of the banks suitable for your business?
You might wonder what the working hours of a bank have got to do with your business. Well, the nature of your business plays a dormant part and so it would be better if you know the working hours of your bank.
Most banks operate from 9:00 AM to 4:00 PM on weekdays and 9:30 AM to 12:30 PM on Saturdays.
Go for the bank that offers fully automated services:
Online checking facility is the new trend with banks that has been making lives easier lately. With the introduction of online cash management tools, you won’t have trouble with giving your payroll checks, sending invoices, collecting payments, etc.
Top three banks that you can consider to open a business account in Singapore:
Here are the summarised details of the top three banks in Singapore that we think will be ideal for you to open a business account. Learning about their history, operations, scale, etc., will help in making a refined decision. In order to give an idea of it, here is a quick overview of the top three banks in Singapore.
Development Bank of Singapore (DBS):
The Singapore government set up the Development Bank of Singapore Limited in 1968 to take over the industrial financing activities. Formerly the Economic Development Board had control over it, and ever since the power was transferred, DBS was exhibiting a dominant behavior in the market. They offer a wide range of corporate and personal banking services.
United Overseas Bank:
United Overseas Bank (UOB) was earlier known as United Chinese Bank and was established in 1935. It was renamed in 1965 after the independence of Singapore and had been showing progressive growth ever since then.
Currently, UOB is the third largest bank in Southeast Asia and has over 500 branches across 19 countries. Along with personal and commercial banking products, they also provide private banking and asset management services.
Standard Chartered Bank:
Standard Chartered Bank is a British financing institution that dates back to 1958. With over 1,200 branches across 70n countries, it has evolved as one of the largest banks in the world. Although they stepped on to Singapore soil in 1859, they received a Qualifying Full Bank (QFB) license from the government in 1999.
The Standard Chartered Bank provides various services such as trade finance, cash management, lending, securities services, etc. It also provides private banking services for several high profile clients through its exclusive banking division.
As Singapore is welcoming more and more international businesses, it has become a land of non-exhaustive business opportunities. With plenty of options to choose from, opening a business bank account in Singapore is not a painful process as you assumed, given that you have the required paperwork.