With numerous banks offering different corporate account options, selecting the right one is crucial. Factors such as transaction fees, online banking capabilities, and international banking features should be carefully considered to ensure the account meets your business needs. 

Most banks require the following documents to open a corporate account:

• Application form
• Directors’ Resolution approving the account opening and signatories
• Certificate of Incorporation (Certified True Copy)
• Business Profile or Official Company Register (Certified True Copy)
• Memorandum and Articles of Association (Certified True Copy)
• Identification documents (NRIC/Passport) of directors and signatories
• Minimum deposit (varies by bank)

These documents can usually be prepared by your corporate secretary. At Lett, our corporate secretarial services can assist you in preparing and submitting the necessary paperwork efficiently.

Many Singapore banks require directors and signatories to be physically present for account opening. However, some banks offer online applications that eliminate the need for an in-person visit. If convenience is a priority, choosing a bank that provides this facility can save time and effort.

When selecting a bank, consider the following factors: 

1. Expertise in Corporate Banking
   Choose a bank that has experience working with businesses in your industry. An understanding of your business model can help them provide better financial solutions
2. Commercial Banking Services
   Look for a bank that offers business-friendly services such as cash management, cross-border transactions, and trade financing to support your business operations. 
3. Customizable Banking Features
   Consider whether the bank provides features such as multi-currency accounts, corporate credit/debit cards, ATM access, and high transaction limits that align with your company’s needs. 
4. Fees and Transaction Costs
   Different banks charge varying fees for transactions, foreign remittances, and account maintenance. Understanding these costs in advance helps in choosing the most cost-effective option. 

Here are some of the most popular corporate bank accounts available in Singapore:

1. DBS Corporate Account
   • Online application with virtual verification (Skype/Facetime)
   • Internet banking and corporate debit card available
   • No initial deposit required
   • Foreign currency accounts available
2. Aspire Business Account
   • Fully digital account opening process
   • Supports transactions in 19 currencies
   • No initial deposit or monthly fees
   • Seamless integration with accounting software
3. OCBC Business Growth Account
   • Instant online account opening
   • Free unlimited FAST/GIRO transactions for payroll
   • Cashback on debit card purchases
   • Minimum deposit: S$1,000
4. UOB Business Account
   • Corporate debit and ATM card facilities
   • Bulk payroll management
   • Internet banking for seamless transactions
   • Requires minimum deposit and balance
5. Wise Business Account
   • International payments in over 70 countries
   • Multi-currency accounts with local details in 9 currencies
   • No initial deposit, only a one-time setup fee
   • Integration with accounting tools like Xero and QuickBooks

Foreign business owners can also open corporate bank accounts in Singapore, but the process may take longer due to additional compliance checks. Requirements typically include: 

• Company registration proof in Singapore
• Identity and residential proof of directors, shareholders, and beneficial owners
• Business plan detailing operations, suppliers, and expected transactions

While some banks allow remote account opening for foreigners, others require an in-person verification. International entrepreneurs may benefit from global banks like Citibank, HSBC, and Standard Chartered, which have established presence in Singapore.

Opening a corporate bank account in Singapore is essential for managing business finances efficiently. At Lett, we provide expert guidance to help you choose the right bank, prepare the necessary documentation, and streamline the entire process.

Need assistance? Get in touch with us today, and let’s get your business banking set up effortlessly.