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The ACRA requires that businesses in Singapore set up a bank account. It can get a little confusing given that there are so many options to choose from. We've ranked the top four banks in Singapore: DBS, Maybank, OCBC, and UOB as well as a great new solution: Transferwise. Jul 1, 2019So I have included below how to go about opening a corporate bank account, and then which banks are the best banks in Singapore. I hope this works for you. Thanks for your questionOpening a Corporate Bank Account in Singapore[Singapore companies have plenty of options when it comes to opening a corporate bank account. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and more. Opening a corporate bank account in Singapore is a relatively simple and straightforward procedure. However, it is important to compare the corporate account's features of the various banks in order to select the bank that comes closest to meeting the particular needs of your company.The purpose of this guide is to provide an overview of the requirements for opening an account and will assist you in choosing a bank that best matches the banking needs of your company. The focus of this guide is on the banking needs of small to mid-size companies.Note that the information presented here is for general guidance only. Once you have narrowed down your choice to a few banks, you should confirm the account features with the respective bank(s) directly, to ensure you are aware of their latest policies and offerings. Banks operate in a very competitive environment and are periodically adjusting their offerings to remain competitive.Singapore Account Opening RequirementsIn general, most banks have the following requirements for opening a corporate bank account in Singapore:1) Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.2) Typically, the banks would require the documents listed below. Additional documents may be required by the bank on a case-by-case basis.Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.Local Banks in SingaporeFeatureFeatureDBSOCBCCan the account be opened without being physically present in Singapore?** Physical presence is strongly recommended for all the banks to avoid delays.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.DBS Bank offers online applications where you can potentially skip the branch visit and save time – account verification can be done over Facetime/Skype or a phone call, subject to the bank’s conditions.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.Singapore Dollar Current AccountSetup feeNoneNone. However, there is an account fee of S$38 per month (waived for 1st 3 months)Deposit requiredS$1,000 to S$3,000S$3,000Minimum balance requiredDBS Digital Business Account has no minimum balance requirement.DBS Business Account requires an average monthly balance of S$10,000, or S$35 monthly fee will apply.Average monthly balance of S$5,000 (waived for 1st 6 months). Thereafter, S$35 per month if monthly average balance falls below S$5,000.Debit cardYes, no annual fees. Earn 0.3% cash rebate on all charges.Yes, with S$5,000 daily cash withdrawal limit and with S$10,000 daily debit card transaction limit.Cheque bookS$25/book for DBS Digital Business Account.Free-of-charge with DBS Business Account.YesCredit cardYes, subject to approval**For local entities.No. Debit card available linked to SGD account.Internet bankingYes, free access. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions.Yes. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).Foreign Currency AccountForeign currency account availabilityBoth current account and fixed deposit account available in major currencies.Both current account and fixed deposit account available in major currencies.Initial deposit requiredVaries based on currency (For example, USD1,000 and EUR8,00).Varies based on currency (For example, USD1,000 and EUR1,000).Minimum balanceVaries based on currency (For example, USD1,000 and EUR800).Depends on the currency type, normally equivalent to US$500/EUR500.Cheque bookYes, for certain currencies.Yes, for USD.Debit CardYes.No.Internet bankingYes, free access. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions including DealOnline FX platform.Yes. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).Credit CardYes, subject to approval.No.Related ServicesBusiness InsuranceYesYesTreasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.YesYesBusiness Loans**Generally the entity must have been in operation for a minimum of 1-3 yearsYes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc.Yes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc.Accounts Payable Services: cashier’s order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance servicesYesYesAccounts Receivable Services: incoming TT, bill payment services, GIRO CollectionsYesYesLiquidity Management ServicesYesYesTrade Finance Services: Import Products, Export Products, Bank GuaranteesYesYesInternational Banks in SingaporeFeatureMaybank (FlexiBiz)Standard CharteredCitiBank (CitiBusiness)Can the account be opened without being physically present in Singapore?** Physical presence is strongly recommended for all the banks to avoid delays.We require face to face meeting for all authorized signatories in account opening as part of our due diligence process. However, in exceptional cases where one of the directors (not major shareholder nor authorized signatory) is unable to come to Singapore, we can arrange for the client to visit one of our overseas branches (London, New York, Hong Kong, China, Malaysia, Indonesia, Philippines, Cambodia, Vietnam, Laos & Myanmar) where they will assist to verify the documents and signature before sending back to Singapore for processing.No. The executive director and authorized signatory must be present, for the due diligence meeting with the bank officer. However, some exceptions may be made subject to the bank’s discretion – e.g. existing customers can go to the bank’s branch or appointed agent worldwide, for identification verification and due diligence teleconference.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.Singapore Dollar Current AccountSetup feeNilNoneNilInitial deposit requiredS$1,000S$30,000S$100,000 or equivalent (USD equivalent for USD account).Minimum balance requiredNil.Average monthly balance of S$30,000; or S$50 monthly fee will apply.S$50,000 or S$100 monthly fee will apply (same applies for both SGD and USD account).*Minimum balance is based on total relationship balance rather than per account.ATM cardNo.No.Nil.Cheque bookYes.Yes.Yes.Credit cardYes^No. Debit card available (only linked to SGD).Corporate commercial cards available.Internet bankingYes.Yes. One-off setup fee of S$50 will apply.Foreign Currency AccountForeign currency account availabilityUSD, GBP, EUR, CAD, AUD, NZD, HKDBoth current account and fixed deposit account available in major currencies.Both current account and fixed deposit account available in major currencies.Initial deposit$1,000 (in respective currencies, except for HKD $10,000).US$30,000 (Varies based on currency).S$100,000 or equivalent (USD equivalent for USD account).Minimum balance$1,000 (in respective currencies, except for HKD $10,000).Varies based on currency.Average monthly balance of US$200,000 or S$200 monthly fee will apply*Minimum balance is based on total relationship balance rather than per account.Cheque bookFor USD only.For USD only.Yes.ATM CardNo.No.Nil.Internet bankingYes.Yes. One-off setup fee of S$50 will apply.Yes.Related ServicesBusiness InsuranceYes.Yes.No.Treasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.Yes.Yes, depending on business activities.Yes.Business LoansYes. Generally, the entity must have been in operation for a minimum of 1-3 years.Yes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc. Minimum 3 years of financial statements required.Yes. Subject to the bank’s assessment.Accounts Payable Services: cashier’s order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance servicesYes.Yes.Yes.Accounts Receivable Services: incoming TT, bill payment services, GIRO CollectionsYes.Yes.Yes.Liquidity Management ServicesYes.Info not available.Yes.Trade Finance Services: Import Products, Export Products, Bank GuaranteesYes.Yes.Yes.^ Maybank provides a business credit card with the following criteria:Director(s) must be aged between 21 and 60; Company must be registered in Singapore (ACRA) with at least one local Director (Singaporean or Singapore PR); Company must be in operation for at least 2 years, with an annual sales turnover of at least S$200,000; If newly incorporated, alternative option is to apply for a business credit card fully secured via time deposit with the bank (Min S$10K limit).In SummaryAlmost all major banks of the world have their presence in Singapore. Banks are generally happy to open a corporate bank account for any company (whether Singapore or offshore) as long as the necessary paperwork is submitted and the banks are satisfied with the information provided for purposes of their internal due diligence.Need help to open a Singapore bank account?Hawksford offers unparalleled subject-matter expertise and comprehensive end-to-end support for all manner of establishing and managing a business in Singapore.FIND OUT HOW HAWKSFORD CAN HELPBest Business Bank Accounts in Singapore: DBS, OCBC, or UOB?BY: GORDON NG May 31, 2017Apart from its strict laws and multicultural society, Singapore is well known for its established and diverse financial sector. Ranked one of the most competitive financial centers in the world, the island republic is set to become even more attractive to businesses as it eagerly welcomes the digital age. While the Singapore government pushes the boundaries with its Smart Nation initiative, banks are taking the cue and becoming more innovative with their processes. This has resulted in the rapid growth of the FinTech industry, meaning that setting up a business entity in Singapore is now just a few clicks away.First things first: The sign-upWhere the general experience with opening an account is concerned, DBS wins hands-down. It takes 5 minutes to apply for a DBS Business Account from the DBS site, as opposed to waiting hours in a queue at OCBC and UOB. Applying for a DBS Business Account has been one of my favorite banking experiences and it shows DBS’ commitment to being the best digital bank in the world.Between OCBC and UOB, I prefer OCBC, as you can arrange for a meeting with your assigned Relationship Manager (RM) to get your documents done. Nonetheless, both OCBC and UOB require you to be present to sign thick stacks of documents. With DBS on the other hand, everything is done online and the paperwork is minimal. Even better, it’s system can connect to ACRA and retrieve your company’s information to autofill some of the fields. How useful!Look through the slides for a general feel of DBS and OCBC’s digital platformsUser-friendlinessComing from an HR tech company, I naturally paid attention to the user interface and user experience (UI/UX) of the different platforms as well.In my opinion, OCBC Velocity has the best UI/UX, followed by DBS IDEAL and lastly, UOB BIB Plus. OCBC’s previous design had too many unnecessary steps on their platform, and after a revamp around 2014, the whole experience has become very pleasant. The system takes you from A to B within a few clicks, whether you’re transferring funds or disbursing salaries. DBS IDEAL hasn’t changed much since it was launched, but I must applaud their new digital token product, which you can access on your mobile phone. That has saved me the hassle of carrying a token everywhere I go. As for UOB BIB Plus, the system was not intuitive enough, and that meant having to fill in many fields and select from many drop-down menus to get my work done.How the DBS IDEAL digital token worksCost comparison of digital business accountsIn an effort to streamline their operations and cut down on manual work, the banks have implemented a new generation of business accounts. DBS started a fully online digital business account called DBS Digital Business, which eliminates any manual transactions. OCBC and UOB followed with their own versions of digital accounts shortly after:Making the best choice for yourselfHaving tried out all three platforms, I’d say DBS and OCBC have the best UI/UX and setup processes, with DBS edging out the rest thanks to their speedy setup time and digital mobile token. I also had a pleasant experience with the customer service representative at DBS when I opened a business bank account with them. What has your experience been like so far, fellow entrepreneurs?