Intracorp Singapore

Business Bank Account Opening in Singapore

Access top Singapore banks effortlessly through company bank account opening services, facilitating your financial operations with ease.

Business owners holding a corporate credit card and cash after opening a business bank account in Singapore
A business owner standing in front of a bank to open a bank account for her Singapore company while three bills are floating in the air

Bank Accounts in Singapore

Singapore has a highly developed and sophisticated business banking system that offers a range of financial services to businesses. The banking sector is well-regulated, and there are many local and international banks that provide banking services to companies operating in Singapore.

The business banking system in Singapore offers a range of services, including deposit accounts, loans, credit facilities, trade finance, foreign exchange, and cash management. Businesses can also access online banking services, which enable them to perform transactions and access their accounts from anywhere.

What We Do

  • Provide guidance on the best banks and account types based on your business needs and goals.
  • Assist with the preparation and submission of the necessary documents and application forms.
  • Review your application to ensure that it is complete and accurate.
  • Coordinate with the chosen bank to facilitate the account opening process.
  • Arrange for you to meet with a bank representative to finalize the account opening process.
  • Offer ongoing support and advice regarding your business banking needs.

How It Works

1
Initial Consultation
Our team of experts will begin by speaking with you to understand your business needs, goals, and banking requirements. We will then recommend the best banks and account types for your business.
2
Documentation Preparation
We will provide you with a checklist of the necessary documents required to open a business bank account in Singapore.
3
Application Submission
Once all the necessary documentation is ready, we will submit the application on your behalf to the chosen bank.
4
Account Opening
After your application has been approved, we will work with the bank to coordinate the account opening process. We will arrange for you to meet with a bank representative to complete the necessary formalities.
Hand of a business owner holding a phone with different banking options to open a business bank account in Singapore and a button that reads "Open Bank Account"

Common Bank Requirements

Company Registration Documents

These include the company's certificate of incorporation, business profile, and memorandum and articles of association.

Directors’ and Shareholders’ Particulars

This includes a copy of each person's passport, national identity card, or other government-issued identification document.

Business Proof

You will need to provide documents that demonstrate the nature and purpose of your business. This may include a business plan, financial statements, or contracts with clients or suppliers.

Resolution to Open a Bank Account

This is a document that authorizes the company to open a bank account and specifies that the person is authorized to sign on behalf of the company at hand.

Frequently Asked Questions

Why Is It Essential to Open a Corporate Bank Account in Singapore After Incorporating a Company?

A corporate bank account is necessary to facilitate the financial operations of your business, including receiving payments, making transactions, and managing funds.

What Are the Main Advantages of Singapore’s Banking System for International Businesses?

Singapore's banking system offers competitive fees for local and international transfers, stability, and a reputation for reliability, making it an attractive choice for international businesses.

What Are the Factors I Should Consider When Determining the Right Bank for My Business in Singapore?

When choosing a bank for your business, consider the expected volume of your banking transactions, the initial capital you plan to deposit, the additional financial services your business may need (such as trade financing or internet banking), the minimum account balance requirements of the bank, the currencies you will be transacting in, and the ease of making transactions.

What Are the Different Types of Banks in Singapore?

Singapore recognizes three types of banks: full banks (local banks like DBS, UOB, and OCBC), qualifying full banks (foreign banks operating in Singapore), and digital banks (emerging in the market).

What Are the Deposit Requirements and Average Balances for Corporate Bank Accounts in Singapore?

Minimum deposit and average balance requirements vary by bank but can on average range from $500 to $50,000. Falling below these amounts may result in monthly "fall-below" fees.

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