The Best Business Banking Accounts in Singapore 2022 (2023)

FAQs

The Best Business Banking Accounts in Singapore 2022? ›

For legitimate businesses with proper reasons for operating out of Singapore, opening a Singapore bank account is not difficult. The process is very well-defined; if you follow the process steps and provide the necessary documents, a bank account can be opened without any problem by a foreigner or by a Singaporean.

For legitimate businesses with proper reasons for operating out of Singapore, opening a Singapore bank account is not difficult. The process is very well-defined; if you follow the process steps and provide the necessary documents, a bank account can be opened without any problem by a foreigner or by a Singaporean.

*Instant account opening is only applicable for Singapore incorporated companies opening its first OCBC Business Banking Account owned by one or two Singaporeans and PRs only, and will be subjected to approval by OCBC Bank. For others, you can still apply online and we will follow up with you on your application.

Yes, foreigners can open Singapore bank accounts.

Can a foreign incorporated company or company owned by foreigners open a DBS bank account in Singapore? Yes.

Can a non-Singapore resident open a bank account in Singapore? Yes, the easiest way to access Singaporean bank details is to open a Wise Multi-Currency Account. An employment pass, Singaporean residency, or Singaporean proof of address is not required.

There's no legal reason why you can't open a bank account in Singapore as a visitor, student or holding a Dependent pass.

Which bank should I choose to start my business account in Singapore? ›

The DBS Business Digital Account in Singapore is a very popular business bank account. For an account transacting only in Singapore dollars, it only requires a low initial deposit of S$1,000 and no minimum balance, which means there are no fall-below fees.

While the exact required paperwork varies from bank to bank, typically you'll need the following: Completed Corporate Account Opening Forms, signed by signatories. A Board of Directors Resolution, sanctioning the account opening and the established signatories to open it on behalf of the company.

Foreigners can register a company without immigrating to Singapore. They need to appoint a local director at the time. Afterwards, they can go back and direct their company from their native country. If they want to form their Singapore company and work as its local (resident) director, they need to immigrate.

American banks in Singapore include Citibank, Bank of America, JP Morgan Chase Bank and Bank of New York Mellon, etc. European banks in Singapore include Standard Chartered Bank, Deutsche Bank AG, BNP Paribas, Barclays Bank, etc.

Travel card, debit card or credit card? Major card brands are widely accepted in Singapore, but some merchants will charge a surcharge. ATMs in Singapore will accept the major brands Visa, Mastercard and American Express.

You will need to open an LLC bank account in the same state where you formed your LLC. The bank that is the most “foreigner-friendly” is Wells Fargo. They are used to opening accounts with non-US residents who don't have an SSN or ITIN. However, you should call the bank and check on their requirements.

How long does it take to open a bank account in Singapore? ›

Step 6: Open a corporate bank account

A corporate bank account allows you to keep your business transactions separate from your personal transactions and also helps you to track your business cash flows/income and expenses, which will come in handy when filing your income tax returns.

Apply for an account instantly via Singpass/MyInfo – no paperwork and document upload required. Easy peasy, lemon squeezy! For foreigners: Upload a photo of your passport (for Malaysians, upload front and back of your Malaysian IC) and your account will be opened instantly! This option is for non-Singpass users.

Foreign people can open a bank account in Singapore without being physically present by submitting an online application. Foreign citizens that do not live in Singapore may open saving bank accounts with certain banks, while foreign investors may be allowed to open trading or investment bank accounts in Singapore.

However, while there is no mandatory requirement for banks to open up their data, systems, and services, the regulator, the Monetary Authority of Singapore (MAS), has taken a strong top-down approach to implement Open Banking.

To open an account you will need to bring: Valid Passport. National Identity Card.

Business Plan and Capital

The Accounting and Corporate Regulatory Authority requires a minimum capital S$1 to start a business in Singapore, which is a convenient requirement for many entrepreneurs. After company registration, comes the much more difficult part of getting the business up and running.

The nature of your retail business will determine the licenses, permits, and approvals you need from various authorities. Retail stores such as supermarkets, pharmacies, pet shops, and telecommunication stores must apply for a business license.

Do small businesses need to register in Singapore? ›

If you want to a Name for your business, you will need to register it as a sole proprietorship or a private limited company with ACRA, the Company Registrar of Singapore.

Some bank accounts require a minimum balance.

For example, the DBS Business Multi-currency Account will require you to make an initial deposit of at least $3,000, and maintain a balance of at least $10,000 in the account – failing which, account holders will be charged a fall-below fee of S$35.

Revolut: The Best Overall International Business Account

Revolut stands out as our top choice for businesses in need of an international bank account.

Best Bank for Foreigners in Singapore: OCBC. One of the best bank for foreigners in Singapore is OCBC which stand for Overseas-Chinese Banking Corporation. This bank is suitable for foreigners since it has many branches located outside Singapore too.

Singapore's well-developed infrastructure and modern amenities offer expats an exceptional lifestyle. This comes at a price though, as it's one of the most expensive cities in the world. Despite the relatively high cost of living, many expats say they have more disposable income than they did back home.

Deposits with full banks and finance companies in Singapore are covered under the Singapore Deposit Insurance Scheme (SDIC). The SDIC insures the deposits you have with banks, finance companies, and insurance policies with insurance companies. Under SDIC, your deposits per bank are insured up to $75,000.

Banks in Singapore are well-capitalised and conduct regular stress tests against interest rate and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base. These factors will allow them to weather potential stresses from global financial developments.

Minimum Deposit Amount and Fall Below Fees

Very often, you'll need to meet a minimum deposit requirement, which is normally between S$1,000 and S$3,000. Most banks also have a minimum in-credit balance requirement, and you'll be charged a fee if your balance falls below it.

How much money do I need to open a business bank account? ›

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which can range from $25 to $100. Business savings accounts can have higher deposit requirements — anywhere from $1,000 to $25,000, depending on the account — but you can still open many with $0 to start.

INITIAL DEPOSIT:

S$500 (Singapore Citizens or Singapore Permanent Residents) S$500 (Malaysia Citizens with Work Permit) S$1,000 (Foreigners)

minimum account balance – from 3,000,000 USD, not necessarily the entire amount can be expressed in money, it is possible to deposit other assets (for example, securities);

Typically, a business bank account is opened during the incorporation process. A bank account cannot be opened until the business has a license to operate and an identifying tax number (which will be an employer identification number or a Social Security number for a sole proprietorship).

The process is very well-defined; if you follow the process steps and provide the necessary documents, a bank account can be opened without any problem by a foreigner or by a Singaporean. What are the minimum balance requirements?

The Goods and Services Tax (GST) or VAT in other jurisdictions, is levied if you sell goods and services consumed in Singapore. You will need to be GST-registered to be eligible to charge this tax (prevailing rate of 7%), but if your annual turnover is less than SGD 1 million, you are exempt from GST registration.

You don't need to be a US citizen or permanent resident to open a business account in the US. However, you can't open a business account for a foreign entity. This means that before you do anything else, you'll need to officially register your LLC in the US.

How much does it cost to open a business bank account in Singapore? ›

There's no legal reason why you can't open a bank account in Singapore as a visitor, student or holding a Dependent pass.

For foreigners: Have your FIN number and Singapore (+65) mobile number ready. Important: your Singpass/MyInfo profile should be up and ready to use the next day for new account application on your digibank app.

You will need to open an LLC bank account in the same state where you formed your LLC. The bank that is the most “foreigner-friendly” is Wells Fargo. They are used to opening accounts with non-US residents who don't have an SSN or ITIN. However, you should call the bank and check on their requirements.

Proof of address — Banks require the company representative to submit a personal proof of address. Foreign bank account statements are usually preferred, although utility bills may also be accepted. U.S. business address — Most U.S. banks will not open a business account without a physical U.S. address.

It's 100% legal for US citizens to have foreign bank accounts. You just need to tell the IRS and report it properly. In fact, we've found hundreds of banks still willing to accept US clients.