Corporate Bank Account Opening Assistance
- a22162
- Jul 7
- 8 min read
Singapore Corporate Bank Account Opening Assistance
Opening a corporate bank account in Singapore is a crucial step for any business, and thankfully, the process has become quite streamlined, with many banks offering online application options. Here's a breakdown of what to expect and who can assist you:
Key Considerations for Choosing a Corporate Bank Account:
Initial Deposit & Minimum Balance: These vary significantly between banks and account types. Some digital-first options like Aspire and Wise offer no initial deposit or minimum balance, while traditional banks might require S1,000 to S10,000 or more to waive monthly fees.
Monthly/Annual Fees: Be aware of account maintenance fees, fall-below fees, and other transaction charges (e.g., for international transfers, cheque issuance, over-the-counter transactions).
Multi-currency Capabilities: If your business deals with international transactions, consider banks that offer multi-currency accounts (e.g., DBS, Airwallex, Wise, WorldFirst) to save on FX rates.
Digital Banking Features: Look for robust online and mobile banking platforms, expense management tools, accounting software integrations, and payroll processing capabilities.
Customer Support & Relationship Management: While many processes are digital, having access to dedicated support can be beneficial, especially for complex business needs.
Eligibility: Online account opening is often easiest for Singapore-incorporated companies fully owned by Singapore citizens or permanent residents. Foreign-owned companies or those with complex structures might require in-person visits or more extensive documentation.
Additional Services: Some banks offer business loans, credit lines, merchant services, and other specialized solutions that might be relevant to your business growth.
Popular Banks and Digital Platforms for Corporate Accounts in Singapore:
DBS: Offers the Business Multi-Currency Account (including a "Starter Bundle" for new businesses) with multi-currency support, digital banking features, and competitive FX rates. They have a strong local presence.
OCBC: The Business Growth Account is popular for startups and SMEs, offering instant online opening, free unlimited FAST/GIRO transactions for a certain volume, and low initial deposit requirements.
UOB: The eBusiness Account provides a comprehensive digital banking suite and is good for local payments and bulk payroll.
CIMB: Offers the SME Account with no initial deposit or fall-below fees for the first year, and free unlimited PayNow, FAST, and GIRO.
Aspire: A digital-first option with no setup fees, monthly fees, or minimum balance. It focuses on expense management and integration with other business tools.
Wise Business: Known for its multi-currency accounts, low FX fees, and fully online setup. It's a good choice for businesses with international transactions.
Airwallex: Another strong digital option for international businesses, offering multi-currency accounts, competitive FX rates, and seamless integration with e-commerce platforms.
Maybank: Offers the FlexiBiz Account, which is noted for its simplicity and cost-effectiveness with no minimum monthly balance or fees.
WorldFirst: Caters to e-commerce businesses with global ambitions, offering online account setup, multi-currency support, and transparent fees.
General Requirements and Documents:
While specific requirements vary by bank and business structure, you'll generally need:
Company Registration Proof: Certified true copy of the Certificate of Incorporation and Business Profile from ACRA.
Company Constitution/Memorandum and Articles of Association (MAA): Certified true copy.
Board Resolution: Approving the opening of the account and specifying authorized signatories.
Identification Documents: Certified true copies of NRIC/Passports and proof of residential address for all directors, signatories, and ultimate beneficial owners.
Company Information: Details about your business activities, source of funds, clients, and suppliers.
Completed Account Opening Forms.
Assistance with Corporate Bank Account Opening:
Many businesses, especially foreign-owned ones or those with complex structures, opt for professional assistance. This can be provided by:
Corporate Secretarial Firms / Business Consultants: Many firms in Singapore offer services that include company incorporation, corporate secretarial services, and assistance with bank account opening. They can help prepare necessary documents, liaise with banks, and guide you through the process.
Accounting Firms: Some accounting firms also provide assistance with setting up corporate bank accounts as part of their broader business setup services.
The Banks Themselves: Most banks have dedicated SME or corporate banking teams that can guide you through their specific application process and requirements. Some even offer direct online application support.
Steps to Open a Corporate Bank Account:
Choose a Bank/Platform: Based on your business needs, consider the fees, features, and eligibility requirements.
Gather Documents: Prepare all necessary corporate and personal identification documents.
Complete Application: This can often be done online. For traditional banks, you might need to submit physical forms or visit a branch.
Due Diligence/Verification: The bank will conduct KYC (Know Your Customer) checks. This might involve an in-person meeting for certain entities or foreign companies.
Account Activation: Once approved, you'll receive your account details and can start using it.
Tips for a Smooth Process:
Prepare all documents in advance: Incomplete documentation is a common cause of delays.
Understand the bank's specific requirements: Each bank has its own set of rules and preferred formats.
Be transparent about your business activities: Banks are stringent about regulatory compliance.
Consider a digital-first solution: If your business is primarily online and requires quick setup, digital banks or fintech platforms can be a good option.
By considering these factors and preparing thoroughly, you can navigate the corporate bank account opening process in Singapore efficiently.
Service Fees for Bank Account Opening Assistance
The service fees for bank account opening assistance in Singapore provided by Bestar can vary significantly based on several factors:
Factors Influencing Service Fees:
Complexity of Your Company Structure:
Simple: A Singapore-incorporated company with local directors and straightforward ownership will typically incur lower fees.
Complex: Companies with foreign directors, complex ownership structures (e.g., multiple layers of corporate entities), or those operating in perceived "high-risk" industries (e.g., crypto, gaming, money lending) will require more extensive due diligence and therefore higher assistance fees.
Nominee Directors/Shareholders: If you require a nominee director or shareholder service as part of your company setup, this will add to the overall cost, and subsequently, the bank account opening assistance may be bundled with it.
Nationality/Residency of Directors and Ultimate Beneficial Owners (UBOs):
Local: If all directors and UBOs are Singapore citizens or Permanent Residents, the process is generally simpler and less expensive.
Foreign: Foreign individuals or entities require more rigorous KYC/AML checks by banks, which means more work for the assisting firm. Bestar charges a premium for this added complexity.
Scope of Services:
Basic Assistance: This involves providing a checklist of required documents, reviewing your prepared documents, and submission to one bank.
Comprehensive Assistance: This includes:
Pre-assessment of your company's eligibility for specific banks.
Liaison with multiple banks.
Drafting of board resolutions and other required legal documents.
Certification of documents.
Arranging and facilitating bank interviews (if required).
Ongoing follow-up with the bank until account activation.
Post-opening support.
Bundled Packages vs. A La Carte Services:
Bestar offers "incorporation packages" that include company registration, corporate secretarial services for the first year, and bank account opening assistance. These bundled deals can be more cost-effective than purchasing services individually.
If you only need bank account opening assistance and have already incorporated your company, it will be an a la carte service.
Fee Ranges:
For straightforward Singapore-incorporated companies with local directors/UBOs:
Basic assistance: S300 − S800
More comprehensive support: S800 − S1,500+
For foreign-owned companies or those with complex structures:
Expect higher fees, often starting from S1,000 to S3,000+, depending on the level of complexity and Bestar's involvement. Bestar charges even more for highly complex cases or specific jurisdictions.
What these fees generally do not include:
Bank's own fees: This includes initial deposits, minimum balance fees (fall-below fees), monthly maintenance fees, transaction fees, early account closure fees, etc. These are separate charges levied directly by the bank.
Notarization/Apostille fees: If documents need to be notarized or apostilled in another country, those costs are usually borne by the client.
Courier charges: For sending physical documents internationally.
How to Get a Quote:
The best way to determine the exact service fee is to:
Provide us with detailed information about your company:
Company name and UEN (if already incorporated).
Nationality and residency of all directors, shareholders, and UBOs.
Nature of your business activities.
Expected transaction volume and types (local, international, cash, digital).
Your preferred banks (if any).
Whether you require a nominee director/shareholder.
Request a comprehensive quote that outlines all inclusions and exclusions.
By doing so, you'll get an accurate understanding of the service fees involved for your specific situation.
How Bestar can Help
Corporate Bank Account Opening Assistance
Bestar plays a crucial role in assisting businesses with corporate bank account opening in Singapore, especially for foreign entities or those new to the Singaporean market. We act as invaluable intermediaries, leveraging our expertise to streamline a process that can otherwise be complex and time-consuming.
Here's a breakdown of how we can help:
1. Navigating Regulatory Requirements and Due Diligence:
Understanding KYC/AML: Singaporean banks adhere to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This means they require extensive documentation and conduct thorough verification checks. Bestar is well-versed in these requirements and can advise you on what exactly the banks need, helping you avoid common pitfalls that lead to delays or rejections.
Pre-Assessment and Risk Profiling: Bestar offers pre-assessment services, where they review your company's profile, business activities, and the background of directors/shareholders. This helps us determine which banks are most likely to accept your application and identify any potential red flags that need to be addressed beforehand.
Addressing Complexities: If your company has a complex ownership structure, foreign shareholders, or operates in a high-risk industry, banks will conduct more rigorous due diligence. Bestar has experience dealing with such cases and can help present your company's information in a clear and compelling manner to the bank, improving your chances of approval.
2. Document Preparation and Certification:
Comprehensive Document List: We provide a detailed checklist of all required documents, ensuring nothing is missed. This typically includes:
Certificate of Incorporation and Business Profile from ACRA.
Company Constitution (formerly M&AA).
Board Resolution sanctioning the account opening and designating signatories.
Certified true copies of NRIC/Passports and proof of address for all directors, signatories, and ultimate beneficial owners (UBOs).
Business plan, projected financial statements, details of clients/suppliers.
Drafting Legal Documents: Bestar is experts at drafting the necessary legal documents, such as the Board Resolution, ensuring it meets the bank's specific requirements and is legally sound.
Certification of Documents: We can certify true copies of documents, which is a common requirement from banks. This saves you the hassle of finding a notary public or other authorized person.
3. Bank Selection and Liaison:
Matching with Suitable Banks: With their network and understanding of different banks' preferences and strengths (e.g., for startups, international trade, specific industries), we can recommend the most suitable banks for your business needs. This saves you time and effort in researching and approaching multiple banks.
Establishing Relationships: Bestar has established relationships with various banks in Singapore. This can facilitate smoother communication and sometimes faster processing of applications.
Acting as an Intermediary: We can act as the primary point of contact between your company and the bank's relationship manager. We will submit your application, answer bank queries, provide additional information, and follow up on the application status. This is particularly beneficial for foreign clients who may not be physically present in Singapore.
Preparing for Interviews: Some banks require an interview with the company's directors or authorized signatories. Bestar can help you prepare for these interviews, advising on what information to highlight and how to address potential questions from the bank.
4. Streamlining the Process:
Time-Saving: By handling the intricate paperwork, liaising with banks, and navigating compliance requirements, Bestar significantly reduces the time and effort you need to spend on bank account opening. This allows you to focus on your core business activities.
Error Reduction: Our expertise minimizes the risk of errors or omissions in your application, which are common causes of delays.
Remote Assistance: For foreign-owned companies or individuals not based in Singapore, Bestar is invaluable. We can manage much of the process remotely, facilitating remote signing or video calls with the bank where accepted.
5. Holistic Business Support:
Integrated Services: Bestar offers a suite of services beyond just bank account opening, including:
Company Incorporation
Corporate Secretarial Services (ongoing compliance with ACRA)
Accounting and Taxation Services
Payroll Services
Business Advisory
By engaging a single firm for multiple services, you can ensure consistency and efficiency in your business setup and ongoing compliance.
In essence, Bestar acts as expert guides, ensuring that your corporate bank account opening in Singapore is as smooth, efficient, and compliant as possible. We minimize the administrative burden and increase the likelihood of a successful application, especially in a regulatory environment that is increasingly focused on due diligence.
Comments