Open a CIMB Business Account in Singapore: A Step-by-Step Guide for Entrepreneurs
- a22162
- Sep 28
- 6 min read
CIMB Business Account Singapore Application
Looking to open a corporate bank account for your Singapore business? The CIMB Business Account is a popular choice for local startups and Small and Medium Enterprises (SMEs) thanks to its competitive features and streamlined application process.
This guide breaks down everything you need to know about applying for a CIMB business account in Singapore, from required documents to application methods and key account benefits.
1. Why Choose a CIMB Business Account in Singapore?
CIMB offers several business account options tailored for different needs, but accounts like the CIMB SME Account or CIMB BusinessGo Account are often highlighted for their SME-friendly features.
Key Benefits & Features:
Low/Zero Fees: Many CIMB business accounts offer S$0 minimum initial deposit and S$0 minimum monthly balance requirements. This is a significant advantage for new startups managing cash flow.
Waiver of Fees: Accounts often have promotions such as a waiver of monthly account fees for the first 12 months (fees may apply thereafter).
Free Local Transfers: Enjoy unlimited free FAST and GIRO transfers (check specific account terms).
Convenient Digital Banking: Manage your finances anytime, anywhere with the BizChannel@CIMB secure digital banking platform (web and mobile app).
Fast Online Application: Eligible Singapore-registered businesses can apply online and, in some cases, receive their account number almost instantly.
Shariah-Compliant Options: CIMB also offers Islamic banking alternatives (e.g., CIMB SME-i Account).
2. CIMB Business Account Eligibility & Application Methods
Most businesses registered in Singapore are eligible to apply.
🎯 Eligibility Snapshot (Applies to most CIMB Business Accounts):
Registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
Applicable for Private Limited Companies, Sole Proprietorships, and Partnerships.
💻 How to Apply: The Online Process
CIMB allows eligible Singapore-registered businesses to apply online, which can be completed in minutes. You can apply using one of two options:
Via Corppass (MyInfo Business): This is the fastest way, as it allows CIMB to retrieve your corporate entity data directly from ACRA. You will need your Corppass credentials.
Via UEN (Business Registration Number): Input your Unique Entity Number (UEN) to retrieve information from ACRA and proceed with the application.
If your business is located outside of Singapore or has a complex structure, you may need to contact a Bank Representative or visit a branch for assistance.
3. Essential Documents Checklist
Having your documents ready is key to a smooth and quick application. The exact documents vary based on your business type (Private Limited Company, Partnership, or Sole Proprietorship).
Business Entity | Key Documents Required (General) |
Private Limited Company | Certified True Copies of Memorandum & Articles of Association (or Constitution) |
Partnership | Certified True Copies of the Partnership Agreement |
Sole Proprietorship | Business Registration Certificate (if applicable) |
For ALL Entity Types, you will generally need:
Identity Documents: NRIC/Passport copy and specimen signatures of:
All Authorised Signatories
All Directors / Partners / Owners
All Ultimate Beneficial Owners (UBOs) / Controlling Persons
Additional Requirement: An image of the NRIC/Passport owner holding the front of their NRIC/Passport (in a specific format).
Board Resolution: Acceptance of the standard board resolution on the online platform.
💡 Quick Tip: A "Certified True Copy" often requires stamping or signing by at least two directors, or one director and a secretary (for Private Limited Companies). Always check the latest CIMB Document Checklist for precise certification requirements.
4. Step-by-Step Guide to the Online Application
Follow these steps to complete your online application for a CIMB business account:
Visit the CIMB Singapore Business Banking Website: Navigate to the specific business account you wish to apply for (e.g., CIMB BusinessGo Account).
Choose Your Application Method: Select either Corppass or UEN to begin retrieving your ACRA data.
Complete Business Info: Fill in or verify the details regarding your company's business information, appointment holders, and select your authorised signatories.
Authorised Contacts & Board Resolution: Appoint authorised contacts and digitally accept the standard board resolution.
Declarations & Document Upload: Complete all mandatory online declarations and upload the required certified documents (as per the checklist above) and identification images.
Submission: Review all details and submit your application.
What Happens Next?
If your online application and documents are in order, you may receive your account number almost immediately via email.
A subsequent confirmation email will be sent upon the successful opening of the account.
If any issues arise, a CIMB representative will contact you for follow-up.
Conclusion: Simplify Your Business Banking with CIMB
The CIMB business account provides a straightforward and cost-effective banking solution for entrepreneurs in Singapore. With its zero fall-below fees, free local transactions, and the convenience of a fully online application, it is an excellent choice for businesses aiming to streamline their financial operations right from the start.
Ready to get started? Click "Apply Now" to visit the official CIMB Singapore website and begin your online application today!
How Bestar Singapore Can Help You Open a CIMB Business Account: A Step-by-Step Guide for Entrepreneurs
Open a CIMB Business Account in Singapore: A Step-by-Step Guide for Entrepreneurs
While CIMB offers a highly efficient online application process, corporate service providers like Bestar Singapore can be invaluable, especially for new ventures, foreign entrepreneurs, or businesses with complex structures. Bestar's assistance streamlines the preparation and submission phase, ensuring a smoother journey to opening your CIMB business account.
1. The Value-Add: Why Use Bestar for Bank Account Opening
Bestar Singapore is a corporate service provider offering a full spectrum of services, including company incorporation, corporate secretarial, accounting, and tax advisory. We assist in opening corporate bank accounts as part of their end-to-end business setup solutions.
Our key contribution to the CIMB business account application process is:
Document Preparation and Certification: CIMB's online application requires certified true copies of numerous documents (e.g., Memorandum & Articles of Association, Partnership Agreement) and specific identity photo formats. Bestar, acting as your corporate secretary, handles the preparation, verification, and proper certification of these legal documents.
Compliance Assurance: They ensure all submitted paperwork is fully compliant with CIMB's requirements and Singapore's regulatory standards, significantly reducing the risk of application delays or rejection due to administrative errors.
A "One-Stop-Shop" Solution: For new companies, Bestar packages company incorporation services with bank account opening assistance, simplifying the entire setup process.
Liaison Support: Although CIMB encourages direct online application, for specific cases (like companies with foreign directors or more complex structures), Bestar can provide support and liaise on your behalf, navigating the bank's specific requirements.
2. Step-by-Step: Bestar's Role in Opening Your CIMB Account
Bestar's service is typically integrated into their broader corporate secretarial or company incorporation package:
Step 1: Company Incorporation (If Applicable)
If you are setting up a new Private Limited Company, Partnership, or Sole Proprietorship, Bestar first completes the ACRA registration process, providing you with the necessary Unique Entity Number (UEN) and official corporate documents.
Step 2: Document Compilation and Certification
Bestar gathers all required identification and corporate documents. For a Private Limited Company, this includes:
Memorandum & Articles of Association (or Constitution).
Board Resolution extracts.
Identification (NRIC/Passport) and specimen signatures of all Directors, Authorised Signatories, and Ultimate Beneficial Owners. They then ensure these are properly certified true copies according to the bank's latest guidelines.
Step 3: Account Application Strategy
Bestar advises you on the best CIMB account to apply for (e.g., CIMB SME Account, CIMB BusinessGo Account) based on your business needs, such as volume of transactions, international transfers, or interest-earning goals.
Step 4: Application Submission Assistance
Since CIMB largely uses an online application platform (via Corppass or UEN), Bestar assists by:
Ensuring all company details are correctly populated on the online form.
Preparing the documents for the online upload, including ensuring image files meet the bank's strict format requirements.
Guiding you through the final steps of accepting the Board Resolution and completing online declarations.
Step 5: Follow-Up and Completion
After submission, Bestar can help respond promptly to any queries from CIMB's compliance team, ensuring a fast approval. For online-eligible accounts, you can often receive your account number almost immediately upon successful application.
3. CIMB Business Account Quick Facts
By using a service provider like Bestar, you can focus on your business while they ensure the technical banking requirements are met. CIMB's SME-friendly features make it a strong choice:
Feature | CIMB SME / BusinessGo Account (Highlights) |
Minimum Initial Deposit | S$0 |
Minimum Balance | S$0 (often waived through promotion) |
Monthly Fees | S$0 for the first 12 months (Check T&Cs for subsequent fees) |
Local Transfers | Unlimited Free FAST/GIRO transactions |
Application Time | Online application takes ≈ 15 minutes; account number can be received almost instantly if documents are in order. |
By leveraging the expertise of a corporate specialist like Bestar, entrepreneurs can streamline the complex initial setup phase, leaving them free to focus on their core business activities while securing a robust banking solution.
You can learn more about the CIMB's digital application process by viewing this video: How To Open An Online Business Account?. This video provides a guide on how to open a CIMB business account online, which is the process Bestar would assist you with.
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