The Detail

The information on our website is prepared without knowing your financial circumstances. Before deciding to acquire or hold a product, please read the Terms and Conditions and consider if the product is appropriate for you. The Terms and Conditions are important and we encourage you to review, save and print it. If you would like a paper copy ask at your local branch.

Conditions and fees apply.

^ Account opening criteria applies.

1. Eligible entities include sole traders, partnerships, companies, associations, self-managed super funds, trusts and not-for-profit organisations

2. Electronic transactions are Internet and Phone Banking deposits, withdrawals and transfers, Direct Debits and Credits, mynewextsetup.us of Melbourne/Westpac ATM withdrawals in Australia, mynewextsetup.us of Melbourne ATM deposits and mini transaction history and EFTPOS withdrawals and Business Visa Debit Card transactions. Internet and Phone Banking and Business Banking Online are subject to systems availability, daily transaction limits apply.

3. Other fees and charges may apply, including for branch access. Fees and charges may be payable on your eligible Bank of Melbourne everyday account.

4. This fee does not apply if you have a Commercial Overdraft or Business Maximiser Overdraft facility. Please see the Business Lending and Finance Facilities Fees and Charges for specific services and loan accounts booklet for the Account-keeping fee (formerly known as ‘Monthly Account Service fee’)/loan account fee that will apply to your facility. All credit applications are subject to the Bank of Melbourne’s normal lending criteria.

This information has been prepared without taking into account your individual or business needs and objectives. You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. Bank fees and charges may apply. 

¹ You can only open an account online if you're a new or existing customer who is either a sole trader or director of a private company (Pty Ltd). You'll need to set up your business with us so we can verify your business details with ASIC. Once your beneficial owners and nominated directors have verified their ID (we'll email them instructions to do this online), you'll be able to open and start using your account. You'll be providing information to us on behalf of directors and owners in accordance with our Privacy Policy - make sure you've got their permission to do so before you start.

² Excludes non-Commonwealth Bank ATMs here and all ATMs overseas, EFTPOS transactions overseas, transfer group payments to third parties, international money transfers, CommBiz and NetBank service fees and separate services such as bank cheques, periodic payments and transfers/deposits to other banks. Wholesale relationship managed customers may be notified at any time that their account is subject to transaction fees on electronic transactions and Commonwealth ATM cash withdrawals.

³The Bank does not charge for the alerts service, but you may incur message and data charges from your telecommunications service provider. Alerts are sent in real-time 24/7. Delivery of alerts may be delayed for various reasons, including service outages affecting your phone, wireless or internet provider; technology failures; and system capacity limitations. Please check your available funds before entering into any transactions. Alerts may be suspended by the Bank at any time without notice.

⁴ From time to time the Bank may allow some transactions or payments to go through by making funds temporarily available for eligible customers. By utilising the overdraw feature, you may incur an Overdraw Fee of $15 per account, per day an overdrawing transaction or payment occurs. For each day your account remains overdrawn, Excess Debit Interest will be applied. For more information, please view What happens when you overdraw your business account?

The overdraw feature is offered at the Bank’s discretion. The account may also become overdrawn if a merchant completes an offline or unauthorised payment.

⁵ Cardless cash is available from any CommBank ATM. Withdrawals are limited to a total of $ per day. CommBank app, NetBank, NetCode and account access required. Full conditions on app.

⁶ If you’ve got other directors and/ or any beneficial owners, they will need to verify their ID online. A beneficial owner is an individual who owns 25% of the company; but if no-one does, controls 25% of the company; but if no-one does, exercises control by way of making key financial or operational decisions, like a CEO. We'll get you to confirm their details so we can email them instructions to do this. Once they've completed this, you'll be able to open and start using your account.

⁷ Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions are included in our Letter of Offer. Bank fees and charges may apply. This advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances. Applications are subject to the Bank's normal credit approval. Fees and charges are payable. 

⁸ The $0 terminal rental fee is available to eligible customers who apply for and open a new merchant terminal between 25 October and 30 June , and settle to a CommBank Business Transaction Account on eligible pricing plans. Offer valid until 30 June and subject to change. The $0 terminal rental fee offer means customers have their terminal rental fees waived for the first 6 months for up to a maximum of 3 terminals, available on Smart, Essential Lite and Essential Plus. The offer is only available at the initial application and can’t be extended to additional terminals after the application has been processed. Offer is not available for group deals (including Alliance Partners) or Bankwest. For more information on our range of EFTPOS products and pricing plans, visit mynewextsetup.us

⁹ To use CommBank Invoicing you need to be: 

• 18 or over with a CommBank Business Transaction Account and a NetBank client number
• An Authorised Operator on the CommBank Business Transaction Account, with method of operation set as one to sign
• Registered for NetCode
• A sole trader or a director of a private company (Pty Ltd) - only you will be authorised to use CommBank Invoicing

The target market for these products will be found within the product’s Target Market Determination, available here.

Apple, the Apple logo, Apple Pay, Apple Watch, MacBook Pro, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay, the Google Pay Logo, Google Play and the Google Play logo are trademarks of Google Inc. Samsung, Samsung Pay, the Samsung Logo are trademarks of Samsung Inc. 

Daily IQ and Vonto are separate insights tools for general informational purposes only. Daily IQ and Vonto draw information from different data points and sources, and as such results and insights may vary between the tools. Insights may not necessarily have regard to your business, financial situation or needs. You should, before acting on insights provided by Daily IQ or Vonto, consider their appropriateness to your circumstances. Visit Daily IQ for more information. Visit Vonto for more information.

Opening a corporate bank account in Singapore is easy and straightforward, but we also understand that it can be pretty daunting for new business owners.

It’s important to compare and choose a corporate bank account that will meet the needs of your business. The thing is, there are plenty of corporate accounts offered by various banks. So which bank account offers the best rates and features?

One simple way to do the task quickly is to just hit us up! Check out our incorporation services! However if you want to find out more, read on.

What Do I Need?

Most banks have the basic documentation need to open a corporate account. You need to submit the following documents:

• An application form
• A certified Directors’ Resolution approving the opening of the business account and the signatories
• A certified True Copy of the Certificate confirming setting up of the company
• A certified True Copy of the Business Profile or Official Company Register
• A certified True Copy of the Memorandum and Articles of Association of the company
• Copies of the National Registration Identity Card (NRIC)/Passport of the proposed signatories
• The minimum deposit.

All the documents listed above except the application form and minimum deposit can be prepared by the secretarial agent of your company.

The copies of all the documents must be “Certified True” by one of the directors or a secretary.

Note that sometimes banks ask for additional documents not mentioned above, so be ready to invest time in digging those out. However, some might not even ask for a document as they provide CorpPass MyInfo integration, like Aspire whose account opening process is the smoothest we’ve experienced - from application to account opening in 3 hours, even for foreign directors.

How To Choose a Bank?

It is important to choose a corporate bank that offers features that fit your specific business needs.

Generally, the ones with high creditworthiness, reliable services, proven customer service and international presence in major countries are the safest bet. Also, check with peers or other acquaintances to get some suggestions.

The most crucial factors to consider are below:

1. Specialisation in Corporate Banking:

The bank you choose should have enough experience in corporate banking. Every business has a unique operation process and a different set of challenges. If the bank you choose has experience in your industry, it can offer valuable advice.

1. Focus on Commercial Services:

You need a corporate account with a commercial focus, which offers services such as cash management, international trade, cross-border transactions, and financing.

1. Customised Account and Channel Services:

Consider if the bank offers an integrated saving and investment features, foreign currency accounts, corporate debit/credit cards, ATM, local and international branch coverage, and a high daily transaction limit.

1. Charges, Transaction Fees, and Interest:

Some banks charge for transactional services, such as foreign currency remittance, telegraphic transfer, and fund transfer. These charges may vary drastically.

Here are the features of various banks that you can consider:

DBS: Opening Corporate Account

DBS account opening is one of the easiest and popular among individuals and business owners. Considered as one of the largest and oldest banks in Asia, DBS offers a range of DBS corporate accounts for business owners, small businesses and corporations. Their fuss-free DBS banking solutions and reasonable rates are some of the key reasons why business owners are using them.

So, here are some of the features why business owners prefer to open a DBS business account to other banks:

It is easy, if you are an existing DBS customer. There are different types ofbusiness bank accounts that will meet your business needs.

• To open a new account in DBS, you would needthe submission of the Directors’ Resolution copy and authorised signatory. DBS can make exceptions on a case-by-case basis.
• DBS offers the facility of online application and allows completing the verification process over Skype/Facetime or a phone call.
• It provides an international debit card.
• The credit card facility is available for local business entities.
• The internet banking facility is available.
• As the foreign currency transaction is available in both current and fixed deposit accounts, it is possible for a foreigner to open bank account in Singapore DBS.

UOB Bank

For UOB bank account opening, you will get the following features:

• Can use 30 cheques per month.
• The ATM card facility.
• You will get unlimited Corporate Unicards.
• A corporate debit card.
• The corporate internet banking facility.
• Can manage bulk payroll via BIB.

Aside from these features, UOB has also introduced an eBusiness Account that allows customers to bank their cash online and anywhere round the clock. If you are a business owner who is interested to open a UOB corporate account, you are required to submit the following documents:

• Account Opening Form
• ACRA Business Profile Search
• Identity Documents – NRIC/Passport
• Proof of Residential Address

However, do bear in mind that all UOB business accounts require minimum deposits and minimum balances.

How Much Does a Corporate Bank Account Cost?

Here are 5 startup-friendly accounts in the most popular banks in Singapore for you to have an idea of the prices. All these accounts are SGD only, for other currency options check out the full rate below.

Another important thing is the cost per transaction — but here the advantage depends entirely on the nature of your business and on the sums you’ll be managing.

What Does the Application Process Look Like?

Opening a business account in Singapore is relatively easier if a group of local individuals owns a company. It may take only 15 minutes for them to complete the procedure.

Companies with several authorised signatories go through a longer procedure, and they need to be present in person at the branch.
If your company’s board of directors has foreigners or the bank finds the nature of your business is complex, you need to visit the branch. If your business needs a licence or permit, you may have to submit copies. For example, if you want to open a business account for your hotel or restaurant, you need to submit a copy of the Food Shop License.

The time frame to open a business account largely depends on your country of origin and the nature of your business. In both cases, the bank will verify your identity and check your financial background, which may take from a few days to a couple of weeks.

Can I Open a Corporate Bank Account Remotely?

Opening a corporate account remotely is easier if you are a local or a permanent resident of Singapore.

If you are a foreigner, you can apply to open a corporate bank account remotely if you do not live in Singapore. Once you submit an online application, a bank representative will help you with the procedure.

With the global pandemic accelerating the digital economy, banks have moved most of their operations online. This means customers do not have to pay a personal visit to the bank to open a corporate bank account. If you are a local or permanent resident of Singapore, there are banks that allow you to open a bank account online. The procedure is quick and simple. If you have a SingPass account, you do not need other documents to open your bank account. It will take you less than 10 minutes to open a bank account.

Likewise, if you are a foreigner applying to open a corporate bank account remotely, the process has never been easier. Previously, customers were required to meet a bank representative in an overseas branch for verification purposes. But now, customers will need to be verified through video conferencing facilities after they have opened a bank account online.

How To Open a Bank Account in Singapore for a Foreigner?

There is a common question, “Can a foreigner open a bank account in Singapore?” The answer is yes. However, it may take weeks for foreigners to open a business account.

When a foreigner opens a bank account in Singapore, the person needs to submit the following documents:

• The registration proof of the company in Singapore.
• Proof of identity and home address of all the shareholders, directors, and ultimate beneficial owners.
• Detailed information about the company, such as potential business plan and activities, prospective clients/suppliers, nature of future banking transactions. Most banks would want to discuss these matters directly with the company representatives through an in-person meeting or a video call.

If you are choosing reliable and credible Singapore bank accounts for foreigners, there are plenty to choose from. According to Global Finance Magazine, DBS, OCBC and UOB are three global banking giants that are considered the World’s safest banks. For foreign companies that prefer local banks in Singapore, here is a list of them:

• DBS and POSB
• United Overseas Bank (UOB)
• Overseas Chinese Banking Corporation (OCBC)

For those who prefer to work with foreign banks, here are the banks that have a branch in Singapore:

• Citibank
• The Hong Kong and Shanghai Banking Corporation Limited
• Standard Chartered

Why May Things Be More Complicated for Foreigners?

It may take several weeks for foreigners to open a business account in Singapore. This is because data on foreigners is not easily available from the government’s information system.

Foreigners can open a privileged type private bank account in Singapore. The account may also allow joint access. To go ahead with the process, a proper application and the necessary documents shall be submitted.

Banks need information on foreigners, including their identity, professional background, and their future business type in Singapore. To collect, verify, and screen the information is likely to take some time.

Singapore is one of the countries with the most transparent banking systems and government regulations. Banks here have more requirements on opening bank accounts for foreign-owned companies. In particular, there are restrictions on opening bank accounts for companies with ultimate beneficial owners from Russia and the CIS countries. For these countries, banks perform more detailed due diligence, KYC. Also, banks check related parties for political exposure and companies’ involvement with sanctioned territories like Iran, Sudan, North Korea, Syria, Cuba, and Crimea, as indicated in the Corporate Sanctions Questionnaire.

Assem ZhanalyFinancial Analyst

Case: International Logistics and Freight Forwarding Company

“We opened two corporate accounts in Singapore banks. The main one in UOB bank because our partners are the clients of this bank and they recommended us as reliable clients. It helped us to open an account there.

We got another backup account in CIMB for our safety. We chose this bank because it is the easiest way to open an account, they do not ask many questions in comparison to other banks in Singapore.

It took 3 weeks to open an account for our local director in UOB bank. We spent another 4 weeks to add a foreign director to the company. Our partners advised us to first open a bank account for a company with no foreign directors to make it faster.

CIMB opened the account in 2 weeks, but later there was a problem with the bank token activation. The activation code can only be sent to a local number or an email, and we had an international number chosen as the primary contact. To change that to email, the foreign director had to sign a paper form and send it to CIMB bank in Singapore. So we had extra charges and had to wait.

UOB bank is easy to work with. They have user-friendly online banking and many financial instruments. CIMB online banking is also ok but for now we don’t use it that much.”

Highlights

• For local UBOs/directors, a corporate bank account can be opened in 1 day.

• It may take at least 2 weeks to open a business account in Singapore.

• It is possible to open a remote account in some banks for locals, such as DBS and UOB, provided they have at least 1–3 shareholders.

• Foreigners will have to fly to Singapore to meet the bank representatives unless they choose HSBC or Citibank — these banks might allow signing the papers in one of their overseas branches or in the presence of a notary.

• Aspire is the preferable option for modern entrepreneurs and digital-savvy business owners. They offer the fastest account opening process and everything is done % online, from the application process to managing your business finances. They also offer the best value with no monthly fee, no minimum deposit, and no minimum balance requirement.

• If you expect that in 6 months you'll be able to have an average of S$3, resting on your account, then OCBC is a go-to option. The fee is low, the minimum initial deposit is the smallest of all, and the account opening is normally fast and smooth.

• If you aren’t inclined to maintain S$3, balance, consider paying a higher fee at DBS as this bank requires no minimum balance. But mind that their account fee is the highest.

• As for UOB, this bank doesn’t rush into opening an account and rigorously examines the client’s background. Due to that, very rarely does this bank close accounts after opening as long as clients reply to emails and supply the requested information.

Our corporate secretaries in Singapore can help in case you face any problems with legal documents.