How to open a local business bank account in Singapore as a foreigner
10 minute read
Are you a foreigner looking to open a business bank account in Singapore? Having a local business bank account can make it easier for you to manage your finances and streamline your operations. However, the process of opening one as a foreigner can seem daunting. Don’t worry, we’ve got you covered with this step-by-step guide on how to navigate through the requirements and options available to you. Get ready to take your business in Singapore to the next level with ease!
Overview
- The benefits of having a business bank account in Singapore
- The process of opening a bank account in Singapore
- The requirements for foreigners to open a business bank account in Singapore
- The different types of business bank accounts available in Singapore
- How to choose the right business bank account for your needs
- Sleek solves your business banking needs
The benefits of having a business bank account in Singapore
Having a business bank account in Singapore is essential for any foreigner looking to start their own venture in the country. Not only does it provide credibility and legitimacy to your business, but it also helps you keep track of your finances effectively.
One significant benefit of having a business bank account in Singapore is that it offers greater security than personal accounts. With separate accounts, you can ensure that all transactions are recorded accurately and help avoid discrepancies or disputes with partners or investors.
Another advantage is the convenience offered by online banking services provided by many banks in Singapore. These allow easy access to real-time transaction records, enabling better financial management and planning for your business needs.
Moreover, opening a local business bank account can assist with the establishment of credit ratings and build relationships with financial institutions within the country. This means easier access to loans or funding should you need them later on down the line.
Having a dedicated business bank account in Singapore offers peace of mind through its added security measures whilst simultaneously providing greater control over managing day-to-day finances and building long-term positive relationships within the local finance industry.
The process of opening a bank account in Singapore
Opening a business bank account in Singapore as a foreigner may seem like a daunting task, but it is actually quite straightforward. The first step is to choose the bank you want to work with and gather all the necessary documents.
Most banks require identification documents such as your passport and proof of address. It’s important to note that some banks may have additional requirements, so it’s best to check beforehand.
Once you’ve gathered all the necessary documents, you can either set up an appointment at the bank or apply online. If you choose to visit the bank in person, be sure to bring along all your documentation.
During your appointment or online application process, you’ll need to fill out relevant forms and provide information about yourself and your business. This includes details such as company registration numbers and tax identification numbers.
After submitting all required information and documentation, the bank will review your application before approving or rejecting it. Once approved, you’ll receive confirmation from the bank that your account has been opened.
Opening a business bank account in Singapore requires attention to detail when gathering required documents and filling out forms accurately; however with preparation beforehand it can prove manageable for foreigners looking towards starting their businesses here.
Sleek offers free business accounts with no initial deposit and minimum balance. Start sending and receiving payments once your account is opened.
The requirements for foreigners to open a business bank account in Singapore
Before opening a business bank account in Singapore, it is important for foreigners to understand the requirements set by the country’s regulations. You need to have a valid work visa or employment pass issued by the Ministry of Manpower (MOM). This allows you to conduct business activities and open a corporate bank account under your company name.
In addition, you will also need to provide some documentation such as proof of identification (passport), proof of residence address in Singapore, and evidence of your company’s registration with Accounting & Corporate Regulatory Authority (ACRA). These documents are necessary for banks in Singapore to verify your identity and legitimacy as a foreign business owner.
Moreover, most banks require an initial deposit amount ranging from SGD 1,000 – SGD 3,000 before they allow you to open an account. It is advisable that foreigners research various banking options available in the market before selecting one that fits their needs. Different types of accounts offer different services so it is essential for them choose wisely.
It’s worth noting that some banks may have specific requirements depending on their internal policies which can vary widely between institutions. Therefore always do thorough research about any additional conditions imposed by individual financial institutions prior to opening up any form of business bank accounts .
The different types of business bank accounts available in Singapore
When it comes to opening a business bank account in Singapore as a foreigner, there are several different options available. The most common types of business accounts include savings accounts, current accounts, and fixed deposit accounts.
Savings accounts typically offer lower interest rates than other types of accounts but provide easy access to funds for day-to-day operations. Current accounts are better suited for businesses with high transaction volumes and larger balances as they often come with higher fees and minimum balance requirements.
Fixed deposit accounts are ideal for businesses looking to earn higher interest rates on their deposits while keeping their funds locked away for a set period of time.
In addition to these basic account types, many banks also offer specialized business banking products such as credit lines, trade financing services, and online banking platforms tailored specifically to the needs of small businesses.
It’s important to carefully consider your specific business needs when choosing an account type so that you can find the best fit for your unique situation.
How to choose the right business bank account for your needs
Choosing the right business bank account is crucial for any entrepreneur. With so many options available, it can be overwhelming to decide which one suits your needs best. Here are some essential factors to consider when choosing a business bank account in Singapore.
Look at the fees and charges associated with each type of account. Some accounts may have lower monthly maintenance fees but charge higher transactional or withdrawal fees. Make sure you understand all the fees involved before making a decision.
Assess your banking needs and choose an account that caters to those specific requirements. For example, if you need to make frequent overseas transfers, opt for an account with lower foreign exchange rates and free international transactions.
Consider the level of customer service provided by the bank when selecting an account. Check their online reviews from other customers or ask for recommendations from friends who have used their services before.
Compare interest rates offered by different banks as this will affect how much return on investment your funds generate over time.
By considering these factors carefully and thoroughly researching each option presented to you, you’ll be able to select a business bank account that fulfills all your financial requirements and helps support growth of your company in Singapore’s market.
Sleek solves your business banking needs
You can open a free corporate account with no initial deposit and no minimum balance, and you can start receiving and sending payments as soon as your account is opened.
Sleek clients who use any of our current services (company secretary, accounting, etc.) receive this service free of charge.
For foreigners, not based in Singapore, it may take up to three months plus a visit to the branch and hard copies to be sent. Sleek simplifies.
Sleek will enable companies to open their account right after their company is registered, or transferred to Sleek.
No initial deposit needed to open business account
- Traditional banks charge S$1,000 and up to S$5,000 of the initial deposit
No minimum balance
- Traditional banks ask for S$5k – 10k of minimum balance
No account opening fees or annual fees
- Aspire charges S$144, and Wise charges S$54 to open an SGD corporate account
Competitive Foreign Exchange Rates
Securely hosted and easily accessible
- Via our all-in-one platform: We help companies’ manage company secretary, accounting and banking needs in one place
| Sleek | DBS | OCBC |
UOB |
Aspire | Wise |
|
| Annual / Setup fees | S$0 | S$0 | S$0 | S$35 |
S$144 | S$54 |
| Initial Deposit | S$0 | S$1,000 | S$1,000 | S$1,000 |
S$0 | S$0 |
| Virtual Corporate Cards | Coming soon! | Limited | Limited | Limited |
Multiple |
Limited |
| Minimum Balance | S$0 | S$10,000 | S$5,000 | S$5,000 | S$0 | S$0 |
| Accounting | Yes | No | No | No | No | No |
| Company Secretary | Yes | No | No | No | No | No |
| Business Insurance | Yes | No | Yes | Yes |
No | No |
| Licensed by MAS | Yes | Yes | Yes | Yes | No | Yes |
Sleek is licensed by the Monetary Association of Singapore (MAS) with the Major Payment Institution License number PS20200521 under the Payment Services Act. You can check the validity of our license here
