In this article, we’re exploring the best business bank account in Singapore. We’ll share details on how foreign and offshore companies open a Singapore business bank account and we’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on business bank accounts in Singapore. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Singapore banking also discusses the largest banks in Singapore, Singapore’s opening requirements, the costs of banking in Singapore, and much more. Use the link above to start exploring all of your free Singapore banking content right now.
Alternatively, use the table of contents to continue exploring more information on the best business bank account in Singapore.
Table of Contents
- What Is the Best Business Bank Account in Singapore?
- How to Open the Best Business Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Is the Best Business Bank Account in Singapore?
The best business bank account in Singapore offers reasonable account fees, accessible account features, attractive financing options, and banking services tailored to your business’s needs.
Determining who can open a business bank account in Singapore and if your company banking profile qualifies depends on the type of business you have and the size of your company.
The best bank for your business depends on your business type, where your business operates, and the reason for wanting to bank in Singapore. Other factors, including your deposit level and where your company is registered, impact the banks available to you.
There are five factors foreign businesses need to consider when choosing where to open the best business bank account. We share these five factors with you below.
Factors to Consider When Choosing the Best Business Bank Account
- Does the bank accept similar businesses?
- Can you support the minimum deposit amount?
- Can you support the ongoing account maintenance fees?
- Does the bank view your business as profitable?
- Does the bank offer the products and services you require?
It’s important to choose banks that not only accept your client profile, but that also meet your banking needs. Knowing how to choose a bank is a critical step in successfully opening a business bank account in Singapore for a foreign business. We share more details on how to do this below.
How to Open the Best Business Bank Account in Singapore?
Opening the best business bank account in Singapore as a foreign business typically requires making a six-figure deposit, submitting relevant corporate documents, investing in banking activities, and successfully overcoming the strict onboarding process.
Here is a look at the seven common documents foreign businesses need to submit when applying for a business bank account in Singapore.
Business Bank Account Opening Requirements
- Government-issued identification (of all shareholders)
- Description of business activities
- Proof of local ties to Singapore (not always required)
- Bank statements
- Bank reference letter
- Certificate of Good Standing
- Qualifying deposit
Additional proof of documents may be required depending on the bank you choose to apply with. It’s important to confirm the specific requirements and deposit amount your business is required to meet before starting the application process.
If you are interested in learning more about banking in Singapore, don’t forget to visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring the best business bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Is the Best for a Small Business in Singapore?
The bank that is the best for a small business in Singapore depends on the operations of the business, where your business is registered, where the business operates from, and several other key factors. It’s important to choose banks that accept similar client profiles, offer the services you require, and have requirements you and your business can meet.
Which Bank Account Is Best for Foreigners in Singapore?
The bank account that is best for foreigners in Singapore depends on various factors, including your client profile, banking needs, and deposit level. It’s important to choose banks that accept similar client profiles, match your banking needs, and have requirements you are able to meet.
Can a Foreigner Open a Business Bank Account in Singapore?
Yes, a foreigner can open a business bank account in Singapore. The banks available to them depend on several factors including the type of business they operate, where their business is located, and whether or not they have local ties to Singapore. It’s important to confirm the requirements you and your business are required to meet before starting the application process.
How to Open a Corporate Bank Account in Singapore?
How to open a corporate bank account in Singapore depends on your business operations, the location of the business, the deposit level, and the residency of shareholders. That said, it is common for foreign entities to meet specific account opening requirements including proof of identification, company financial statements, and six-figure deposits.
Do You Want to Open a Singapore Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Singapore in a few clicks.
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
