---
title: "Business Bank Account Singapore | Documents, Fees | Aemorph"
url: https://aemorph.com/business-guides/bank-account/
description: "Business bank account in Singapore: documents, opening deposits, fall-below fees and online or banker routes at 8 banks, read from each bank's own page."
publisher: Aemorph
publisher_entity: https://aemorph.com/entitymap.json#org_aemorph
entities: [concept_sg_business_bank_account]
language: en-SG
updated: 2026-11-05
---

Business guides

# Opening a Business Bank Account in Singapore: Documents, Fees and Routes

**You open a Singapore business bank account after ACRA approves the company, with certified copies of three incorporation documents and a board resolution. As of 5 November 2026, stated opening deposits on eight banks' own pages run from S$0 at CIMB to S$30,000 at Standard Chartered's BusinessOne. Fall-below fees run from S$0 at CIMB to S$50 a month at Standard Chartered and RHB. DBS charges S$10 a month on its Starter Bundle for companies under three years old. Companies with Singaporean or PR owners apply online at DBS, OCBC, UOB, Maybank and CIMB, while HSBC onboards through a relationship manager.**

Written by [Kevin Dam](https://aemorph.com/about/), founder of Aemorph, who has practised SEO since 2010 and sits on the [Forbes Agency Council](https://councils.forbes.com/profile/Kevin-Dam-Global-Search-Architect-%7C-SEO-GEO-AEO-IMO-LLM-Visibility-Aemorph/4c8c7a38-1285-470d-8ea8-e517a310a00b). Aemorph is a [Google Partner](https://www.google.com/partners/agency?id=4441861842). [LinkedIn](https://www.linkedin.com/in/kevindam)

*Accurate as of 5 November 2026. Every figure, date and rule on this page was checked against its source on that date, and the page is rechecked monthly.*

---

## A corporate account keeps business and personal money apart, and GoBusiness strongly encourages one

**GoBusiness describes opening a corporate bank account as strongly encouraged, because it separates business transactions from personal ones and tracks cash flow for tax filing.** This guide covers Singapore-incorporated companies. It prints a fee only after reading it on the bank's own page, and eight banks meet that test as of 5 November 2026: DBS, OCBC, UOB, Maybank, Standard Chartered, HSBC, CIMB and RHB. Citibank Singapore is left out because its website shows no business account page for start-ups.

*[Source: Citibank Singapore, November 2026](https://aemorph.com/sources/#citibank-singapore-november-2026-cddf)*

### Is a business bank account compulsory in Singapore?

**GoBusiness calls a corporate bank account strongly encouraged, and its Start-Up Guide lists it as step 6 after registration.**

The page gives two reasons. A corporate account keeps business and personal transactions separate, and it helps track cash flows, income and expenses for income tax filing. GoBusiness links to DBS, OCBC and UOB as examples and states that the links do not imply affiliation, endorsement or recommendation.

*[Source: GoBusiness, November 2026](https://aemorph.com/sources/#gobusiness-november-2026-3740)*

## The document pack needs a company secretary, so appoint one before you apply

**GoBusiness lists six items in the pack, and four of them are certified true copies.** The [Bizfile guide](https://aemorph.com/business-guides/registration-bizfile/) shows where the Business Profile and constitution come from.

| Document | Prepared or certified by | Where it comes from | Detail GoBusiness gives |
| --- | --- | --- | --- |
| Account opening forms | Authorised signatories | The bank | Signed as the board resolution specifies |
| Board resolution approving the account and signatories | Company secretary prepares it | Company records | Certified true copy, usually in the bank's own format |
| Certificate of Incorporation | Company secretary or a director certifies | ACRA approval | Certified true copy |
| ACRA Business Profile | Company secretary or a director certifies | Free link sent on ACRA approval | Certified true copy |
| Company constitution | Company secretary or a director certifies | Uploaded or model constitution chosen at registration | Certified true copy |
| Passports or Singapore IC, and proof of residential address | Each individual | Directors, signatories and ultimate beneficial owners | Bring originals in Singapore; the bank copies them |

*Documents GoBusiness lists for a Singapore corporate account; banks add documents case by case. Checked 5 November 2026.*

*[Source: GoBusiness, November 2026](https://aemorph.com/sources/#gobusiness-november-2026-3740)*

*[Source: ACRA, November 2026](https://aemorph.com/sources/#acra-november-2026-28d1)*

### Why does the company secretary come before the bank?

**The board resolution is prepared by the company secretary, so a company without a secretary has no resolution to give the bank.**

ACRA allows six months after registration to appoint a secretary and exposes a director to a fine of up to S$1,000 if the post stays vacant longer. GoBusiness lists director and/or company secretary details among the items entered at registration, so naming the secretary at filing is an option. That choice puts the appointment ahead of the bank application instead of inside the six-month window.

*[Source: ACRA, November 2026](https://aemorph.com/sources/#acra-november-2026-f881)*

*[Source: GoBusiness, November 2026](https://aemorph.com/sources/#gobusiness-november-2026-283d)*

## Company ownership decides whether DBS opens your account online or through a banker

**DBS opens an account fully online for a Singapore-incorporated company owned by Singaporeans or PRs, and sends foreign-owned companies to a separate application with relationship manager support.** The table sets out each route.

| Company profile | DBS route | Set-up fee | Support after opening |
| --- | --- | --- | --- |
| Incorporated in Singapore, fully owned by Singaporeans or PRs | Online application through the DBS SME portal | S$0 for fully local ownership applying online | No dedicated support period stated |
| Foreign beneficiaries, foreign corporate shareholders or non-resident foreign owners | Separate application page; relationship manager assists | Not stated on the pages read | Dedicated support for up to 6 months; S$50 closure fee if closed within 6 months |
| Foreign-incorporated company, fund company or payment services business | Relationship manager assists | Not stated on the pages read | Dedicated support for up to 6 months; S$50 closure fee if closed within 6 months |

*DBS account opening routes by ownership, read on the DBS pages on 5 November 2026.*

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-23b4)*

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-10cc)*

### Do foreign directors need to be in Singapore to open a business account?

**GoBusiness says account signatories and majority directors are required to be physically in Singapore to sign the opening paperwork.**

Some banks accept signing at an overseas branch or before a Notary Public, so ask your bank which option it takes. GoBusiness adds that some banks request additional documents case by case. The [how to start guide](https://aemorph.com/business-guides/how-to-start/) shows how the director rule works for foreign founders.

*[Source: GoBusiness, November 2026](https://aemorph.com/sources/#gobusiness-november-2026-3740)*

## DBS charges between S$50 and S$530 a year in fixed fees, depending on company age and balance

**A company under three years old pays S$120 a year on the DBS Starter Bundle, and an older company pays S$50 to S$530 a year on the standard account.** The Starter Bundle carries a S$10 monthly account fee and a S$0 monthly service charge, and DBS directs businesses past three years to the Business Multi-Currency Account.

| Company age | DBS account | Fixed fee arithmetic | Fixed fees a year |
| --- | --- | --- | --- |
| Under 3 years | Starter Bundle | 12 x S$10 account fee + 12 x S$0 service charge | S$120 |
| Over 3 years, average daily balance at or above S$10,000 | Business Multi-Currency Account | S$50 annual fee + 12 x S$0 waived service charge | S$50 |
| Over 3 years, average daily balance below S$10,000 | Business Multi-Currency Account | S$50 annual fee + 12 x S$40 service charge | S$530 |

*Fixed fees only, assuming the S$10,000 balance test applies to each monthly charge; DBS page read 5 November 2026.*

Over the three years the Starter Bundle is open, the fixed fees total 36 x S$10 = S$360. Transfers sit outside these figures. The Starter Bundle gives unlimited free payments through DBS IDEAL, with bulk payments and payroll at standard rates. The standard account gives 50 free payments a month, and unused payments lapse on the 1st of each month. An outward telegraphic transfer costs a flat S$30 plus agent bank fees, so 12 transfers a year cost 12 x S$30 = S$360 before agent bank fees.

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-23b4)*

### Does DBS require a minimum deposit to open a business account?

**The DBS Business Multi-Currency Account page states no minimum opening deposit as of 5 November 2026, and its S$10,000 figure is the average daily balance that waives the monthly service charge.**

Read the S$10,000 as a balance condition on a fee and not as a deposit at opening. The account holds 13 currencies: SGD, USD, JPY, HKD, EUR, AUD, CAD, CHF, CNH, GBP, NOK, NZD and SEK. DBS waives the one-time set-up fee for fully local ownership applying online and does not state the standard set-up fee on the page.

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-23b4)*

## Eight banks set opening deposits from S$0 to S$30,000, and fall-below fees reach S$50 a month

**CIMB states a S$0 opening deposit and Standard Chartered's BusinessOne states S$30,000, so the amount you move in on day one depends on the bank you pick.** The table lists the account each bank offers a new SME or start-up, with every cell taken from that bank's own page.

| Bank | Account read | Minimum initial deposit | Balance condition and fall-below fee | Account fee | Opening route stated |
| --- | --- | --- | --- | --- | --- |
| DBS | Starter Bundle (under 3 years); Business Multi-Currency Account | Not stated | Starter S$0 service charge; standard account S$40 monthly, waived at S$10,000 average daily balance | Starter S$10 a month; standard S$50 a year | Online for fully Singaporean or PR ownership; banker otherwise |
| OCBC | Business Growth Account | S$1,000 | S$20 a month below S$1,000 monthly average; S$50 a month below S$50,000 when the interest promotion is activated | S$10 a month, waived for the first 2 months | Online with Myinfo Business via Singpass |
| UOB | eBusiness Account | S$1,000 | S$15 a month below S$5,000 average daily balance, waived for the opening month and 11 months after | S$35 a year | Online via Singpass, or by visiting a branch |
| Maybank | FlexiBiz Account (PremierBiz and Current Account-i also listed) | S$1,000 | FlexiBiz S$10 a month below S$1,000; PremierBiz S$35 below S$30,000 | Zero account servicing fee stated for the SGD Current Corporate Account | Online via Singpass or Corppass |
| Standard Chartered | BusinessOne; Smart Business$aver | BusinessOne S$30,000; Smart Business$aver Not stated | S$50 a month below S$30,000 (BusinessOne, from month 2) or below S$50,000 (Smart Business$aver) | Not stated | Smart Business$aver through the SC Mobile app; BusinessOne Not stated |
| HSBC | HSBC Business Account | Not stated | Not stated | Not stated | Enquiry form, then onboarding with the bank's team |
| CIMB | SME Account | S$0, though the bank states an initial deposit applies at its discretion | S$0 fall-below fee and S$0 minimum balance | S$0 for the first year, then S$8 a month | Online via Corppass or UEN |
| RHB | BizPower Quad Current Account (SGD) | S$1,000 | S$50 a month below S$15,000 average daily balance | Not stated; periodic review fee from S$500 | Not stated |

*Fees, balances and routes as printed on each bank's page and read on 5 November 2026; Not stated means the page read does not print the item.*

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-23b4)*

*[Source: OCBC, November 2026](https://aemorph.com/sources/#ocbc-november-2026-f91d)*

*[Source: UOB, November 2026](https://aemorph.com/sources/#uob-november-2026-dbd5)*

*[Source: Maybank Singapore, November 2026](https://aemorph.com/sources/#maybank-singapore-november-2026-b452)*

*[Source: Standard Chartered Singapore, November 2026](https://aemorph.com/sources/#standard-chartered-singapore-november-2026-3a11)*

*[Source: Standard Chartered Singapore, November 2026](https://aemorph.com/sources/#standard-chartered-singapore-november-2026-6cca)*

*[Source: HSBC Singapore, November 2026](https://aemorph.com/sources/#hsbc-singapore-november-2026-17b4)*

*[Source: CIMB Singapore, November 2026](https://aemorph.com/sources/#cimb-singapore-november-2026-9c54)*

*[Source: RHB Singapore, November 2026](https://aemorph.com/sources/#rhb-singapore-november-2026-822f)*

### Which bank charges the least in the first year?

**CIMB states S$0 in first-year fees and Maybank states zero account servicing fee, against S$35 at UOB, S$100 at OCBC and S$120 at DBS, as long as the balance condition is met.**

Missing the balance condition reorders the list. The arithmetic below uses only the fees each page prints and assumes the balance misses the condition in every month a waiver does not cover.

| Bank and account | Balance condition | Stated fixed fees, condition met | Stated fixed fees, condition missed every month |
| --- | --- | --- | --- |
| DBS Starter Bundle | None stated | 12 x S$10 = S$120 | S$120 |
| OCBC Business Growth Account | S$1,000 monthly average | 10 x S$10 = S$100 (2 months waived) | S$100 + 12 x S$20 = S$340 |
| UOB eBusiness Account | S$5,000 average daily balance | S$35 annual fee | S$35 (fall-below fee waived for 12 months) |
| Maybank FlexiBiz Account | S$1,000 average daily balance | S$0 servicing fee | 12 x S$10 = S$120 |
| Standard Chartered BusinessOne | S$30,000 monthly average | S$0 stated; account fee Not stated | 11 x S$50 = S$550 (charged from month 2) |
| CIMB SME Account | None | S$0 | S$0 in year 1; 12 x S$8 = S$96 in year 2 |
| RHB BizPower Quad (SGD) | S$15,000 average daily balance | S$0 stated; account fee Not stated | 12 x S$50 = S$600 |
| HSBC Business Account | Not stated | Not stated | Not stated |

*First-year fixed fees derived from the bank pages read on 5 November 2026; transfer, cheque and closure charges sit outside the figures.*

*[Source: UOB, November 2026](https://aemorph.com/sources/#uob-november-2026-dbd5)*

*[Source: OCBC, November 2026](https://aemorph.com/sources/#ocbc-november-2026-f91d)*

*[Source: CIMB Singapore, November 2026](https://aemorph.com/sources/#cimb-singapore-november-2026-9c54)*

### Which documents does each bank list for a new private limited company?

**Four banks list the company constitution as a document (UOB, Maybank, Standard Chartered and CIMB), and HSBC alone names source of wealth and source of funds.**

DBS, OCBC and RHB print no full checklist on the pages read. Banks add documents case by case, as the GoBusiness list above notes.

| Bank | Documents stated | Certification detail | Page that states it |
| --- | --- | --- | --- |
| DBS | Not stated on the pages read | Not stated | DBS Business Multi-Currency Account |
| OCBC | Company name and UEN confirmed through Myinfo Business; signature upload | Not stated | OCBC Business Growth Account |
| UOB | Account opening form, ACRA Business Profile Search, NRIC or passport, proof of residential address for foreigners, FATCA self certification or IRS Withholding Certificate, account opening resolution, constitution, Common Reporting Standard form | Certified true copy of the constitution | UOB eBusiness Account |
| Maybank | Singpass or Corppass login, signature image, Memorandum and Articles or constitution | Certified true copies | Maybank Open an Account |
| Standard Chartered | Account opening form, NRIC or passport photocopy for at least 2 directors including the Managing Director, all shareholders with 10% or more and all signatories, constitution | Not stated | Standard Chartered BusinessOne |
| HSBC | Identity documents, source of wealth, source of funds | Not stated | HSBC Opening an HSBC Corporate account |
| CIMB | Constitution; NRIC or passport and specimen signatures of directors, signatories, controlling persons, ultimate beneficial owners and approving persons; NRIC image | 2 directors, or 1 director and 1 secretary, or 1 director if there is a single director | CIMB SME Account |
| RHB | Account Application Form for New Clients | Not stated | RHB BizPower Quad |

*Documents as printed on each bank's page, read on 5 November 2026.*

*[Source: UOB, November 2026](https://aemorph.com/sources/#uob-november-2026-dbd5)*

*[Source: CIMB Singapore, November 2026](https://aemorph.com/sources/#cimb-singapore-november-2026-9c54)*

*[Source: Standard Chartered Singapore, November 2026](https://aemorph.com/sources/#standard-chartered-singapore-november-2026-3a11)*

### Which banks open an account for a foreign-owned Singapore company?

**DBS and UOB state a route for foreign owners or foreign directors, OCBC and CIMB accept any Singapore-registered business online, and Maybank limits its online route to Singaporean or PR owners.**

Standard Chartered and RHB print no eligibility test on the pages read, and HSBC prints none beyond inviting first-time Singapore set-ups to enquire.

| Bank | Online route stated | Foreign ownership detail stated | Extra cost stated |
| --- | --- | --- | --- |
| DBS | Fully owned by Singaporeans or PRs | Separate application with relationship manager support | S$50 closure fee within 6 months |
| OCBC | All businesses registered in Singapore | Businesses not registered in Singapore apply for the Business Foreign Account; further criteria apply in some cases | Not stated |
| UOB | Singapore-registered with at least one owner or director who is a Singapore Citizen or PR | A local company with foreign directors applies online when a Singaporean Singpass holder starts the application | Foreign incorporated companies pay a set-up fee of at least S$500 |
| Maybank | Singapore-incorporated, up to 3 directors, partners or owners, all Singaporeans or PRs, and a live business | Not stated on the page read | Not stated |
| Standard Chartered | Not stated | Not stated | Not stated |
| HSBC | Not stated | Page addresses businesses setting up in Singapore for the first time, with a dedicated relationship manager | Not stated |
| CIMB | All businesses registered in Singapore | Businesses located elsewhere contact a bank representative | Not stated |
| RHB | Not stated | Not stated | Not stated |

*Eligibility as printed on each bank's page, read on 5 November 2026.*

The UOB page also states that a private limited company fully owned by Singapore Citizens or PRs, with directors as approved signatories (not exceeding 5), receives an instant account when it applies between 8.30am and 9pm. That sentence sets a stricter test than the at-least-one-owner rule.

*[Source: DBS, November 2026](https://aemorph.com/sources/#dbs-november-2026-10cc)*

*[Source: OCBC, November 2026](https://aemorph.com/sources/#ocbc-november-2026-f91d)*

*[Source: UOB, November 2026](https://aemorph.com/sources/#uob-november-2026-dbd5)*

*[Source: Maybank Singapore, November 2026](https://aemorph.com/sources/#maybank-singapore-november-2026-b452)*

*[Source: HSBC Singapore, November 2026](https://aemorph.com/sources/#hsbc-singapore-november-2026-77fe)*

*[Source: CIMB Singapore, November 2026](https://aemorph.com/sources/#cimb-singapore-november-2026-9c54)*

### How fast does each bank open the account?

**OCBC states an account number on the spot after the online application, and CIMB states about 15 minutes to apply with the number by email almost immediately.**

UOB opens the account instantly between 8.30am and 9pm for the fully Singaporean or PR owned private limited companies described above, and processes applications received outside those hours on the next working day. OCBC adds that an applicant who does not finish on OCBC Velocity receives a bank call within 3 working days. HSBC lists 5 steps from understanding the business to account activation and states no duration. DBS, Maybank, Standard Chartered and RHB state no opening time on the pages read.

*[Source: OCBC, November 2026](https://aemorph.com/sources/#ocbc-november-2026-f91d)*

*[Source: CIMB Singapore, November 2026](https://aemorph.com/sources/#cimb-singapore-november-2026-9c54)*

*[Source: UOB, November 2026](https://aemorph.com/sources/#uob-november-2026-dbd5)*

*[Source: HSBC Singapore, November 2026](https://aemorph.com/sources/#hsbc-singapore-november-2026-17b4)*

## Your application is ready when six items are done in this order

**The sequence runs from ACRA approval to a confirmed route, and each item feeds the next.**

1.  ACRA approves the registration and issues the notice of incorporation, the UEN and a link to the free Business Profile.
2.  The company has a company secretary in place.
3.  The company secretary prepares the board resolution naming the signatories.
4.  The company secretary or a director certifies the Certificate of Incorporation, the Business Profile and the constitution.
5.  Each director, signatory and ultimate beneficial owner gathers a passport or Singapore IC and proof of residential address.
6.  You confirm the route with the bank: online where the ownership test in the table above is met, a relationship manager otherwise, and a signing plan for directors outside Singapore.

GoBusiness states that it does not ask anyone to transfer money or disclose banking details by phone, so treat a call asking for either as a scam. If registration is still ahead of you, the [start a business guide](https://aemorph.com/business-guides/how-to-start/) gives the costs and deadlines for that stage.

*[Source: GoBusiness, November 2026](https://aemorph.com/sources/#gobusiness-november-2026-3740)*

*[Source: ACRA, November 2026](https://aemorph.com/sources/#acra-november-2026-28d1)*

*General guidance as of 5 November 2026, not legal advice.*

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