4 Best Corporate Bank Accounts in Singapore for Startups

When you start a business, separating your business finances from your personal finances makes them easier to track and manage. Hence, you’ll need to open up a corporate bank account in Singapore. But with so many banks in Singapore offering multiple corporate banking options, how do you know which one suits your business needs?

Best corporate bank account in Singapore

1. UOB eBusiness Bank Account

UOB (aka United Overseas Bank) is one of Asia’s leading banks with a strong commitment to providing financial services to their customers to unlock their full potential, whether business or personal.

For their eBusiness Bank Account, which is perfectly suited for startups, UOB requires a minimum initial deposit of S$1,000, but also requires a minimum average daily balance of S$5,000. On the plus side, the minimum average daily balance fall-below fee is waived for the first 12 months of account opening. 

With UOB, you can manage all your corporate banking anytime and anywhere in one place. You’ll have free access to online banking via UOB Infinity, after registration. Authorise transactions, track cross-border payments, efficiently manage all your finances in one space. UOB Infinity provides you with a customisable dashboard, cash management, trade services and a secure digital token. 

You can also conveniently use any UOB ATM around Singapore with your free UOB Corporate ATM card. Furthermore, use UOB PayNow to simplify transactions and ensure a secure payment method for both customers and your business. 

However, keep in mind that if you’re setting up an eBusiness bank account in Singapore for a foreign incorporated company, you’ll have to pay an additional S$500 account set-up fee.

Want to learn more about the UOB eBusiness Account? Click here.

Singapore Corporate Bank Account Fees & Features – UOB

UOB eBusiness Bank Account – Corporate Bank Account Singapore

2. OCBC Business Growth Account

OCBC is one of the oldest and longest established banks in Singapore. With over 470 branches and offices in 19 countries, they provide a comprehensive range of financial services for small and medium-sized enterprises (SMEs) like startups.

To open up a new OCBC corporate account in Singapore, all you need to do is go online; there’s no need to visit a bank branch physically. To instantly receive your account number, the only conditions are: your company must be incorporated in Singapore, and owned by one or two Singaporeans and PRs only. Otherwise, OCBC will follow up on your application.

With the OCBC bank account, you can manage your business with OCBC Velocity and the OCBC Business app. You’ll have the flexibility of digital banking and several business tools. Easy transfers, cash flow management tools and eInvoicing will make your day-to-day operations much easier.

The best part? There is no initial deposit or minimum balance; you can focus on growing your business without worrying about fall below fees. Unfortunately, if you have to deal with multiple currencies, the OCBC Business Growth Account only deals with SGD. However, you can create a Multi-Currency Account for free if you have a Business Growth Account registered.

Visit OCBC’s website to know more about the OCBC Business Growth Account here.

Singapore Corporate Bank Account Fees & Features – OCBC

OCBC Business Growth Account – Corporate Bank Account Singapore

3. Maybank FlexiBiz Account

As one of Asia’s leading banks with over 2,600 branches across 18 countries, Maybank offers a robust range of products and services for businesses.

If you’re just starting your business or focusing on growing your SME, a Maybank FlexiBiz Account may be the corporate bank account in Singapore that you are looking for. One advantage of the FlexiBiz Account is there are no monthly fees and instant transfers via FAST for only S$0.50 per transaction. Manage your business easily with free 24/7 access to Maybank’s Business Internet Banking Services. 

Moreover, with a business bank account and depending on the tier of average daily balance, Maybank offers attractive rebates on FAST and GIRO transfers, automated salary payments, and International Telegraphic Transfers.

From now until 30 June 2022, you can receive S$200 cash rewards when you open up a new FlexiBiz account with a deposit of S$30,000 fresh funds (i.e. not from an existing Maybank account or Maybank cheques)!

Learn more about the Maybank FlexiBiz Account here!

Singapore Corporate Bank Account Fees & Features – Maybank

Maybank FlexiBiz Account – Corporate Bank Account Singapore

4. DBS Business Multi-Currency Account – Starter Bundle

DBS is one of the world’s leading banks with a presence in 18 markets and over 50 global awards. With a promise to make banking a simple, seamless and invisible part of your life, banking has never been easier.

If your business was incorporated for less than 3 years, choose the Starter Bundle for an optimised banking experience. You’ll get affordable and accessible banking services tailored to support your business growth. Transact in Singapore Dollars and 12 other currencies, including Australian Dollars, Canadian Dollars, Chinese Yuan, Japanese Yen, Hong Kong Dollars, US Dollars and Euros, all from one account.

The DBS Business Multi-Currency Account is a simple answer to a corporate bank account in Singapore.

Apply here for a DBS Business Multi-Currency Account, including the Starter Bundle.

Singapore Corporate Bank Account Fees & Features – DBS

DBS Business Multi-Currency Account – Starter Bundle – Corporate Bank Account Singapore

Conclusion

Did you find a bank account that suits your business’ needs? As a small business owner, it’s your responsibility to choose a business bank account that suits your current financial situation and your banking needs.

However, keep in mind that this list is by no means exhaustive. It simply showcases 4 of the best corporate bank accounts in Singapore that will support your startup or SME as it establishes itself and grows.

Interested in more financial business tips? Learn why e-payments like PayNow are essential for your business in the current world!

• Written by Adrija Chakravarti

Interested to see what EPOS POS system can do for your business? Fill in your contact details and we’ll reach out to you to schedule a demo.