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Key Considerations When Choosing the Right Bank for Your Company

Whether you are a resident or non-resident of Singapore, here are the key factors to consider when selecting a bank for your business:

Expected Trading Volume

Assess the frequency and volume of your transactions to ensure the bank can meet your business needs.

Financial Services

Identify any additional services your business may require, such as multi-currency accounts, loans, or Letters of Credit. Choose a bank that offers these services.

Minimum Balance

Be mindful of the bank’s minimum balance requirements to avoid unnecessary fees.

Currency Support

If your business deals with multiple currencies, ensure the bank supports these specific currencies.

Banking Fees

Compare transaction fees to select a bank with a pricing structure that aligns with your business needs.

Convenience

Look for a bank that offers user-friendly online platforms, mobile apps, and efficient customer support to streamline your transactions.

Types of Banking Systems in Singapore

You can choose to open a bank account for your Singapore company in two ways:

Open an account with a traditional bank in Singapore.
Open an account with a digital bank in Singapore, where banks operate entirely online, without physical branches, and use fintech-driven application technology to support the process 100% online.

Additionally, many businesses opt for payment solutions or merchant accounts with leading payment institutions like PayPal, Stripe, etc., to enhance transaction capabilities.

Checklist for Opening a Corporate Bank Account in Singapore for Foreigners

Banks will require the following information and documents from foreign entrepreneurs and companies owning a business in Singapore:

Proof of Singapore company registration, including business profile, certificate of incorporation, and related documents.
Identification documents of directors, shareholders, and ultimate beneficial owners.
Company information (business type, business model).
A website and sales materials. A professional website clearly displaying business activities is the minimum requirement for opening a bank account for a Singapore company. If you do not have a website, we offer professional web design services up to international standards for clients opening bank accounts with Koobiz.
Invoices and contracts.

Leave Us a Message

Our 5-Step Personal Account Opening Process:

Understand Your Needs

We listen to your requirements and assess them to recommend the most suitable bank.

Confirm Services and Prepare Documents

We confirm the necessary services and guide you in preparing the required documents.

Submit Documents

We meticulously review the documents and submit the best version to the bank.

Arrange a Bank Interview

We assist in scheduling the bank interview and support you throughout the process.

Follow Up Until Approval

We maintain communication with the bank until your account is approved and provide support for applications with other banks if needed.

Koobiz is ready to support you

Let Koobiz help you open a Singapore bank account and unlock new business breakthroughs. Over 500 business owners have trusted Koobiz to establish their companies and explore international markets through Singapore bank accounts. Contact our consulting experts now for optimal support.

Why choose Koobiz as your trusted partner for opening a bank account in Singapore?

Long-standing, trusted partnerships with leading banks, ensuring optimal benefits for clients.

Advanced KYC system to guide you toward the most suitable bank with the highest success rate.

Dedicated support team ready to answer your questions and assist you at every step.

5-star customer service, ensuring a professional and smooth experience.

Streamlined account opening process powered by modern technology, making it fast and convenient.

FAQs

Open a Singapore bank account for legitimate businesses with valid reasons is a straightforward and easy process. By following the defined steps and submitting the required documents (with clear, trusted information), both foreigners and Singaporeans can easily open a bank account without any complications.

Some banks offer better terms for some business sectors. In general, the best bank for small businesses in Singapore are:

OCBC Bank
DBS Bank
UOB Bank

Many businesses have trusted and chosen Koobiz for the exceptional value we provide:

Success rate evaluation from the start: We offer tailored banking solutions to maximize your chances of opening a successful account.
Professional and efficient process: From documentation to execution, every step is handled swiftly and accurately.
Global banking partnerships: Our extensive network of reputable international banking partners ensures competitive pricing and exclusive benefits.
Dedicated consulting team: We promptly address all your inquiries with precise and reliable information.
Personalized support: Detailed and attentive guidance helps you navigate the process smoothly and confidently.

With Koobiz, you gain more than just a service—you gain a trustworthy partner in your business journey!

A digital bank account, also known as a neo-bank account, refers to an account established with digital banks or electronic banks. These banks operate exclusively online without physical branches.

These banks offer advantages such as simplified account opening requirements, lower costs, and the ability to use the account immediately after creation without the need for initial deposits, distinguishing them from traditional banks.