Comparing the various Corporate Bank Accounts for startups

Every business requires a corporate bank account. As a business owner, you will need to open a corporate bank account to facilitate the collection of payments from the sale of your goods and services. You will also require an account to make payments for goods and services rendered to you. In this article, we will be comparing the various corporate bank accounts available to newly set up companies. Banks usually have different tiered levels of corporate bank accounts. We will be looking at their basic corporate bank accounts which are the most cost-effective solutions to new startups.

 OCBCMaybankDBSUOB
Name of AccountBusiness First Account (Lite)FlexiBizDBS Business AccountUOB e-Business Account
Can the account be opened without the client being physically in SingaporeYes, but subject to these requirements:
- A phone interview
- Verification of passport and signature will need to be done at an OCBC branch at the country of residence. If no OCBC branch is available, the passport and signature must be witnessed by a notary public and legalised at the Singapore Embassy.
No. The client must be in Singapore.Yes, but subject to these requirements:
- A written confirmation of the information of the company.
- Verification of passport and signature will need to be done at a DBS branch at the country of residence. If no DBS branch is available, the passport and signature must be witnessed by a notary public and legalised at the Singapore Embassy.
No. The client must be in Singapore.
Can the account be opened without the client being physically in SingaporeYes, but subject to these requirements:
- A phone interview
- Verification of passport and signature will need to be done at an OCBC branch at the country of residence. If no OCBC branch is available, the passport and signature must be witnessed by a notary public and legalised at the Singapore Embassy.
No. The client must be in Singapore.Yes, but subject to these requirements:
- A written confirmation of the information of the company.
- Verification of passport and signature will need to be done at a DBS branch at the country of residence. If no DBS branch is available, the passport and signature must be witnessed by a notary public and legalised at the Singapore Embassy.
No. The client must be in Singapore.
Setup FeeFreeFreeFreeFree
Initial DepositSGD$500SGD$1,000SGD$3,000SGD$1,000
Minimum BalanceNo minimum balance is required for the first 6 months. The minimum balance after the first 6 months is SGD$5,000.No minimum balance.SGD$8,000SGD$5,000
Minimum Balance Fall Below FeeSGD$35 per monthNASGD$25 per monthSGD$15 per month
Cheque BookYesYesYesYes
Cheque Book Issuance Fee$25 per cheque book. First cheque book is free
Cheques$0.50 per cheque. First 30 cheques is free for each month.$0.50 per cheque. First 30 cheques is free for each month.$0.50 per cheque. First 30 cheques is free for each month.$0.75 per cheque. First 30 cheques is free for each month.
ATM CardyesNoYesYes
Debit CardYesNoYesYes
Internet BankingYes, OCBC VelocityYes, Maybank2uYes, DBS IDEALYes, UOB BIBPlus
Internet Banking FeeNilNilNilNil
Mobile Banking AppYesNoYesYes
GIROSGD$0.20 per itemSGD$0.20 per itemSGD$0.20 per itemSGD$0.20 per item

In most cases, you do not have to visit the various bank branches to open your corporate account. The bank has appointed mobile bankers who can meet you at your convenient time and location.

 

When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.

 

Yours Sincerely,
The editorial team at Singapore Secretary Services

 

For more useful articles and videos, visit the Singapore Secretary Services resource page.

 

P.S. Singapore Secretary Services does NOT earn a referral fee for referring clients to a certain bank or banker. The reason for referring certain mobile bankers to our clients is because of their good service and good working relationship with them in assisting our firm to keep proper documentation for our clients.

P.P.S. This is just an article to aid readers in making a decision. While we do try our best to provide the most updated information. we cannot guarantee the accuracy of the information provided in this article. To get a confirmation of the various fees, we would advise that you contact the banks directly.

2018-10-18T14:09:41+00:00October 18th, 2018|
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