Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

In Singapore, you are required by the Accounting and Corporate Regulatory Authority (ACRA) to open a corporate bank account as a process during company registration. The process of acquiring a corporate bank account is tight even though the business incorporation process is quite simple. This is because there is a lot of paperwork to be done to guarantee the transparency of ownership and ensuring that the Ultimate Beneficial Owners (UBOs) are not from restricted jurisdictions. The bank must also scrutinize your money sources, to prevent any money laundering. In its initial stage, DBS Bank was known as DBS limited (DBS Ltd) but with time it has become an international bank and thus dropping the “ltd” to be known as just the DBS Bank since the year 2003.

Why DBS Corporate Banking?

There are several banks from which you can choose to open your corporate bank account. However, of them all, the Development Bank of Singapore (DBS) has made a name for itself and established a local presence in Singapore and the whole of the region. DBS Bank offers a convenient corporate bank account set up process and high-class corporate banking facilities. In just less than 30 minutes you are through with setting up your DBS corporate bank account and you can start using it the next day as long as you have gotten your documents.

Corporate Bank Account Opening Requirements

Just like most of the banks in Singaporean, DBS requires physical presence of the directors and account signatories at the time of bank account opening. The following documents and some others are required by the DBS bank for a successful corporate bank account opening:

  • A duly filled corporate bank account application form.
  • Proof of consent from the Board of Directors (BOD) authorizing the corporate bank account opening and the persons authorized to be signatories.
  • A certified true copy of the incorporation certificate and that of the Business profile of the company.
  • A certified true copy of Memorandum and Articles of Association.
  • A certified copy for proof of Residential Address and proof of Passports for the Signatories, Directors.
  • A certified passport copies for verification of the ultimate beneficiary owners.
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Opening a DBS Corporate Account

It is very simple to open a DBS corporate account, simple to transact, and simple to maintain. You can open your DBS Corporate account at the physical branches present all across Singapore or you can open an online DBS corporate bank account.

To open a DBS corporate account online, all you need is your DBS iBanking information for logging in or your ATM/debit card and a Personal Identification Number (PIN). You also need a Business Registration number from ACRA if you own a sole proprietorship company. However, if your company is a partnership or has many directors, in addition to the company Business Registration Number from ACRA, you will need details of all signatories and their business documents.

The next step is the verification of your documents and business details via a phone call or video call.

Types of DBS Corporate Account

DBS Business Digital Account

This type of corporate account is suitable for businesses that just want a simple business account. You need an initial deposit of S$1,000. DBS Business Digital Account attracts no minimum account balance but has a monthly maintenance fee of S$18. With this type of bank account, you can only deal with Singaporean currency.

DBS Corporate Multi-Currency Account

Unlike the Business Digital account, the DBS Corporate Multi-currency account comes with a minimum opening deposit of S$3,000 and a daily minimum account balance of S$10,000. If your balance goes below S$10,000, you will be charged a transaction fee of S$35. However, if your daily average balance is above S$30,000 you will not be charged any transaction fee related to clearing bank cheques.

Want to Start business in Singapore
Want to Start business in Singapore

Importance of DBS Business Banking

In as much as a corporate bank account is a government requirement as part of company registration compliance, a corporate bank account serves a significant role in the company. Some of these benefits are:

  • DBS banking enables you to save your finances well and safely and securely.
  • Bank savings enables you to diagnose the health of your company.
  • A DBS corporate bank account enables you to carry out your transactions with investors, suppliers, and creditors in a trustworthy way. It gives you credibility.
  • A corporate bank account also enables you to apply for loans.

Features of a DBS Corporate Bank account

  • With DBS Corporate banking, you can maneuver the physical presence requirement of Signatories and majority directors during corporate bank account opening because you can arrange with the bank to do your verification in other communication forms at the bank’s discretion. You could present your applications online and thereby save the time you could have used for the visit to the branch. After which account verification is done via video conferencing apps like Skype.
  • DBS corporate banking requires no setup fees, but you must make the first deposit of between S$1,000 and 3,000.
  • When you open a DBS Business Account, you will be mandated to have a minimum monthly account balance of S$1,000. However, there is no minimum account balance requirement for DBS digital banking. Although for you to get a Cheque book as a Digital bank, you will have to part with S$25 unlike a free Cheque book for DBS Business Account bankers.
  • DBS banking offers internet and mobile banking services that are freely accessed and lucrative offers such as limitless transaction amount for all iOS and Android users. You can check your bank balance, withdraw, and also do your bank deposits digitally. Apart from the eStatement there is also the advice form and a maintenance form for those with or intending to do phone banking or those owning a joint account. And you are at liberty to transact in several foreign currencies.
  • Your debit card will attract a reduction of 0.3% for all cash charges but it will not attract any annual fees.

Procedure for Closing A DBS Corporate Bank Account

Duly fill the popularity DBS corporate account closure form. You can do so by downloading it, filling it properly, and then fax it to the appropriate authorities or you can fill it online and then e-mail it to the bank.

The closure period is six months. That means within six months of opening a DBS corporate bank account, you can close your bank at a fee of S$50. The closer form has space for you to indicate whether it is your account or co-owned DBS business banking account, list the account and also indicate who the account balance goes to.


In as much as DBS offers a convenient corporate bank account set up process, you should be aware of the charges your bank account will attract depending on which one you choose. Whether you choose DBS Business Digital Account or Corporate Multi-currency Account, at the opening there is a non-refundable fee of S$10. There are also charges to be aware of while receiving or sending an international transfer. What has made DBS Bank soar so high is the adoption of digital services and its various financial products.

DBS Corporate Bank Account: The best in Singapore FAQs