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5 Best Business Accounts in Singapore 2024

22 November 2023

, posted by 

Nida Amalia

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Opening a business account is a crucial step in starting and growing your business. When starting a business, the first step should be to separate your business and personal finances. Having a business account will make it easier to manage business finances, especially for accounting and tax purposes. In addition, it goes a long way in enhancing your company’s reputation and improving your chances of getting a loan. 

Singaporean companies need a banking partner for seamless financial transactions and secure capital management. In Singapore, all companies must have separate business accounts for financial transactions. This system simplifies keeping track of expenses, taxes, and revenues, giving you more time to grow your business.

Singapore is home to a variety of banks. With fintechs and neobanks entering the Singapore market, there are now endless account options to choose from, including SME accounts from local, regional, and international banks, as well as non-bank providers with varying features, price ranges, and services.

In this blog, we have compared the 5 best business accounts in Singapore to help you find the perfect option that suits your business needs. Let’s delve into the details!

Key Factors to Consider When Choosing the Best Business Account in Singapore

When opening a business account in Singapore, here are essential factors companies should consider and compare between business account providers to choose the best option.

Eligibility: Most banking institutions set eligibility criteria for opening a business account. This may include having a legally registered business in Singapore. So, first, check the eligibility rules of a financial institution.

Usability and Ease of Access: It’s important to assess how easy it will be to access the bank services, which may include ATM cash withdrawal features and mobile banking. Make sure to choose the bank that offers an intuitive platform with several ways to access your business account.

Minimum Initial Deposit and Balance: Check the minimum initial deposit or balance requirements and make sure the deposit amount is within your financial means. 

Monthly Maintenance Fee: Check out how much fee the bank charges you to keep your account running and whether this monthly fee includes some perks like lower payment costs or free transfers.

Online Banking Features: Make sure to choose a business account with simple access to online banking to reduce your admin time. Online banking features include interbank online transfers, account access anywhere, paying bills online, viewing transactions online, account alerts, and more.

Customer Support: It is worth checking that you have easy access to excellent customer support. If something goes wrong or you have any queries, the bank must have a great service team that can respond promptly and resolve issues efficiently.

With the above factors in mind, here are the best business accounts in Singapore you can consider for your company.

1. OCBC Business Growth Account

The OCBC Business Growth Account provides an appealing, low-cost setup for new businesses and entrepreneurs with a relatively lower minimum deposit of $1,000. You’ll benefit because there are no fall-below fees, minimum balance requirement, and a low monthly maintenance fee of $10. 

Additionally, sending local transfers via an OCBC business account is usually free. The account offers many useful tools for startups and growing companies. You can open an account online via MyInfo Business, and you will receive your account number instantly.


  • Excellent internet and mobile banking with OCBC Velocity 
  • Offers a full range of tools to track and manage expenses 
  • Set up an extra OCBC Multi-currency Business Account with OCBC Business Growth Account without any fees
  • Low fees and charges, making it perfect for new businesses with limited cash flow

2. DBS Business Multi-currency Account

The DBS Business Multi-currency Account is a popular business account in Singapore that is a suitable option for smaller businesses. The account allows you to make transactions in Singapore dollars and 12 other foreign currencies. DBS charges a low $10 monthly fee, no minimum balance, and no fall-below fees.

If you sign up under the Starter Bundle, you will get exciting benefits like unlimited free FAST and GIRO transactions (except payroll and bulk payments). Moreover, you will have simple access to online banking solutions, but there may be extra fees if you use branch services.


  • Allows to use the same business account for local and international transfers in up to 12 currencies 
  • Quickly open an account online on the DBS website 
  • Complete online support with a wide range of services 

3. UOB eBusiness Account

The UOB eBusiness Account is the perfect option for startups and new businesses. You can manage all finances online on a single platform through UOB Bizsmart Digital Solution. This account has a $5,000 minimum daily balance and only a $35 annual fee. With UOB BizSmart, you can provide rapid payment options to customers like NETS PayCollect or PayNow QR.


  • Dedicated support from FX support when sending money internationally
  • Offers internet and mobile banking, e-alerts, and digital tokens 
  • No fall-below fee for the first year after opening 
  • Fee waivers for new users

4. Maybank Flexibiz Account

The Maybank FlexiBiz Account is another low-cost business account that charges 0 monthly maintenance fee and a $1,000 minimum initial deposit, which is reasonable for newer businesses. This bank account is beneficial to companies in the early stages of growth. 

Furthermore, the Maybank FlexiBiz Account is notable for being one of the few business accounts that pay interest on balances, although a minimal: 0.018% for the first $50,000, 0.028% for the next $450,000, and 0.038% for balances above $500,000.


  • Free FAST, Payroll, and GIRO transactions
  • Range of business accounts for various business types and sizes 
  • Offer digital and in-person services 
  • Outward remittance fees can be high

5. Fazz Business Account

The Fazz Business Account is one of the best business accounts in Singapore that is inexpensive and hassle-free to maintain. This account is a suitable option for startups and web3 companies. Business owners in Southeast Asia can use Fazz Business Account to grow their business and seamlessly manage their finances. 

Unlike traditional banks, there’s no minimum balance required, no subscription fees, and no hidden bank fees. Customers can securely deposit both SGD and USD funds without any minimum balance requirements. If business owners ever need a loan to run and grow their business, Fazz offers a working capital loan that can be approved within days.


  • Limitless virtual and physical corporate cards without any annual fees 
  • Business owners can earn 2% p.a daily interest 
  • Lower foreign exchange rates for international transfers
  • Offers multi-user access with flexible permission and controls
  • Dedicated human customer support

How to Open a Business Account Online in Singapore?

Opening a business isn’t difficult as long as your company is registered and you can submit all the required documents. Most banks and non-bank business account providers allow business owners to open a business account online on their websites. You will normally upload images of all documents for online verification. 

The entire opening process can vary depending on the provider you choose. However, the paperwork required to open a business account in Singapore usually includes the following:

  • Completed account opening online application 
  • User proof of residential address and a selfie 
  • Proof of company registration in Singapore 
  • Proof of ID for majority shareholders and business directors 
  • Business Constitution or Company’s Memorandum and Articles of Association 
  • Board Resolution

Grow Your Business Without Limits with Fazz Business Account

As a business owner, you should choose the best business account that suits your business needs without interfering with your finances in the form of minimum balance requirements and bank fees. Traditional banks can offer plenty of services, but they have higher fees compared to neobanks and digital alternatives. 

Fazz Business is a leading neobank licensed as a Major Payment Institution in Singapore that provides simplicity in business accounts for fast-growing startups and web3 companies. With Fazz Business Account, business owners can seamlessly make payments in 50+ currencies without worrying about any hidden fees and high exchange rates.

Open a Fazz Business Account to smoothly manage your finances and grow your business fast!


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