Guide to opening a startup business bank account in Singapore

Opening a business bank account is one of the first practical steps to running your company professionally in Singapore. Whether you are a startup, SME, small business owner, entrepreneur or solopreneur, separating business and personal finances helps you track cash flow clearly and prepare your business for growth.​

In this guide, we explain how to open a business bank account in Singapore, what to look out for when choosing a startup business bank account, and how OCBC can support you with simple, digital account opening.

It may be tempting to run your business using a personal savings account, especially in the early days. However, this can quickly lead to confusion as your transactions grow and makes it harder to see how your business is truly performing.​

A dedicated business bank account helps you:

• Keep business income and expenses separate from personal spending
• Simplify bookkeeping and tax filing when dealing with IRAS
• Access payment solutions such as FAST, GIRO, PayNow Corporate and card terminals
• Build a financial track record that supports future applications for SME loans
• Use digital tools designed to help you monitor and manage business cash flow​

As a rule of thumb, you should open a business account as soon as your company starts handling money, whether that is revenue from customers or capital you are injecting into the business.​

If you are still deciding which account to choose, you can also refer to our guide on the best business bank accounts for SMEs in Singapore for a detailed comparison.​

Different businesses have different banking needs. A home‑based solopreneur will not have the same requirements as an SME with staff, inventory and overseas suppliers. Before you decide how to open a business account for your startup, it helps to understand the key features that matter most at your stage.​

1. Initial minimum deposit

Most banks require you to make an initial deposit to open a business account. This amount can range from about S$500 to S$30,000, depending on the bank and the type of account.​

If your startup has a low starting capital, it may be more practical to choose a startup business bank account that has a lower initial deposit requirement, so that more of your funds can be used for inventory, marketing and day‑to‑day operations.​

For example, the OCBC Business Growth Account requires only a low initial deposit of S$1,000, making it easier for your new business to get started while you wait for additional funds to be transferred from investors, partners or customers. 

2. Fees and waiver conditions

In the early stage of setting up a business, much of your capital may be tied up in expenses such as stock, rental, equipment and staffing. You will want to minimise unnecessary fees so that more cash can be channelled into growing your business.​

When choosing a business bank account, pay attention to:

●       Monthly account or service fees

●    Waiver conditions for these fees

●       Any “fall‑below” charges if you do not meet the minimum balance

The OCBC Business Growth Account, for instance, charges a S$10 monthly account fee, which is waived for the first two months, helping new business owners ease into managing their finances. You can apply for your business account online, get approval instantly and start using your account to receive and make payments.​

3. Average minimum monthly balance

Similar to personal banking accounts, most business accounts require you to maintain a minimum average monthly balance. Falling below this amount may result in a service fee.​

As an entrepreneur, SME owner or solopreneur, one easy way to avoid extra cost is to choose a startup business bank account with a minimum monthly balance that your business can maintain comfortably, even during slower months.​

The OCBC Business Growth Account, for instance, only requires a minimum monthly balance of S$1,000, which is a reasonably low amount for many startups and small businesses to maintain.​

4. Other services that you will need

Beyond basic banking services, it can be helpful to consider what other tools and services a bank provides to support your business growth.​

For example, through OCBC Velocity, you can access a summary of your monthly cash inflows and outflows, giving you an at‑a‑glance view of how your business has performed over time. If you have multiple bank accounts, you can also pool information together to track your overall cash position more easily.​

In addition, integration with platforms like Xero allows OCBC business banking customers to connect their OCBC Business Account to cloud‑based accounting software, providing automatic daily insights on their cash flow.​

These features can be particularly useful for startups, SMEs and small business owners who want to manage more of their operations digitally and reduce manual administration.

If you feel that heading down to a branch to open a business account is a hassle, you are not alone. The OCBC Business Growth Account* can be opened instantly online using Singpass for eligible customers, making it especially convenient for new business owners. Once your online application is successfully completed, you will receive your business account number on the spot and can begin using your account for business transactions right away.​

By choosing a suitable business bank account early, you can start your business on the right foot, reduce future banking‑related headaches and focus on building your products and services, serving your customers and growing your business.​