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Corporate Bank Account Opening Questionnaire
Singapore Corporate Bank Account Opening Services
Yili Group has extensive experience in opening local bank accounts in Singapore, having successfully assisted numerous clients in opening corporate accounts with DBS, UOB, and OCBC. We are familiar with the account opening procedures and due diligence requirements of these major banks. We can assist clients in preparing the required documents in advance and answer frequently asked questions from banks, thereby improving both the success rate and efficiency of account opening.
Banking FAQs
1. Are there any company website/social media pages to advertise the business? Kindly provide URL link & screenshot of domain page. / Does the company have a website or social media page to advertise its business? Please provide the company website link and a screenshot of the domain homepage.
2. Please provide 2-3 sets of invoice /contract /agreement for your existing entity's clients/ suppliers. / Please provide 2-3 sets of invoices, contracts or agreements for your existing entity's clients or suppliers.
3. Please advise the purpose of subsequent account opening.
4. How do you get customers for your business?
5. Does the company have any operating odice/warehouse? If not, what is the timeline to set up an odice?
6. Once your account has been approved, you will be required to deposit an initial funding of S$1,000 into your account. Will your initial funding come from savings from past employment or business proceeds from other business ownership or investment gains or others?
Bank Account Opening - Questions and Answers
- Is it necessary to provide invoices, contracts and agreements when opening a bank account?
Not necessarily. However, if the bank requires it, please submit it if possible. Invoices, contracts, and agreements help banks determine whether the company is truly operating and whether it has actual clients and transactions. Providing these documents will significantly increase your chances of having your account opened approved.
- How long does it take to open a bank account?
It usually takes 2 to 8 weeks, depending on the bank you choose, the completeness of your company's information, and the bank's internal review process. If your information is complete and your business is clear, the approval process will be faster.
- What if the opening of an account with Singapore’s three major banks is not successful?
If you're unsuccessful at opening an account with one of the three major banks, we can assist you in switching to other local or international banks (such as Maybank, CIMB, Citibank, etc.). We can also assess whether you're suitable for a digital banking account (such as Aspire). We'll provide the most suitable alternative based on your business circumstances.
- After successfully opening an account, is it necessary to deposit initial funds?
Most banks don't require an immediate initial deposit, but we recommend making a deposit as soon as possible to demonstrate actual use of the account and keep it active. Some banks have a minimum monthly average deposit requirement, which Yili will always remind customers of.
- Why does the bank charge fees every month? What are these fees?
Monthly bank deductions are usually account management fees or fees for not meeting minimum deposit requirements. If the requirements are not met, the bank will charge a service fee.
In addition, banks also provide account activity alerts, which provide instant notification of account changes (such as balances falling below the limit, direct debits, credits, etc.). The fees vary from bank to bank.