Start with your payment needs
Before comparing account names, describe how money will move through the business. Will customers pay locally or from overseas? Which currencies will suppliers invoice in? Will you need payroll payments or several people to approve a transfer? These questions make a bank comparison more useful than choosing the most familiar logo.
Write a one-page business profile
Prepare a short explanation of what you sell, who your customers are and where you operate. Use concrete examples: a local food supplier buying stock from regional distributors is easier to understand than “general trading”. Distinguish expected activity from existing activity. A new company should describe its plans honestly rather than inventing contracts or trading history.
Organise the ownership and authority information
Know who owns the business, who controls it and who should operate the account. Keep the company’s information consistent with its records. Banks have different application routes and documentation requirements depending on the entity and ownership profile. DBS, for example, distinguishes some foreign-owned businesses from its standard online application route. Follow the chosen bank’s checklist for your circumstances.
Compare the cost of normal use
Build your own comparison using the current fee schedules. Consider account charges, balance requirements, outgoing transfers, currency conversion and the tools your team will actually use. A low opening cost can be less relevant than the expense of repeated cross-border payments. Also consider whether the account’s approval controls fit the way your business makes decisions.
Prepare for follow-up questions
Keep a list of documents provided and questions still outstanding. Appoint one contact who understands the business model and can coordinate accurate answers. If the bank asks for supporting evidence, provide relevant records through its approved channel. Do not assume that another business’s approval timeline will apply to yours.
Understand the limits of assistance
Company registration and account approval are separate decisions. A service provider can help you organise information and navigate the process, but the bank assesses the application and may request more documents. Trust Vision’s banking support focuses on preparation and coordination. Discuss your ownership structure and payment needs first so the conversation starts with the right questions.
Sources & further reading
- DBS: Business accounts and application FAQs
- DBS: Foreign-owned companies
- ACRA: Post-registration guide
Official sources checked 8 November 2026. Requirements may change. This guide supports preparation; confirm the rules applicable to your circumstances with the relevant authority or bank.
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