New Business Owner's Guide to Starting a Business in Singapore

1. You’ll need to incorporate your business

Getting your business registered as a legal entity is the first, and arguably the most important, step in starting your business. You’ll need to incorporate your business with the Accounting and Corporate Regulatory Authority (ACRA), and get your company name registered. It will cost you $315 to do this.

2. You’ll need to get a business bank account

Once you’ve registered your business, the right banking partner is key to building financial infrastructure that scales with your goals. The DBS Business Multi-Currency Account – Starter Bundle, designed for businesses under 3 years old, keeps costs low with no monthly service charges, a S$10 monthly account fee, and unlimited free FAST and GIRO payments. It’s also global-ready from day one, letting you manage 13 currencies in one account without conversion fees.

For everyday business spending, you can also consider the DBS Business Advance+ Card, which helps eligible businesses earn unlimited 1% cashback on everyday B2B spend, track expenses through DBS IDEAL, customise card payment controls, and enjoy true S$0 FX fees across 200+ countries and territories.

3. You need an accounting solution

It’s important to get your accounts in order right from the start. Aside from hiring an accountant, you can opt for an automated accounting solution which can be linked to your bank account. This provides added convenience in terms of real-time updates, account reconciliation, and helping you avoid having to set up duplicate payment requests across multiple platforms. Such platforms include Xero and Financio, which can easily be linked to any DBS business bank account through the DBS IDEAL platform.

The beauty of starting with the right banking foundation is that these integrations become effortless. If you've chosen the DBS Business Multi-Currency Account – Starter Bundle, platforms like Xero and Financio connect instantly through DBS IDEAL, delivering daily bank statements automatically and keeping your cashflow visibility crystal clear from day one.

4. You need to streamline payments, transfers, and foreign exchanges

Once you have all your company’s basic functions set up, you’ll also need the right tools to manage payments and foreign exchange efficiently. DBS solutions such as SecureFX, FXOnline, and FAST & GIRO Transfers can help you make local payments, manage overseas transactions, and plan ahead for foreign currency needs as your business grows. SecureFX, for example, lets you lock in preferred FX rates for up to one month in advance, while FAST and GIRO support domestic SGD transfers via DBS IDEAL.

5. You can get all this done, all at once

The difference between struggling startups and those that scale is the foundation they build, and the DBS Business Multi-Currency Account – Starter Bundle is designed to make that foundation strong. With an online application within minutes and no extra paperwork required for most Singapore-incorporated businesses owned by citizens or PRs, getting started is hassle-free. Once approved, you’ll receive access details by email and can instantly integrate accounting software, payment platforms, and business tools.

Ready to build on the right foundation? Your startup deserves banking that thinks like you do.
 

Apply for the DBS Business Multi-Currency Account – Starter Bundle Now