Singapore is a triple-A rated economy with a stable banking system. The global financial system integrates banks in Singapore. That is why Singapore-based business bank accounts send regular payments and receive funds from any place in this world. When you have established a new company in Singapore, you can think of opening a corporate bank account in this country. Before undertaking some steps for bank account creation, it is essential to know about Singapore’s corporate bank accounts.
Is it essential for a corporate owner to have a business bank account in Singapore?
By opening an open bank account in Singapore, you can easily separate your business finances from personal ones. You will have a better track of your cash flows and business’ assets. Moreover, you will find it easy to manage your business finances. The separate account will ensure ultimate protection from corporate liabilities in the future.
Major banks in Singapore–
DBS– This leading bank has more than 100 branches in Singapore. DBS provides a range of services from corporate banking to retail banking. You can choose the online application method to create an account in this bank.
UOB– It is another full-service bank best for small and medium-sized business owners. It has spread its operation in Singapore and other countries, like Hong Kong, Malaysia, Canada, and China.
OCBC– OCBC targets SME clients from 18 countries. It provides stockbroking, wealth management solutions, insurance products, and business banking services.
How much time does it take to open a business bank account in Singapore?
The time taken to Business Account Singapore can range from one day to a few weeks. Everything depends on how much time the bank takes to verify your documents. In most cases, proper documentation simplifies the process. Besides, when authorized signatories and directors are physically present during the account setup, you can avoid delays.
How much amount should you deposit initially to create the corporate bank account?
Most of the start-ups have concerns about the initial setup costs. The minimum initial deposit to create a new account may vary between S$0 and S$3,000. Of course, it depends on the Singaporean bank that you have chosen to open your account. What’s more, there are diverse types of business banking account in every bank.
For instance, you have no minimum initial deposit limit for OCBC Business Growth Account and Aspire Business Account. On the contrary, you must deposit S$1,000 for Maybank FlexiBiz Account and DBS Business Digital Account. Thus, you need to identify your bank account before making a deposit.
Is there a rule for maintaining a minimum balance in business bank accounts?
Your business bank account in Singapore must have a minimum balance. It is essential to consider the type of business account that you have chosen. The minimum balance for your UOB eBusiness Account should be S$5,000. The monthly fee for this account must not be less than S$15. Similarly, the monthly fee for your DBS business digital account is S$18.
Can a corporate bank account hold more than one currency?
The nature and type of your business are some of the essential factors in choosing your bank account. When you need to make international transactions for business purposes, you have to open an account that helps with foreign currency transactions.
For instance, a DBS Multi-Currency Account enables you to deal with EUR, USD, CNH, SEK, and NOK. Every bank offers different currencies, and it is essential to know the currencies associated with your business deals. Now, you can apply for a corporate bank account as a business owner in Singapore. It is safe to have detailed information on Singaporean bank accounts for creating one.