Singapore business bank account opening is an issue which interests a lot of people because with its almost 6 million population and its growing economy, the country is home to many business people. Singapore is located on the Southeast Asia on Malay Peninsula. The country is built on 64 islands and the official name for it is Republic of Singapore. As it can be understood from the name, country’s regime is republic. Singapore population mostly consists of Chinese, Indian and Tamil people who now makes what we call Singaporean. The country is the second in the world in terms of population density. The official language of the country is Malay. The country’s economy is one of the most dynamic ones and is highly based on trading, import and export. Singapore especially exports the chemicals and electronics to other countries all around the globe. Singapore has the second-best GDP in the world. Besides it is chosen to be the most expensive city on Earth and also the country has high marks in terms of education, life standards, safety and health. It has one of the lowest rates of death of babies.
What is a Bank Account?
As one thinks of Singapore business bank account opening, the person should be clear about “what is a business bank account?” and “why he/she needs it?”. A bank is a financial institution that people rely on in regards of loan, keeping their money safe, their salaries and have cash money when they need it. On today’s world besides existing physically almost all of the banks have digital and mobile banking options. A business bank account is an agreement between a bank and a corporation to keep one’s personal cash flow and banking operations separate from those of business. A business account allows a company to see the incomes and outcomes, salaries, taxes transparently and be reliable about them.
How to Open a Business Bank Account in Singapore?
Singapore business bank account opening requires a bunch of documents provided by business owners. The people should bring copies of the ID of the directors or valid passports, a resolution by company’s board of directors, a copy of the company’s business profile, a copy of company’s Memorandum and Articles of Association (MAA), a copy of the company’s certificate of incorporation and proof to the residential addresses of beneficial owners or the directors of the company. The bank that the company applies for may ask some additional documents from the directors or owners. Some banks may accept just the signature of all of the directors but some may want all the directors to be present in the bank while opening a business bank account. Singapore business bank account opening process may take a while, between one and four weeks.
Which Bank Account is the Best to Open in Singapore?
The number of banks in Singapore is high so, a company may be indecisive about which is the best bank account to open while completing the process of Singapore business bank account opening. When a company chooses between banks, they should be careful about some points. The first one is monthly fees that are determined by the bank and it is normally S$18 up to S$35. The second aspect is to choose the bank with minimum deposit which changes between S$1000 and S$10000. Another important issue is the ease of access and usability; the company should choose a bank that has digital banking and if it is user-friendly or not. The fourth one is the transfer limit and currency conversion fees. The last one is costumer support, whether it is available every day and every time or not. After looking for these aspects, the company can choose the bank. We can put the DBS (The Development Bank of Singapore) which was set up in Singapore but used by most of the countries on the region, in the first place. The bank is the most popular one because it requires the minimum deposit of S$1000 and no minimum balance. The second bank is OCBC which requires no initial deposit or minimum balance and S$10 monthly fee. The third bank is UOB but this bank is not ideal for a new startup because it requires a deposit of S$1000 and minimum daily balance of S$10000 and if the balance falls below the minimum, S$35 fall below fee will be required. And also Aspire is an online banking in Singapore which is a good option for applying for Singapore business bank account opening because it requires no deposit and no monthly fee.
Business Bank Account for a Sole Proprietor
A person who starts his/her own new business, a sole proprietor or an entrepreneur must be knowledgeable about the business account for sole proprietor. Singapore requires all business owners to have a business bank account that’s why a sole proprietor has to have a business bank account. For applying to Singapore business bank account opening as a sole proprietor, a person needs to provide a copy of his/her Singapore Identity Card, a print-out of the business profile and minimum deposit that varies from bank to bank. After providing the conditions, a person can apply for Singapore business bank account opening as a sole proprietor.