One simple, yet important step to increase your business financial condition is through separating your business account from your personal bank account. You can separate both accounts by applying to different banks or financial institutions, or within the same bank, but different account.
A personal account and a business account have their similarities and differences. Usually, a personal account offers more flexibility. As there are more requirements to fulfill when you apply for this account. We have listed a guide for opening a business account in Singapore and some options of Banks that may be suitable for you.
There is a wide range of banks and other financial institutions options in Singapore. Each offers their own specialties and you need to make adjustments based on your business' needs.
When you opening a business account, there are some documents that you will need to prepare. Each bank may have different requirements needed to open a business account. But in general, you can prepare the following documents:
Once all documents are complete, you can refer to the Bank you choose to open your business account that differs from your personal account.
Singapore is home to more than 128 commercial banks, 31 trading banks, 365 fund managers and 604 license holders of capital market services. As a major center for wealth management and investment throughout Asia, it is easy for businesses to have access to private and commercial banking services to finance their expansion at low-interest rates. Here are some banks in Singapore that provide the business account with certain requirements.
DBS Bank was founded in 1968 as a development-financing institution led by the Singapore government. Today, more than 100 branch offices can be found throughout the island. DBS Bank is the largest bank in Southeast Asia with assets and among large banks in Asia. The bank has a market-dominant position in consumer banking, treasury and markets, asset management, securities brokers, equity and debt fundraising in Singapore and Hong Kong. DBS has been named the World's Best Bank by the leading global financial publication, Euromoney, at the 2019 Awards for Excellence event.
Oversea-Chinese Banking Corporation Limited abbreviated as OCBC Bank is a publicity financial services organization with its headquarters in Singapore, founded in the year of 1932 due to the Great Depression with the merger of three banks - Chinese Commercial Bank (1912), Ho Hong Bank (1917) and Oversea-Chinese Bank (1919). OCBC Bank is one of Singapore's leading local banks, with group assets of more than S$224 billion. This bank has one of the highest bank credit ratings in the region. In November 2010, OCBC Bank was the largest local bank in Singapore with market capitalization.
Maybank the trade name for Malayan Banking Berhad (Arabic script: مايبانك), with the nickname "Tiger Head Bank", is the second-largest bank network and financial services group in Malaysia, and operates as important banking in Singapore, Indonesia, and the Philippines.
Having the right financial institution for your business account is one of many good business strategies. For that reason, you can distinguish your assets, liabilities, your business cash flow to monitoring your business’s health. Choose the Bank with high credibility for safety reasons and better business finance.
We envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.
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