For a business to be successful, it’s essential for the business owner to realize the need to streamline financial operations, and having a dedicated business account is the first step forward in this process.
Singaporean business owners have been constantly searching for the best corporate bank account Singapore has to offer, as it certainly is a prudent step for entrepreneurs looking to tap into the thriving business environment the city offers. This write-up will give you a step-by-step breakdown of opening a business account in Singapore.
- Research: Before choosing a bank to open an account for your venture, take some time to research the options available to you. Considering that Singapore has emerged as a premier business hub in Asia, many banks have offered attractive schemes to businesses that want to open a business account. There are certain factors that you must look into when selecting a bank, which include:
- Fees: Banks charge different amounts depending on the purpose of the account you’re opting for. Before opening an account, carefully review the terms and conditions and fees associated with a business account. It’s best to choose an option that is the most sustainable for your business.
- Multi Currency support: If your business is operational internationally, it’s important to check if the bank provides multi currency assistance, such as a multi currency account or card. Such tools can help you save substantial money you would otherwise have to spend for currency exchange.
- Ease of access: Search if the bank offers convenient Internet banking facilities or has an app that facilitates business banking needs. The availability of such tools would save you much time by sparing you from visiting a physical bank branch. Additionally, this convenience is essential for efficiently managing tasks like filing a T2 corporation income tax return.
- Customer service: Running a business is a time-sensitive task and for a seamless business operations, you certainly can’t afford to wait long hours for your financial queries to be addressed by the bank. Thus, it’s essential that you understand the customer service policy and the average turnaround time of the bank.
- Select the account type: Broadly considering, you would have to choose from two types of business accounts. Those are:
- Business checking account: Such accounts are designed to facilitate day-to-day business transactions, helping you efficiently manage the flow of funds related to your business operations.
- Business savings account: Such accounts are like a treasure chest of your business that stores the surplus funds. Savings accounts are best for keeping the funds for planned expenses while earning some interest.
- Assemble the documents: Once you’ve decided where to open a business account and what type of account you want to open, the next step is to keep all the documents handy to sail through the process seamlessly. Below is a checklist of the documents you would need to open a business bank account in Singapore:
- Signed corporate account opening forms.
- Resolution
- Certificate of Incorporation
- Business Profile from the ACRA
- Company’s constitution
- Passport
- Proof of Residential Address of the Directors
Once you’ve gathered all the documents, ensure that everything on the form is true to your knowledge. That will help the bank process everything without any delays.
- Make the deposit: No matter what account you choose to open, you must deposit some funds into the bank account. Usually, this amount is around 1000 SGD. Nonetheless, it’s best to confirm the minimum deposit amount with the bank.
- Wait for confirmation: Your work is almost done once you’re through the above mentioned processes. Please wait for the confirmation before commencing any financial activity. If you doubt the prolonged processing time, don’t hesitate to follow up with the bank’s officials to understand where the delay is and if they need additional documents or any further information.
Viola! The process is complete! After you’re done opening an account, the next possible step could be exploring the additional offerings by the bank. Check thoroughly if you need extra resources for your business’s financial operations and if your bank can provide the necessary tools. Remember, it takes a substantial amount of time to completely streamline the financial operations of a business, and opening a business account is merely the first step of the process. If you feel the need for any assistance, do not hesitate to contact your bank to get the doubts sorted.
