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If you have already decided with an idea and to go for company formation, the next step in the process is to open a bank account in Singapore. You cannot use your personal bank account for receiving and paying for business expenses. Opening a company bank account is important so that you can get easier access and also control on your business funds.
But do you wonder how you should go about opening a bank account and where to start? So, here’s a guide on the tasks you need to do so as to open an account in Singapore.
OCBC is a merger amongst three local banks. They currently also own Great Eastern Holdings, which is the biggest insurance group in Singapore and Malaysia. This bank offers multitude of services like three different business accounts meant for start-ups which are useful in different stages.
They have an option for new businesses, for those which are growing and are hoping for more transactions, and also a business account for proven and established businesses. Though the high maintaining balance could be overwhelming, the account includes ample of free transactions which are not available in other accounts.
With its presence all across Southeast Asia and China, UOB has its branches in 19 countries. It offers three different types of accounts which fit different banking requirements. If you own a business, you should consider their operating accounts, which are customized and tailor-made for businesses.
This is another big name in banking sector in Singapore, where you can consider opening an account. As per data, Maybank is the fourth largest bank in Southeast Asia if assessed by assets. This bank offers investment banking, insurance and consumer banking and corporate banking to 20 different nations. In Maybank, you could choose from four different business accounts, but the most popular one is Flexibiz as it has no monthly fee and it thus proves beneficial for start-up companies that do not have much cash.
In case you prefer the option of a traditional bank account, then Currenxie is the latest bank, which was founded in 2014. This bank aids businesses in eliminating various barriers to trade by providing efficient FX and also cross-border payment solutions. The bank’s main focus is on collaborating with eCommerce-based marketplaces, assisting their sellers with their operations abroad.
Currenxie offers complete online support, hence your physical presence while opening an account is not required. But, it is limited in its capability as of now and does not offer the complete range of operations, which a bank does, for example, credit cards. However, you can go ahead and make cost-effective, fast and secure international payments in 18 currencies by using their website.
World Account is basically a cross-border payments platform offered by WorldFirst. They are the market leaders in global FinTech business and an expert in cross-border currency transfers. WorldFirst offers corporate and e-commerce solutions that help SMEs and online market place companies and traders to expand their operations internationally. It is also completely regulated and licensed by the Monetary Authority of Singapore (MAS).
However, please note that this virtual bank has some limitations; for example, it does not provide credit cards.
If you find this process confusing or need any suggestions or help, please get in touch with us. At IMC, when we help you do your incorporation, we also introduce you to our extensive network of bankers so as to assist you with the process of opening a bank account. Contact us to know more.
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