Looking for the best bank for business accounts in Singapore? Although one may be spoilt for choice with the many different available banks in the country and the various available accounts you can open, there are four banks that stand out which offer great options that are perfect for any individual seeking to open a business account.
Why Open a Separate Business Account?
Setting up a business bank account is essential for every company, regardless of the size or age of one’s company. A company as established as Coca-Cola or a startup with a year under its belt can benefit from having a business account. It gives you complete visibility of your business’s financial operations as it is the central repository to track deposits received from customers or withdrawals to pay for employees and vendors.
Having a separate business bank account from your personal one makes it easier to do proper bookkeeping. Doing so will allow you to comply with various legal requirements, such as tax and accounting reporting. Not only that, but if someone decided to sue your business, they would only be able to scrutinise and access your business bank records, not your personal ones.
Such a principle is universal for all businesses worldwide, including Singapore, which has been declared the second most business-friendly spot worldwide by the World Bank. Placing high in that ranking has attracted more and more businesses to incorporate their business in Singapore. As a business bank account is one of the fundamentals of starting a business in Singapore, what are your banking options? Here are a few of the best bank accounts for business in Singapore:
OCBC Business Growth Account
One prospect for the best business bank account for Singapore is the Business Growth Account from OCBC. This account can be opened without an initial minimum deposit or minimum balance, making it one of the best banks for small business with limited funds. Additionally, you can set up the account online and receive the account numbers almost instantly, eliminating the need to queue in a branch and fill up complex paperwork.
The service comes with DBS’s digital banking platform, the OCBC Velocity, allowing you to manage your account and cash flow, initiate payment and collection, and create e-invoices. To get a clear view of your daily operations, applications like Xero and Shopify can be integrated into the OCBC Digital Business Dashboard, a platform’s feature.
You will be charged with a 10 SGD monthly service fee that will be waived for the first two months. With that fee, you are also entitled to the OCBC Multi-Currency Business Account. This enables you to do transactions in foreign currencies such as the US Dollar, Euro, Australian Dollar, and Hong Kong Dollar.
DBS Business Digital Account
Established in 1968 by the Singaporean government, DBS has become the largest bank in Southeast Asia with 491 USD billion in total assets and has been recognized by many bank-awarding bodies over the years. The bank’s digital innovations and accolades for security makes DBS one of the best banks for business accounts in Singapore.
If you would like to open a business account with DBS, we would suggest the DBS Business Digital Account. Opening this account is pretty straightforward; everything is done online, with the process lasting approximately five minutes. An initial minimum deposit of 1000 SGD is required with a monthly maintenance fee of 18 SGD. If you burn through your initial deposit, you will not incur a fall-below fee as no minimum monthly balance is needed. The service connects you to its mobile and internet banking applications along with the PayNow Corporate.
Maybank FlexiBiz Account
Another contender for the best bank for business accounts in Singapore is the Maybank FlexBiz Account since it is affordable to maintain. There are no maintenance fees or minimum monthly balance required, making it an ideal business account for startups and young companies. However, it’s important to keep in mind that opening this account requires a minimum initial deposit of 1000 SGD.
UOB eBusiness Account
Similar to DBS and Maybank, UOB requires a minimum initial deposit of 1000 SGD. However, unlike the three banks mentioned above, the account requires an average daily balance of 5,000 SGD. If this minimum is not reached, you will be charged a 15 SGD fee*. Moreover, they also set an annual account fee of 35 SGD.
With the requirements mentioned above, you are entitled to access UOB BizSmart Digital Solution, a single platform that helps you in invoicing, HR, and accounting processes. The platform lets you import bank account feeds that can be reconciled automatically. It also gives you faster payment options to customers using PayNow QR or NETS PayCollect. These useful addons make doing business and tracking your financial accountabilities easier, making it a strong choice if you are looking for the best bank account for business in Singapore.
*Minimum balance waived for the first 12 months of account opening (Applicable to new accounts opened from 1 April 2021 onwards).
Having the right business bank account is crucial for every business looking to dip its toes in Singapore’s vast and unique business environment. It gives you the ability to track your business financial health in real-time and helps with cash management. We hope that this article can help you decide which are the best banks for business accounts in Singapore.
Want to get sound financial advice from an expert in Singapore or elsewhere? Look no further; start it with Lanturn.