Singapore has become the perfect destination for entrepreneurs to start a new business. It is the financial hub offering all the necessary facilities for any business to grow and flourish. But, business people need to know that the ACRA has made it mandatory for businesses operating in Singapore to have a bank account. Depending on the business and your specific needs, you can open a Business Bank Account Singapore. But, which one to choose? Out of the top banks, here are some of the options available from which you can opt for the service from the best one suiting your needs.
A Summary of Best Banks Operating in Singapore
With more than 200 banks operating in the country, it becomes confusing to find the right bank to start your business accounts. Each bank has benefits and drawbacks. You need to choose the right one after gathering more information. Here is the summary of the top banks operating in Singapore:
Aspire Bank
Most business owners have fallen in love with Aspire bank as it offers efficient services to its customers. It offers the best solutions for people who are overseas and cannot visit the country to complete the bank process. Therefore, you can complete all process online to start a new account for your business in Singapore.
UOB Bank
While the bank is famous, it has the most complicated setup process. Also, users have found their business website difficult to navigate. Comparing different accounts on the website is a difficult process. You have to maintain high minimum balances to maintain the account. The transaction fees are also high.
DBS
DBS is the popular bank used by many entrepreneurs due to its convenient process and the reduced time taken to complete the process of starting a business bank account Singapore. But, the bank lacks product diversity. You have to pay monthly fees for all accounts except the fixed deposit account. But, putting the money in money in a fixed account makes it inaccessible.
OCBC Bank
For entrepreneurs looking for a diverse range of business accounts, OCBC is the best choice. You can track the business expenses with ease using the solid online platform. You need to pay annual fees to maintain the business growth account. But, you can access low initial deposits. It is perfect for established businesses that can maintain high minimum balances.
Maybank
It is hard to choose the best one from the diverse range of products offered by Maybank. But, most business people are attracted to the FlexiBiz account, which has no fees with no minimum balance. It is perfect for entrepreneurs who are starting their business in Singapore.
Other Banks
Many other banks also offer business account packages to meet the needs of your business. Certain accounts cater to the specific needs of entrepreneurs. For example, Citibank and Standard Chartered offers accounts requiring high initial deposits. But, you can maintain a minimum balance with no charges.
Business owners who are starting or established in the field need for Corporate Account Opening Singapore if they are planning to operate in the country. If you need banking product information, then you need to access a trusted platform offering all information under a single roof. A reputed platform will aid in simplifying the process and offer you alternatives to suit the business profile. With the tips and tricks offered by the financial experts, you can make better decisions. Choose a platform that works closely with the reputed banks in Singapore, government agencies, insurers, legal firms, and peer-to-peer lending platforms. So, you can connect with the best partner for ensuring a smooth run of their business. Using the platform, you will save precious time and money.
