Optimizing Your Banking Experience : The Modern Entrepreneur’s Guide to SG Online Bank Account Opening

Contributed by AsiaBC | 22 April 2022

Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

#EntrepreneurTip : Create a separate bank account for your business. 

This has to be every entrepreneur’s rule of thumb when managing their business finances, but many startups are still wondering — WHY? 

Opening a designated bank account for your small business might not be a requirement (for now) but having one at this point is a smart and ideal move since it can offer many benefits. 

To help you slowly navigate the business world, we prepared an entrepreneur-friendly guide in business banking. Here, you’ll learn :

  • What Is a Business Bank Account
  • Benefits of Business Banking
  • How to Choose Your Singapore Bank 
  • Singapore’s OCBC and HSBC as Your Bank Partner
  • How to Open Your OCBC or HSBC Account
  • Make Things Possible with AsiaBC

What Is a Business Bank Account

Business Bank Accounts are a type of account used by commercial entrepreneurs or sole traders to simplify managing the profits acquired by their business. Having a bank account lets you monitor the cash flow, receive and issue payments, and pay payroll to employees smoothly.

Benefits of Business Banking

You’re probably wondering what good it can do to your business. Here are your 5 reasons why you should open one today. 

  • Less Tax Problem. Auditing won’t be a problem as you can quickly identify the transactions that happened to your account and take full advantage of business tax deductions. 
  • Professional Relationships. Issuing a check with your business name to your suppliers, clients or paying out to your employees gives you a more established look and a credible business partner. 
  • Easier Finance Management. Having a designated account for your business transactions makes it simpler to track your expenses and oversee your spending. 
  • Track Business Progress. Organized financial records allow you to monitor your cash flow and make necessary adjustments that can help improve your business in the future. 
  • Account Credibility. Your business account can help you build up your credit rating with banks and offer you different benefits, such as business loans, company credit cards, etc.

How to Choose Your Singapore Bank

Picking the most suitable platform for your business can be confusing and daunting. There’s no telling which financial institution is the ‘best.’ All can offer different advantages depending on your preference and needs. 

But you can narrow it down by considering the following : 

  • Years of Experience. This will show the bank’s expertise in handling banking concerns and needs. Additionally, it shows their credibility in the field.
  • Accessibility. Whether you have a local or international business, having easy access to your account through a branch or online banking services should allow you to have a quick transaction.
  • Minimum Deposit. One of the most important factors to consider when opening an account. Different types of business accounts might have different types of minimum deposits. Remember to check them before opening.
  • Service fees. Additional charges might occur and knowing what they are and for beforehand is best.
  • Other services. This includes 24/7 customer support, bank relationship managers, online banking, etc.

Singapore OCBC & HSBC as Your Bank Partner

Singapore banks are gradually embracing the competitive dynamics of the global business community and started to address their clients’ requirements through online channels.

OCBC and HSBC offer a convenient remote business account opening. However, consider the following factors before choosing either as your bank partner : 

  1. Businesses with operations in Hong Kong and Singapore can avail of OCBC or HSBC’s remote account opening. 
  2. Shareholders or directors of any nationality can open an account except for regions under sanctioned countries.
  3. A company’s business nature is subject for approval when applying for an OCBC or HSBC account. We can evaluate if your business aligns with the bank’s requirements.
  4. Applicants can remotely open their OCBC or HSBC bank account after submitting a fully filled-out application form/s along with the required documents, such as business proofs, company documents, and client information.
  5. The bank representative will connect with you for the interview via a Zoom call

How to Open Your OCBC or HSBC Account Online

In the midst of a highly aggressive business environment, global entrepreneurs face difficulties in setting bank appointments and meeting with their representatives.

Singapore banks simplify the procedure by providing remote account opening and here’s how you can take advantage of it :

Present the Basics

OCBC SG and HSBC SG requires their applicants to fill out their online application form and submit a scanned copy of the documents with the signatures attached and :

  • Registration documents of a company incorporated in Hong Kong or other jurisdictions.
  • All directors and shareholders’ passports.
  • Proof of address within the last 3 months.

The Know-Your-Client (KYC) Process

Take note of the tedious and lengthy process that local and international banks comply with to properly filter applications and establish their clients’ source of funds.

For a higher chance of approval, you must prepare the following : 

  • A KYC personal certificate
  • Copy of invoices and agreements with major customers and suppliers.
  • Recent financial statements and audit reports.

Processing Time

It is best to keep in mind that it will take 4 weeks before banks can confirm an appointment with their applicants due to the current global state.

Make Things Possible with AsiaBC

It can be challenging to narrow down your choices and choose what suits your business with different financial institutions and platforms in the market that offer various benefits. AsiaBC extends our helping hands to guide entrepreneurs in selecting their future bank partners properly and find alternatives in and out of Singapore, like Citibank Hong Kong, China CITIC Bank, and more.

Having a difficult time finding your Singapore bank partner? Take our 3-minutes Bank Account Likelihood Test and discover the best-suited bank for your business. You can also reach out to our reliable consultants and get detailed advice. Simply email us at business@asiabc.com.hk or WhatsApp us at +852 6547 1314 anytime.



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