Which One Is Right for You?
Singapore’s Top 5 Business Banking Elites

Contributed by AsiaBC | 30 March 2023

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

Is opening a business bank account necessary?

Every budding entrepreneur probably has this question crossed their mind a lot, and the answer is very simple, YES. Creating a corporate bank account balances your cash flow and keeps your business afloat. Remember what Benjamin Franklin once said? “A small leak will sink a great ship,” and your business will be no different.

We know, question after question starts to cloud your head, “What makes opening a business bank account crucial in managing my finances?” “Which bank is the best for my corporation?” “Is there a stress-free company bank account opening?” and the list just goes on and on.

Don’t worry, we got you! This entrepreneur-friendly blog will guide you from choosing the right banking partner to a hassle-free account opening  :

  • Elevate Your Business with Corporate Banking
  • Choosing the Right Banking Partner
  • Top 5 Banks in Singapore for Entrepreneurs
  • 5 Banking Benefits in Singapore
  • Smart Banking Experience with AsiaBC

Elevate Your Business with Corporate Banking

We have shared in our previous blogs, The 5 Best Features to Look for in a Hong Kong Bank Account and The Secret Formula to a Happy HK Bank Account Opening, 100% Online, the benefits of a corporate account. As a refresher, your business account is more than simply keeping your profits but allows you to :

  1. Enhance your professional image. Providing customers with an account number bearing your business name can increase their confidence in you and trust in your services.
  2. Simplify financial management. Keeping separate accounts for your business makes it simpler to monitor your spending and track your expenses.
  3. Reduce tax-related issues. Maintaining organised and transparent cash flow records can help prevent bookkeeping and audit issues. Additionally, you can maximise the benefits of business tax deductions.

Choosing the Right Banking Partner

There are several factors you need to consider when choosing a bank account for your business needs and to guarantee that you have a reliable and affordable banking partner to help manage your finances, check their : 

  1. Reputation – Look for a bank with good standing in the industry, as this can be an indication of their reliability and trustworthiness.
  2. Accessibility – Consider the bank’s physical branches, online banking, and the availability of ATMs to provide convenient access to your funds.
  3. Security – Your account should be secure and protected from fraud. It should have robust security features, such as two-factor authentication and encryption, to protect sensitive financial information.
  4. Fees – Different banks incur different charges, including monthly maintenance, transaction, and ATM fees. Look for a bank offering competitive costs that won’t affect your profits.
  5. Deposits – Consider the initial deposit requirement, which may vary depending on your account type. Check the deposit limits per transaction to ensure they meet your company’s demands. Some banks may have restrictions on the amount you can deposit in a day, week, or month.
  6. Interest rates – Some banks offer interest on deposits, while others do not. If you anticipate having a significant amount of money in your account, look for a bank with competitive interest rates.
  7. Other services – This includes but is not limited to 24/7 customer support and a dedicated bank relationship manager to help you with your financial needs should also be valuable considerations.

Top 5 Banks in Singapore for Entrepreneurs

It can still be overwhelming to pick the ideal financial partner that can support your business goals with the different options available in the market. So, we listed down the most popular banks local and international entrepreneurs go to open a corporate bank account in Singapore :

  1. DBS Bank – DBS is known for its strong capabilities in digital banking services to deliver fuss-free banking for on-the-go business owners. DBS account lets you take control over your finances and gives seamless business transactions with internet banking and a mobile app.
  2. Oversea-Chinese Banking Corporation (OCBC) – OCBC has a comprehensive suite of corporate banking products for startups, established businesses and overseas enterprises. Each features digital banking, e-invoicing, cash flow management tool, and bulk payments services. 
  3. United Overseas Bank (UOB) – UOB has a wide range of financial assistance and business accounts tailored to specific entrepreneurs. Overall, UOB accounts can provide global currencies, corporate ATMs or cheque books and free internet banking. 
  4. Citibank – Citibank has broad financial services from consumer banking and credit, corporate and investment banking, to wealth management. Plus, its strong global presence can also be beneficial for businesses with international operations.  
  5. Standard Chartered Bank – Standard Chartered Bank has a variety of corporate accounts designed for entrepreneurs with high-interest rates and low minimum balance requirements. Its features include free online banking, fund transfers, bill payments, and monthly e-statements. 

5 Banking Benefits in Singapore

Singapore’s banking system is recognized globally for its stability and efficiency, making it an attractive destination for businesses seeking dependable, high-quality banking services. Moreover, these are the features that make it an even more popular destination for entrepreneurs :

  1. Stable security – Singapore has a highly regulated banking system with strong legal and regulatory frameworks, ensuring your money is safe and protected.
  2. Online efficiency – Has user-friendly online banking services that allow you to manage your finances efficiently and conveniently anywhere in the world.
  3. Global access – SG is a global financial hub with solid connections to other financial markets worldwide, giving easy access to international banking services through Singapore banks.
  4. High returns – Offer competitive interest rates on savings accounts and time deposits to earn more interest on your money than in many other countries.
  5. Diverse products – SG banks have a wide range of financial products and services for your business needs, including savings accounts, checking accounts, credit cards, loans, and investments.

Smart Banking Experience with AsiaBC

Running a business and managing company finances can be challenging, which is why entrepreneurs often use personal accounts for their business funds to avoid the hassle of opening a business bank account.

But did you know that with AsiaBC, you can gain access to leading banks in Singapore without the need to fly? All major banks in Singapore, including HSBC, OCBC, DBS, and Citibank, offer online business bank account opening services. This means you can apply for an account remotely and save time and money on travel expenses. Our team has an in-depth understanding of Singapore banks’ client appetite and Know-Your-Client (KYC) procedures, and conducts a thorough pre-assessment to identify which banks best suit your company’s profile. We prepare custom-fit solutions to increase your chances of opening a business bank account in Singapore in a time- and cost-efficient manner.

If you’re ready to take your business to the next level, shoot us an email at business@asiabc.com.hk or have a quick chat with our experts via WhatsApp +852 6547 1314. We’re here to help you choose the perfect banking partner for your enterprise.

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