To open a standard bank account for businesses is a smart idea. It separates business spending activities from personal spendings. Aspire helps you to open standard bank business account online with minimum documentation. We provide a complete suite of business accounts, payments, expense management, and other advanced business solutions.
A business bank account is different from an individual bank account. It is used to carry out business-related transactions. The processing time of opening a business account with the traditional Singapore bank is lending and therefore digital banking is coming in the forefront.
What is a business account?
Banking for businesses that came new in the market might not be easy. There are a lot of responsibilities to handle and mixing the business expenses with personal ones can lead to greater mishaps during tax filing. Here comes the need for a business account to manage a company's finance. It is used to track the cash flow, payments, dues, expenses, and payroll. At Aspire, you create a business account in 5 minutes and get virtual corporate cards immediately after completing registration.
Why do you need a business account?
Once your business is incorporated in Singapore, the next step is getting a business account to perform business operations. To open standard bank business account online, get in touch with Aspire, and get it done without hassle.
Transactions in your company are only possible when you have a bank account. This protects you from Identity fraud and helps you to mitigate business liability risks. Also, getting a business account enhances your company's image and trustworthiness. Clients and partners are willing to proceed with the business, only when they have witnessed your stability.
What else is, a business account provides top-notch services to startups and offers credit limits more than that of personal accounts. Also, you can increase your credit score by clearing your debts in time. This makes getting loan approval easy in the future.
Who can apply for a business account?
Any individual above 18 years can open a corporate bank account. But the company must be incorporated in Singapore, as a Limited Liability Company, sole proprietorship, and partnership. For foreign individuals, creating a subsidiary company or opening a branch office can make their formal presence in the country. As long as you provide the right documents to the bank, you can get a business account.
How to open a business account online?
Before you know the process, make sure you have the following documents handy,
- A resolution copy from the company's board of directors.
- A copy of companies business profile
- Company's Certificate of incorporation copy.
- Copy of companies memorandum and articles of Association.
- Passport copies or Singapore citizenship cards of all the company directors.
- Proof of residential address of the directors and owners of the company.
What fees do you need to arrange?
Before choosing a bank, make sure you make thorough research of the fees related to opening a business account. This includes minimum deposits, monthly average balance, fall below fees, early closer we fees, transaction fees, International transfer fees, etc. At Aspire you don't need to worry about these fees as we keep them as much lower as possible to make your transactions easy, fast and transparent.
At Aspire, you can open standard bank business account online in a short period. Usually, the signup process takes 5 minutes, followed by a verification process. This may take up to one day. A personal details form, followed by a business details form is to be filled by you correctly. Then produce the required documents and proceed with the verification process. Once you are registered to our application, you can issue as many corporate cards as your company needs.
To make the accounts payable process automation, business owners are looking for digital corporate bank accounts. Here, you can make payments, manage your finance team, save money and time, and grow your business.
What else? Your accounts are secured with two-factor authentication that ensures your secure transactions. We maintain the highest digital security inscription and access protocols which keep customers' privacy and never share their data. Besides banking facilities, we provide the best solutions for your company's growth. So, if you are thinking you getting a business account, don't waste your time till it’s too late, and you start losing customers.
