Opening a business bank account? Read this first
As a new SME owner, you’ll need a business bank account. Here’s what you should know before opening one.
1. There are different kinds of business bank accounts to suit your needs.
If yours is a new business and all you need is a fuss-free banking solution with all the basics, a DBS Business Digital Account is enough to get you up and running quickly, with access to a business bank account with online banking, and a debit card. However, if your SME is fast-expanding and often transacts with overseas partners or customers, a DBS Business Multi-currency Account might be a better fit. If your prority,however,is to grow your bank account balance, consider a Fixed Deposit Account for your needs. Here's how they stack up.
2. You don’t need a bank visit to open a business bank account.
Opening a DBS business bank account is easier than ever. You can open your bank account online, as long as your company fulfills certain criteria. For starters, your company should be Singapore-registered and fully-owned by Singapore citizens or permanent residents. All your company information should also be retrievable via government verified sources such as MyInfo or ACRA. If an application fulfills the above criteria and an eligible online application has been submitted online, DBS will review and process it.
3. Some bank accounts require a minimum balance.
In the interest of cost, it’s important to be aware that certain bank accounts have minimum balance requirements. For example, the DBS Business Multi-currency Account will require you to make an initial deposit of at least $3,000, and maintain a balance of at least $10,000 in the account – failing which, account holders will be charged a fall-below fee of S$35. On the other hand, the DBS Business Digital Account – which has a $18 monthly fee – requires an initial deposit of just $1,000, and does not require account holders to maintain any minimum balance. This means no fall-below fees, ever.
4. You can link your business bank account with accounting platforms.
When you open a business bank account with DBS, you can enjoy greater convenience when managing your company’s accounts. DBS business bank accounts can easily be linked with accounting solutions such as Xero and Financio, facilitating real-time account updates and reconciliation through DBS IDEAL. You’ll also be able to set up payments through your accounting platform without having to enter the same information twice in your online banking platform, saving you loads of time.
Sign up for a DBS business bank account today. No supporting documents are required as long as your company meets DBS’ criteria for instant account opening.
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