{"id":13727,"date":"2023-12-06T09:49:25","date_gmt":"2023-12-06T02:49:25","guid":{"rendered":"https:\/\/fazz.com\/?p=13727"},"modified":"2024-02-21T11:22:32","modified_gmt":"2024-02-21T04:22:32","slug":"corporate-account-a-beginners-guide","status":"publish","type":"post","link":"https:\/\/fazz.com\/en\/newsroom\/business\/corporate-account-a-beginners-guide\/","title":{"rendered":"

What is a Corporate Account: A Beginner’s Guide<\/p>"},"content":{"rendered":"

A corporate account allows you to keep your business finances separate from your finances and track your business expenses and cash flows. A business owner should keep the business and private banking separate to establish and grow the business.

Opening a corporate account is highly recommended for a smooth business life, as it offers significant benefits to businesses. So, setting up a corporate account for your business must be at the top of your priority list. <\/p>

If you’re unsure what a corporate account is and how it works differently from a personal bank account, don’t worry. This guide covers every vital detail you need to know about corporate accounts and the corporate account opening process in Singapore.<\/p>

What is a Corporate Account<\/h2>

A corporate account refers to a bank account that is opened in the name of a company. The account is used to store business funds, facilitate business transactions, and receive business income. Every business that has to pay taxes should set up a corporate account for business banking and its multiple advantages. <\/p>

With a corporate account, a company can pay employees, pay bills, and make investments. Having a corporate account improves a company’s credibility and helps business owners get better deals from suppliers and vendors.<\/p>

Most leading banks, financial institutions, and neobanks like Fazz Business<\/a> support corporate accounts in Singapore. If you want to manage your business effectively, it is strongly advised to open a corporate account.<\/p>

Differences Between Corporate Accounts and Private Account<\/h2>

It is important to recognize the difference between private and corporate accounts because each bank account provides unique benefits for unique situations.<\/p>

Private Account<\/h3>

A personal account is used to make everyday payments and transfers, pay personal bills, and manage personal expenses and income. <\/p>

Features of Private Account<\/strong><\/h4>