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.<\/p>\n\n\n\n
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>\n\n\n\n
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>\n\n\n\n
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>\n\n\n\n
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>\n\n\n\n
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>\n\n\n\n It is important to recognize the difference between private and corporate accounts because each bank account provides unique benefits for unique situations.<\/p>\n\n\n\n A personal account is used to make everyday payments and transfers, pay personal bills, and manage personal expenses and income. <\/p>\n\n\n\n Corporate accounts provide banking solutions for businesses of all sizes and industries. With a corporate account, you can make business payments, manage business finances, and pay your suppliers.<\/p>\n\n\n\n When opening a corporate account in Singapore, there are multiple factors to consider, mainly:<\/p>\n\n\n\n Opening a corporate account is straightforward if your company is registered and you have all the required documents. However, the exact process can vary depending on the bank or institution you choose. <\/p>\n\n\n\n Certain banks are offering online account-opening services that allow you to upload documents online. Examples of corporate accounts<\/a> that can be opened online are UOB eBusiness Account, DBS Business Digital Account, and Fazz Business Account<\/a>. Moreover, traditional banks require the presence of authorized signatories and directors at the bank.<\/p>\n\n\n\n Here’s the process of opening a corporate account in Singapore.<\/p>\n\n\n\n 1. <\/strong>Choose a bank or corporate account services provider after considering the above-mentioned factors.<\/p>\n\n\n\n 2. Complete the account opening form and submit it with all the required documents.<\/p>\n\n\n\n Whether you open the account online or in person, the bank will usually require the following information and documents to open the corporate account.<\/p>\n\n\n\n 3.<\/strong> The bank will check the documents. Depending on the bank, you may be requested to provide additional documents, which must be submitted in a period set by the bank.<\/p>\n\n\n\n 4. <\/strong>Once all your documents are verified, you’ll be notified, and your corporate account in Singapore will be opened successfully.<\/p>\n\n\n\n 5. <\/strong>The bank will send you a notice regarding the opening of your account and the steps you need to follow to manage the new account.<\/p>\n\n\n\n Singapore banks collect detailed information from foreign entities regarding the business and backgrounds of ultimate beneficial owners. The majority of business directors and account signatories must be physically present in Singapore to sign paperwork at the time of account opening.<\/p>\n\n\n\n However, some banks accept the signing of paperwork in the presence of a notary public or at their overseas branch. Therefore, the corporate account opening process may differ depending on the bank. <\/p>\n\n\n\n Banks in Singapore are happy to open a corporate account<\/a> for any company, whether it’s based in Singapore or abroad, as long as the required paperwork and information are submitted for internal due diligence. Hence, it is best to ask your chosen bank or service provider about the requirements for opening an account for your foreign entity.<\/p>\n\n\n\n Fazz Business offers the best-in-class corporate account<\/a> that solves all the banking needs of a business. It comes with enormous features that help businesses focus on their growth instead of spending time on financial management. <\/p>\n\n\n\n Fazz Business is a well-known neobank that provides simplicity in business accounts for fast-growing startups and web3 companies across Southeast Asia. With Fazz Business, you can smoothly open a corporate account or business account<\/a> online. Fortunately, you don’t have to wait for weeks and handle the complex account opening process. We have an easy-going business account opening process that involves no hidden fees. <\/p>\n\n\n\n Fazz Business sets itself apart from traditional banks by implementing a cost-effective and transparent banking approach for foreign entities. While traditional banks often charge excessive fees to foreign companies due to complex Know Your Business (KYB) processes, Fazz Business applies only a one-time initial deposit and compliance fee that is considerably lower. <\/p>\n\n\n\n In Singapore, where traditional banks prioritize businesses with substantial capital, Fazz Business emerges as a preferable choice for small and mid-sized businesses seeking to open business accounts in Singapore and ease their financial burden. By minimizing financial costs and streamlining financial management, we ensure that all fast-growing startups and Web3 companies across Southeast Asia can access the best financial services at minimal rates.<\/p>\n\n\n\n Let’s see how you can open a business account with Fazz Business in just a few simple steps.<\/p>\n\n\n\n Opening a business or corporate account with a traditional bank can take a lot of time and incur a range of fees. The Fazz Business account opening process is straightforward and hassle-free, meaning you can open an account conveniently at home without worrying about fees. <\/p>\n\n\n\n You can open a business account online on the Fazz Business website<\/a> by submitting your personal and company details.<\/p>\n\n\n\n The following documents are required to upload while creating a business account with Fazz Business.<\/p>\n\n\n\nDifferences Between Corporate Accounts and Private Account<\/h2>\n\n\n\n
Private Account<\/h3>\n\n\n\n
Features of Private Account<\/strong><\/h4>\n\n\n\n
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Corporate Account<\/h3>\n\n\n\n
Features of Corporate Account<\/strong><\/h4>\n\n\n\n
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Factors to Consider When Opening a Corporate Account in Singapore<\/h2>\n\n\n\n
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How to Open a Corporate Account in Singapore?<\/h2>\n\n\n\n
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How to Open a Corporate Account in Singapore for a Foreign Entity?<\/h2>\n\n\n\n
Fazz Business Product for Corporate Account<\/h2>\n\n\n\n
How to open a business account with Fazz Business<\/h2>\n\n\n\n