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Introduction

When doing business in Singapore, you should definitely think of opening a company bank account online. Opening a business account can truly help you start accepting or spending money as your business. Also, a corporate or business account can help you stay legally compliant and protected. In Singapore, there is no dearth of banks, as the city-state is the home to around 125 commercial banks, including both local as well as foreign banks. However, before you choose a bank to open a company bank account, we advise you to go through the factors we have mentioned below about the bank.

Why set up a business bank account online?

Now, before everything else, let’s focus on why you should think about setting up a business bank account online. Opening a company bank account is pretty convenient in Singapore, provided you submit all the necessary documents in time.

Banking for businesses in Singapore brings with it multiple benefits, some of which we have listed below.

* A separate business account would help you to keep your personal and business transactions separate.

* A corporate or business account can also help in personal liability protection, prevent fraud or fraudulent schemes, etc

* A business account would give you the scopes to handle your business expenses better

* It may add reputation to your company’s image if you open a company bank account online with any Singaporean bank

The top 8 factors to consider while opening a company bank account online

The list we have stated above is non-exhaustive, as you are going to get a host of benefits if you think about banking for businesses. That being said, if you want to reap the best benefits of a business account, there are certain factors you should check before choosing the preferred bank.

1.          Fees and other changes:

Online banking has been a trend with the progress of technology and the internet. Several banks in Singapore offer online business accounts. However, before you choose one, we suggest you check their banking and internet fees and compare them with the other banks. Also, there are some banks that waive these fees if you meet a certain minimum balance requirement each month. So, checking and comparing is essential, as it helps you choose the best option as per your needs.

2.          Banking services:

When you open a company bank account online, there are a host of banking services and facilities offered by the bank. Some of these services include internet banking, mobile banking via an app, business credit and debit cards, financial investment facilities, and so on. So, before you say yes to a bank check if it is offering all the services, you are looking forward to.

3.          Ease of Access:

Online banking is synonymous to ease of access. So, do check if your bank is offering easy access to your business accounts via website and/or app, anytime and from any place.

4.          Automated services:

It is easy to set up a business bank account online. But some banks offer a combination of physical as well as online banking services, while some offer fully digital services. So, we suggest you go through the bank profile and choose what suits your business objectives the most. Also, online accounts require stable virtual cash-management tools, automated accounts payments, etc. So, do check if all these services are available with the bank you are thinking to open an online account.

5.          Online security:

There is no doubt that online banking services and facilities require a robust online security system. Some Singaporean banks offer a security device in addition to a user ID and password for account log-in. So, look out for these facilities and other security-related facilities before opting for the bank.

Why consider Aspire?

With Aspire, you can open a company bank account online in no time. Choose Aspire if you are aspiring to go for borderless payments, ease of access, better customer service, a wide variety of banking services, and so on. If this sounds interesting, you can visit Aspireapp.com or send them an inquiry mail.

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