If you are running a small business or a startup, open standard bank business account online and enjoy the financial services. At Aspire, we provide you with an all-in-one mobile finance app that serves all your financial requirements.
A business account is a separate bank account that helps owners to keep track of their expenses, cash flow, and helps the finance team in managing payroll, invoicing, bill payments, etc. It is always recommended that you need to open an account for a company that offers you low charges and higher interest rates.
What is a business bank account?
Banking for businesses becomes easy and simple with online business accounts. These play an important role in generating business growth and protecting your personal savings from business expenses. Such accounts keep track of all the business expenses, help in simplifying tax reports, and carry out necessary business transactions.
Should you open a business account?
If you are incorporated in Singapore, no matter what you are, a sole partnership, limited liability company, a partnership, or a corporation, you must have a business bank account. Though as a sole partnership, it is not necessary to get a business account, yet these are a prerequisite for future business loans. Moneylenders deposit loans only into business accounts. Also, it is important for businesses that want to accept credit card payments, especially e-commerce businesses.
With Aspire, you can open standard bank business account online within 5 minutes. You need to produce a few documents. The entire process is online and there is no paperwork required. Moreover, you don't have to be physically present in Singapore while account opening. Also, once you open a bank account, we provide you with a unique identification number. You can share this with customers to make transactions. Now, you can issue as many corporate cards as needed for your employees free of cost.
Benefits of business bank account
Such an account is good for business owners, as it comes with several advantages. Not necessarily you must have one, but it keeps you maintaining a professional image, personal liability protection, and peace of mind during tax filing.
Some of the advantages are listed below:
- Separating business expenses from personal funds.
While running a business, one tends to mix up his business and personal expenses, resulting in problems during tax filing. Also, business expenses are huge and are uncertain for startups. These accounts keep your personal liability protected and prevent bankruptcy due to business loss.
- An organized way of handling expenses.
With a separate business account, you can keep track of your cash flow. This ensures you have a chance of managing your expenses and cutting off unnecessary ones. They further help you while generating annual reports and bank statements.
- Peace of mind during tax filing.
Separate business and personal funds give you the opportunity to take advantage of business tax deductions. For accounts payable process automation, you can consult with experts at Aspire. We help you connect with accounting software and keep your books clean.
- Professional image
A business account gives you a professional look with advanced finance management systems. With us, you can get facilities like expense management, cash flow management, issuing corporate cards, making online payments with FAST and GIRO, credit lines, and lots more.
- Save money
If you are opening an online business account at Aspire, you don't need to hire a team of financial experts. We do everything for you. Also, on every digital spending, we provide 1% cashback and you enjoy 50,000+ rewards from our partner platforms. All these savings can help a new business owner.
- Save time
Running a business is already hectic and expensive. Owners don't find time in running to a branch office for finance management like payments, deposits, etc. All these financial activities are now made easier with the Aspire app.
- Lines of credit for small businesses.
Small to medium-sized businesses need financial aid during the initial years. But, no banking institutions or investors are ready to lend them money. This online business account at Aspire, helps them get a line of credits. And you need to pay back only the amount you have used and interest on it. The process is completely online and is approved within hours.
Conclusion
You can open standard bank business account online at Aspire and consult further about your financial situation with our team of experts. We also help your company to be incorporated in Singapore. Though you may not need a business account right now, getting it immediately after incorporation is a better idea.
To open a standard bank account for businesses is a smart idea.
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.
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.
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.
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.
North Loop is the best option if NRE and NRO account is in your mind.
Rather than wasting time, four to six weeks into account open process, North Loop only take 5 minutes to sign up process for NRE accounts.
Being an NRI, you will get here lots of attractive features that are not available elsewhere.
Here are no fees and no minimum account balance.
Besides, they offer competitive interest rates and 24/7 global customer service.
