New entrepreneurs and SMB owners do not arrange the essential papers and documents needed during the account setup. You know that every bank in Singapore has some unique requirements. Thus, while applying for a new bank account, you have to speak to the banking officer to know the details. You may need business documents, a tax ID, and other general details. Moreover, when you are not a Singaporean, you will need some additional documents.
No focus on foreign transactions–
Although you have set up your business in Singapore, you have a dream of taking it to a global level. Thus, while creating your business account, you have to consider the possibility of making international transactions from your account.
Overlooked the minimum balance requirements–
Some banks can charge you a fee when you cannot maintain your corporate bank account’s minimum balance. But, some new corporate owners do not focus on this factor. After opening the account, they do not check the account. In some cases, the account balance falls below the minimum requirement. Ultimately, the bank will charge an additional amount for your business. The minimum amount needed for your bank account may be different for every bank. That is why you have to be careful while opening the account. Ensure that you can afford this amount every money to maintain the account balance and avoid a charge.
Account fees- Not checked–
You may have read a guide on how to open a bank account in Singapore. However, you have not checked the fees associated with creating your bank account in this country. For instance, there may be account fees and standing charges that you may need to pay as an account holder. Some banks also charge an annual or monthly fee, while others ask you to pay an amount for the transaction and online banking. By analyzing the charges, you can choose the right bank account for your small business.
A wrong bank chose-
It is one of the common mistakes of new business owners who have considered corporate account opening Singapore. For instance, when you have chosen a new bank, your finances may be at risk. That is why you can prefer an established public bank, ensuring reliability, and keeping your finances secure.
However, some traditional, high street banks may cause issues while giving your loan. Nowadays, it is not easy for business owners to avail business credits. Reputed banks have become highly stringent while approving your application for the CIMB business account Singapore. Thus, before opening your account, you can make a good list of all the available banks. Review their current and future requirements, their status, and trustworthiness. It will enable you to find the right financial institution for your needs.
A little research will help you to create your account without any mistakes. We have made you cautious by listing the common mistakes in opening the business account. Still, you have to be careful in every step to avoid any issue related to your corporate account.
