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Alternative to opening a business bank account in Singapore

Singapore is one of the most attractive hubs for Asian countries and that’s what makes it important for you as a supplier, client or retailer to own your personalized business bank account in Singapore. A business bank account in Singapore will help you pay your local taxes, invoices or expenses smoothly.

Alternative to opening a business bank account in Singapore
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Nonetheless, opening a business bank account in Singapore wouldn't be that much easy and come with its own difficulties along the way.  You don’t have to be a resident but there still exists some paperwork that needs to be done in order for you to open a business bank account in Singapore.

In this post we’ll tell you all about the necessary steps you need to take and all the paperwork and hassle along your way to open a business bank account in Singapore. 

How to open a business bank account in Singapore? 

To open a business bank account in Singapore, you won't be in need of a citizenship or residency, but you will have to approve your business as a registered and legitimate one which means opening your own branch of office and lots of paperwork. 

Singapore banks have to follow a strict Know Your Customer (KYC) rule which means you’ll have to prove your identity and legitimacy even as a foreigner. What you need to offer a Singaporean bank for your account approval includes a long list, from your identity, your source of income, all residents address etc. 

Some banks will require you and in some cases all signatories to come in person, others however will let you do the job remotely but with much more strictness applied. 

Looking for best alternatives in Canada? Visit: Alternative to opening a business bank account in Australia

business bank account in Singapore

Difficulties of opening a business bank account in Singapore 

As mentioned before, opening a business bank account in Singapore will come with a number of difficulties along the way. 

First, in many of them you’ll need to deposit a thousand Singapore dollars for initiating an account. 

Some banks will let you prove your identity through Facetime, Skype, or a phone call instead of going in person but the case with most of them is in-person approval, large deposits and monthly fees. 

To prove your business you’ll have to provide lots of private information you may not want others to know including the background of all business owners, your sales volume and cash flow, the source of your business income and the structure of your business. 

Plus, the paperwork will always remain a pain in the neck especially if it happens multiple times in a row. 

An easy alternative: PayPax business account

Instead of jumping over the hoops to open a business bank account in a Singapore local bank we recommend you to use PayPax. PayPax will help you receive payments form Singaporean customers in a variety of payment methods whether via cryptocurrencies or digital money

You can easily integrate your favorite methods to bring to your online marketplace and expand your potential customers even more globally. 

You can withdraw funds or if you prefer you can hold them in your PayPax account and use them to manage currencies, and pay contractors, suppliers, or remote employees in Australia. 

Setting up a business PayPax account is super easy and free of cost. As soon as you verify a personal account it turns into a business account on which you’ll be able to view your account details and share them with clients through your email or social media.

paypax business account

Benefits of opening a PayPax business account 

Most business owners and clients tend to work with businesses that have a local bank account or something similarly effective, however, the time consumed for opening a business bank account in Singapore is undeniably high. 

Using PayPax you can enjoy the benefits of a local SGD bank but without the time, effort, and cost of opening one at an online or local bank. 

A PayPax account brings you the chance to attract more clients by building trust and as a result expanding your business. 

PayPax is a fast, low-cost foreign currency converter, which supports sending and receiving payments in SGD all around the world for suppliers, employees, clients, and contractors in Singapore, no matter where they or their business are located.

No matter where you or your business are located, using PayPax international payment processor you can have a hassle-free experience of transfer, without having to deal with high and extra charged fees, minimum balance requirements, and strict regulations of a local traditional Australian bank. 

 





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