Singapore Expats

I have checked with serveral bank, they all required at least S$30000 to open an a/c for sole proprietor.

If I do not have that much money but need to have an a/c for my own business, could I open a personal a/c instead?

You would not want to open a personal account unless the checks you receive are made out to you. If they are made out to the XYZ Company, then they will not be accepted into an account for Sum Ting Wong.

I believe May Bank will open an account with $10,000 for a business.

Sicily wrote:I have checked with serveral bank, they all required at least S$30000 to open an a/c for sole proprietor.

If I do not have that much money but need to have an a/c for my own business, could I open a personal a/c instead?

A friend is also doing that. Open a personal account and in the invoice mentioned transfer to ..... account name so u can use the invoice as proof of sales eventhough the transfer is not done to the company's account. Well, as long as the business is small anyway.

I just opened my business (sole proprietor) account with UOB. I didn't have the huge amount to open an account with the other banks. I only wanted it to cash my cheques. I only needed $1000 to open it. If the balance falls below a certain amount (I can't remember the amount but I think it's $10,000) I pay $15 per month in service fees which is ok with me.

I get a cheque account, internet banking and phone banking. I find it a reasonable service, not like home but ok for Singapore. Just beware that your cheques have to written to your "exact" account name. I've had problems with a miss spelling and the Pte Ltd at the end of the name. I opted to name my account the business name without the Pte Ltd thinking that it was a business account so it would be okay but couldn't cash the cheques that have the Pte Ltd on the name...go figure, I thought it wasn't too hard to check that it was a business account.

The thing that I was perplexed by was that the government is promoting entrepreneurs but haven't ensures that it's easy for these entrepreneurs to set up bank accounts when they are starting out!!!! Go figure.

Don;t forget to take in a current business print out (3 months) when you set up your account.

Good luck