If you’re a business owner in Singapore looking to open a corporate bank account, Maybank is one of the most popular options available. With a range of account types and features, Maybank caters to businesses of all sizes and industries. In this article, we’ll take a closer look at the Maybank corporate account opening process in Singapore, including eligibility requirements, required documents, and fees and charges.
To open a Maybank corporate account in Singapore, you’ll need to meet certain eligibility requirements, such as being a registered business entity with the Accounting and Corporate Regulatory Authority (ACRA). You’ll also need to provide several documents, including your company’s ACRA Business Profile, a copy of your company’s Memorandum and Articles of Association, and identification documents for all authorized signatories. Once you’ve gathered all the necessary documents, you can begin the account opening process.
Maybank offers several different types of corporate accounts, each with its own features and benefits. For example, the FlexiBiz Account is designed specifically for startups and offers zero monthly fees, free access to business internet banking, and an all-in-one business debit card. Other account types include the PremierBiz Account, which is designed for larger businesses with higher transaction volumes, and the Foreign Currency Current Account, which allows you to hold and manage funds in multiple currencies. ### Key Takeaways
- To open a Maybank corporate account in Singapore, you’ll need to meet eligibility requirements and provide several documents, including your company’s ACRA Business Profile and a copy of your company’s Memorandum and Articles of Association.
- Maybank offers several different types of corporate accounts, each with its own features and benefits, including the FlexiBiz Account for startups and the PremierBiz Account for larger businesses.
- Fees and charges vary depending on the account type and transaction volume, so it’s important to carefully review the terms and conditions before opening an account.
Eligibility and Required Documents
Opening a Maybank Corporate Account in Singapore is a straightforward process. However, there are some eligibility criteria and required documents that you need to meet and provide to complete the process. In this section, we will discuss the eligibility criteria and required documents for opening a Maybank Corporate Account.
Business Entities and Ownership
Maybank Singapore offers corporate accounts to various business entities, including sole proprietors, partnerships, limited liability partnerships, and incorporated companies. The eligibility criteria and required documents may vary depending on the type of business entity.
If you are a sole proprietor, you need to provide your NRIC or passport, a business profile, and a certificate of registration of business. For partnerships, you need to provide a partnership agreement, NRIC or passport of all partners, and a business profile. For limited liability partnerships, you need to provide a partnership agreement, a certificate of registration, NRIC or passport of all partners, and a business profile.
For incorporated companies, you need to provide a certificate of incorporation, a business profile, NRIC or passport of all directors and shareholders, and a memorandum and articles of association.
Document Checklist
To open a Maybank Corporate Account, you need to provide the following documents:
- NRIC or passport of all authorized signatories, directors, partners, and office bearers
- Business profile
- Certificate of incorporation or certificate of registration of business
- Memorandum and articles of association or partnership agreement
- Ultimate beneficiary owners’ identification documents
Additionally, you may need to provide other documents depending on the type of business entity and ownership structure.
In conclusion, opening a Maybank Corporate Account requires meeting eligibility criteria and providing required documents. Ensure that you have all the necessary documents before starting the application process. Maybank Singapore offers a range of corporate accounts that cater to different business needs.
Account Opening Process
Opening a Maybank Corporate Account in Singapore is a fast and straightforward process. You can apply online via MyInfo Business or in-person at one of their branches.
Online Application via MyInfo Business
Applying online is a convenient and efficient way to open a Maybank Corporate Account. You can use your Singpass or Corppass login to access MyInfo Business, where you can provide your company and personal details. Concurrently, you can open a Foreign Currency Current Account to cater to your banking needs.
Maybank’s MyInfo Business integration ensures that the account opening process is faster and smoother. You can complete the application process in just a few minutes, without the need for physical documents.
In-Person Application at Branches
If you prefer a more personal touch, you can visit one of Maybank’s branches to open a Corporate Account. You will need to bring along the necessary documents, such as your company’s Certificate of Incorporation and Business Profile, as well as your identification documents.
Maybank has a dedicated team of Relationship Managers who can guide you through the account opening process and answer any questions you may have.
Overall, opening a Maybank Corporate Account in Singapore is a simple and efficient process. Whether you choose to apply online or in-person, Maybank is committed to providing you with excellent service and support.
Account Types and Features
When it comes to opening a Maybank corporate account in Singapore, you have several options to choose from. Each account type comes with its own unique features and benefits, so it’s important to choose the one that best suits your business needs.
FlexiBiz Account
The FlexiBiz account is designed for startups and young businesses. It offers attractive interest rates, no monthly fees, and no minimum balance required. With this account, you can manage your finances easily and efficiently. You’ll also get access to internet banking and a business debit card, making it easy to make transactions and manage your cash flow.
PremierBiz Account
If you’re looking for a more comprehensive banking solution, the PremierBiz account might be right for you. This account is designed for established businesses with higher transaction volumes. It comes with a range of features, including a cheque book, a business debit card, and internet banking. You’ll also have access to foreign currency current accounts, which can help you manage your international transactions.
Foreign Currency Current Account
If your business deals with international transactions, you may want to consider opening a foreign currency current account. This account allows you to hold and manage funds in different currencies, making it easier to make and receive payments in foreign currencies. With Maybank, you can open a foreign currency current account alongside your Singapore dollar current account, giving you greater flexibility and control over your finances.
When opening a Maybank corporate account in Singapore, it’s important to consider factors such as minimum balance requirements, monthly fees, and the availability of internet banking and other features. By choosing the right account type for your business, you can ensure that you have the tools and resources you need to manage your finances effectively.
Fees, Charges, and Interest
When opening a Maybank Corporate Account in Singapore, it is important to understand the fees and charges associated with the account. Here is what you need to know:
Understanding Fees and Charges
Maybank Singapore charges a minimum deposit of $1,000 or its equivalent for opening a corporate account. There are no monthly fees or minimum balance fees for the Maybank FlexiBiz Account, which is ideal for start-ups and young businesses.
However, it is important to note that most business bank accounts have either a monthly or annual account fee, which can add up to almost $500 a year. While some banks may indicate that there is no annual fee, there is instead a monthly fee component. Maybank charges a $20 cash reward for SGD Current Account and another $20 cash reward for Foreign Currency Current Account, with an additional $40 cash reward for a new Singapore Dollar Current Account and another $40 cash reward for Foreign Currency Current Account.
In the event of early account closure, Maybank Singapore charges a closure fee of $50. Additionally, there is a fall below fee of $20 if your account balance falls below the minimum required balance.
Interest Rates and Benefits
The Maybank FlexiBiz Account is one of the few business bank accounts that pay an interest on your balances, albeit a nominal one: 0.018% for the first $50,000; 0.028% for the next $450,000, and 0.038% for balances above $500,000.
Maybank Singapore offers overdraft accounts with a prescribed interest charge and Prime Lending Rate (PLR) of 5.75%. The interest rate is subject to change based on market conditions.
It is important to note that foreign currency deposits, dual currency investments, structured deposits, and other investment products are not insured under the Singapore Deposit Insurance Scheme (SDIC).
Banking Services and Operations
Maybank Singapore offers a range of banking services and operations to cater to your business needs. Here are some of the services that you can expect from Maybank Singapore:
Digital Banking Solutions
Maybank Singapore offers digital banking solutions that are designed to help you manage your business accounts and transactions with ease. With our business internet banking services, you can access your accounts, transfer funds, and make payments online. You can also use PayNow to make e-payments and SGQR to receive payments from your customers.
Transactional Services
Maybank Singapore also offers a range of transactional services to help you manage your business transactions efficiently. You can use GIRO payments to automate your salary payments and other regular payments. You can also use our automated salary payment service to ensure that your employees are paid on time. In addition, you can transact online using our secure and reliable e-payment platform.
Maybank Singapore also offers a range of other transactional services, including foreign currency deposits, dual currency investments, structured deposits, and other investment products. However, it is important to note that these products are not insured.
Overall, Maybank Singapore offers a range of banking services and operations that are designed to help you manage your business accounts and transactions efficiently. With our digital banking solutions and transactional services, you can save time and money while ensuring that your business operations run smoothly. So why not open a Maybank corporate account today and start enjoying the benefits of our banking services?
Frequently Asked Questions
What are the requirements to open a corporate account with Maybank in Singapore?
To open a corporate account with Maybank in Singapore, you need to be a registered business entity in Singapore. You will also need to provide the necessary documentation, including your company’s registration documents, identification documents, and proof of address.
Can I initiate the opening of a Maybank corporate account online, and how does the process work?
Yes, you can initiate the opening of a Maybank corporate account online. You can visit the Maybank Singapore website and fill out the application form. Once you have submitted the form, a Maybank representative will contact you to complete the process.
What are the fees associated with setting up a corporate account at Maybank?
The fees associated with setting up a corporate account at Maybank vary depending on the type of account you choose and the services you require. You can visit the Maybank Singapore website for more information on the fees.
What is the minimum deposit needed to maintain a Maybank corporate account?
The minimum deposit needed to maintain a Maybank corporate account varies depending on the type of account you choose. You can visit the Maybank Singapore website for more information on the minimum deposit requirements.
How can I get in touch with Maybank’s corporate account support team?
You can get in touch with Maybank’s corporate account support team by calling their customer service hotline at +65 1800 629 2265. You can also visit any Maybank branch in Singapore to speak with a representative.
Which documents are necessary to open a corporate account with Maybank?
The documents necessary to open a corporate account with Maybank include your company’s registration documents, identification documents, and proof of address. You may also be required to provide additional documentation depending on the type of account you choose and the services you require.