Opening a business bank account is an essential step for any business owner in Singapore. It helps you manage your finances effectively and ensures that your business transactions are separate from your personal ones. If you’re looking for a business account that offers flexibility, convenience, and no minimum balance requirement, then the Maybank FlexiBiz Account might be the right choice for you.
The Maybank FlexiBiz Account is designed for small and medium-sized businesses in Singapore. It offers a range of features and benefits that can help you manage your business finances efficiently. The account has no minimum balance requirement, no account fall-below fee, and no monthly service fee. This means that you can focus on growing your business without worrying about additional charges.
To be eligible for a Maybank FlexiBiz Account, you must be a business incorporated in Singapore or a sole proprietorship/partnership/private limited company. All directors/partners/owners must be Singaporean or Permanent Residents, and the business must be “live.” To open an account, you need to have your SingPass/CorpPass login and a signature image.
Key Takeaways
- The Maybank FlexiBiz Account is a suitable choice for small and medium-sized businesses in Singapore that require flexibility and convenience.
- To be eligible for the account, you must be a business incorporated in Singapore or a sole proprietorship/partnership/private limited company.
- The account has no minimum balance requirement, no account fall-below fee, and no monthly service fee.
Eligibility and Required Documents
If you’re a startup looking for a business account that’s flexible and convenient, the Maybank FlexiBiz Account is a great option. However, before you can open an account, you need to meet some eligibility criteria and provide the required documents.
Business Types and Ownership
Maybank FlexiBiz Account is available for various business types, including sole proprietors, partnerships, and limited liability partnerships (LLP). The account is also available for private limited companies, but you’ll need to contact Maybank for more information.
Identification and Verification
To open a Maybank FlexiBiz Account, you’ll need to provide identification and verification documents. This includes a certified true copy of your passport or NRIC, as well as those of all other authorised signatories, directors, partners, or office bearers. If you’re a sole proprietor, you’ll need to provide your NRIC.
You’ll also need to provide a completed company account opening form, which is available on their website. Additionally, you’ll need to provide certified true copies of Memorandum & Articles of Association (M&A) or By-Laws or Constitution.
Maybank also accepts MyInfo Business, a government digital service that allows businesses to instantly verify their information with government agencies. However, you’ll still need to provide the required documents mentioned above.
Overall, opening a Maybank FlexiBiz Account is a straightforward process, provided you meet the eligibility criteria and have the required documents. With no account or fall-below fees, this account offers unparalleled flexibility and value-added features to meet your business needs.
Account Features and Benefits
If you are a startup looking for a business account that offers flexibility and value-added features, the Maybank FlexiBiz Account might be the perfect fit for you. Here are some of the exciting features and benefits you can enjoy when opening a Maybank FlexiBiz Account.
Digital Banking Perks
Maybank FlexiBiz Account comes with free access to Business Internet Banking Services 24/7. You can manage your account easily and conveniently from anywhere, anytime. Maybank also offers a range of digital solutions such as mobile banking and API integration, which can help streamline your business operations and save you time and money.
Interest and Rebates
Maybank FlexiBiz Account offers attractive interest rates of up to 0.038% p.a. You can also enjoy interest rates rebates when you transact digitally, saving you more and helping you save the environment. Moreover, there are no account or fall-below fees, so you can focus on growing your business without worrying about additional costs.
In addition, Maybank is currently offering a promotion where you can receive up to S$500 cash credit when you open a new Maybank FlexiBiz Account and fulfill certain requirements. This is a great opportunity to take advantage of the benefits that Maybank FlexiBiz Account has to offer.
In summary, the Maybank FlexiBiz Account is an excellent choice for startups looking for a business account that offers flexibility, value-added features, and digital banking perks. With attractive interest rates, rebates, and no account or fall-below fees, you can focus on growing your business while Maybank takes care of your banking needs.
Fees and Charges
When it comes to opening a business account, it’s essential to consider the fees and charges that may come with it. Luckily, Maybank’s FlexiBiz Account is one of the most affordable options available in Singapore. Here’s what you need to know about the fees and charges associated with the Maybank FlexiBiz Account:
Understanding Account Fees
The Maybank FlexiBiz Account has no minimum balance requirement, which means you won’t have to worry about maintaining a specific amount in your account. Additionally, there are no account fees for the first 12 months of account opening. After that, you’ll be charged a monthly fee of $10. However, if you maintain an average daily balance of $10,000, you can waive the monthly fee.
Avoiding Additional Charges
While the Maybank FlexiBiz Account has no fall below fee or closure fee, it’s important to note that there are other charges you may incur. For instance, if you withdraw cash or make transactions at an ATM that’s not part of the Maybank network, you’ll be charged $5 per transaction. Additionally, if you request for an account statement, you’ll be charged $20 per statement.
It’s also worth noting that the Maybank FlexiBiz Account has no minimum balance fee. However, if your account balance falls below $10,000, you’ll be charged a FlexiBiz Account fee of $10 per month. To avoid this fee, make sure you maintain an average daily balance of $10,000.
In conclusion, the Maybank FlexiBiz Account is an affordable and convenient option for startups and small businesses in Singapore. By understanding the fees and charges associated with the account, you can avoid any additional costs and make the most of the benefits it offers.
Account Opening Process
If you’re looking to open a Maybank FlexiBiz Account in Singapore, the process is straightforward and can be done online. Here’s a step-by-step guide on how to open an account and set up internet banking.
Step-by-Step Guide
To open a Maybank FlexiBiz Account, you’ll need to follow these steps:
- Visit the Maybank Singapore website and click on “Open an Account”.
- Choose the “FlexiBiz Account” option and fill in the required information, including your business details and personal information.
- Provide the necessary documentation, such as your business registration documents and identification documents.
- Make an initial deposit of $1,000 to activate your account.
Once your account is approved, you can set up internet banking to access Maybank’s digital banking services.
Setting Up Internet Banking
Setting up internet banking is a simple process that can be done online. Here’s how:
- Log in to your Maybank account and select “Business Internet Banking Services”.
- Follow the instructions to set up your online banking account.
- Once your account is set up, you can access Maybank’s online banking services, including account management, fund transfers, and bill payments.
Maybank’s digital banking services make it easy to manage your business finances online. With a Maybank FlexiBiz Account, you can enjoy the convenience of online banking while keeping your business finances in order.
Managing Your Business Finances
As a business owner in Singapore, you need to manage your finances effectively to ensure your business runs smoothly. With Maybank’s FlexiBiz Account, you have access to various transaction options that make it easy to transact and deposit funds.
Transaction Options
The FlexiBiz Account offers free access to Business Internet Banking Services 24/7, allowing you to make e-payments, fund transfers, and automated salary payments. You can also use the account for GIRO payments, which is an automated payment system that allows you to pay your bills and taxes on time.
If you need to make international telegraphic transfers, the FlexiBiz Account has got you covered. You can transfer funds to over 200 countries and territories worldwide, with competitive exchange rates.
Integrations and Accounting
For businesses that use Xero for accounting, the FlexiBiz Account offers seamless integration with the platform. This integration allows you to manage your cash flow and finances more efficiently, saving you time and money.
The FlexiBiz Account also offers attractive interest rates of up to 0.038% p.a., helping you to grow your business’s savings. With zero monthly fees and a minimum deposit of S$1,000, you can save more than S$1,000 in FAST and GIRO transaction fees yearly.
In conclusion, the FlexiBiz Account is an excellent option for startups and young businesses that need to manage their finances effectively. With its various transaction options and integrations with accounting platforms like Xero, you can manage your cash flow and finances with ease.
Frequently Asked Questions
What are the requirements to open a Maybank FlexiBiz account in Singapore?
To open a Maybank FlexiBiz account in Singapore, you must have a registered and incorporated entity in Singapore. The account is available to a wide range of entities, including sole proprietors, partnerships, limited liability partnerships, incorporated companies, charities, societies, and associations. You will also need to provide the necessary documents, such as your identification documents, proof of address, and business registration documents.
How can I review the features of the Maybank FlexiBiz account before opening one?
You can visit the Maybank Singapore website to review the features of the Maybank FlexiBiz account. The website provides detailed information on the account’s features, including the minimum balance required, the fees and charges, and the benefits of opening a Maybank FlexiBiz account.
Is it possible to open a Maybank FlexiBiz account online, and how does the process work?
Yes, you can open a Maybank FlexiBiz account online through the Maybank Singapore website. The process is simple and straightforward. You will need to fill in the online application form and provide the necessary documents. After submitting the application, you will receive an email confirmation, and a Maybank representative will contact you to complete the account opening process.
Could you tell me the minimum balance required to maintain a Maybank FlexiBiz account?
The minimum balance required to maintain a Maybank FlexiBiz account is $1,000. However, if your account balance falls below the minimum requirement, you will be charged a monthly service fee of $20.
What fees should I expect when opening a Maybank FlexiBiz account?
When opening a Maybank FlexiBiz account, you should expect to pay the account opening fee of $50. Additionally, you should be aware of the account service fees, as well as the fees for cheque usage, which will be raised for SGD-denominated cheques from 1 November 2023.
Are there any online options for opening a Maybank corporate account?
Yes, you can open a Maybank corporate account online through the Maybank Singapore website. The process is similar to opening a Maybank FlexiBiz account. You will need to fill in the online application form and provide the necessary documents. After submitting the application, you will receive an email confirmation, and a Maybank representative will contact you to complete the account opening process.