If you’re looking to start a business in Singapore, one of the first things you need to consider is opening a business bank account. Maybank Singapore offers a range of business banking products, including the Maybank Business Current Account, which can be opened online with a minimum deposit of S$1,000 or its equivalent.
Opening your Maybank business account is a straightforward process. You can apply online and submit your application with your SingPass or CorpPass login. Once your application has been approved, you can start using your account to manage your business finances and take advantage of Maybank’s digital banking services.
Maybank’s digital banking services include financial management tools that can help you keep track of your business expenses and income. You can also manage your account and transactions online, making it easy to stay on top of your finances wherever you are. Additionally, Maybank offers a range of additional benefits and offers, including cash rewards for opening a new account and waived fees for certain transactions.
Key Takeaways
- Maybank Singapore offers a range of business banking products, including the Maybank Business Current Account, which can be opened online with a minimum deposit of S$1,000 or its equivalent.
- Opening your Maybank business account is a straightforward process, and once you have your account, you can take advantage of Maybank’s digital banking services and financial management tools.
- Maybank also offers a range of additional benefits and offers, including cash rewards for opening a new account and waived fees for certain transactions.
Opening Your Maybank Business Account
Opening a Maybank business account in Singapore is a straightforward process that can be done online or in-person at a Maybank branch. Here’s what you need to know to get started.
Eligibility Criteria
Maybank offers business accounts to various types of entities, including sole proprietors, partnerships, limited liability partnerships (LLPs), and corporate accounts. To be eligible for a Maybank business account, your business must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and have a valid ACRA Business Registration Number.
Required Documents
When opening a Maybank business account, you will need to provide the following documents:
- Memorandum & Articles/ By-Laws/ Constitution (for corporate accounts)
- LLP Partnership Agreement (for LLPs)
- ACRA Business Registration Number
- Identification documents of authorized signatories
- Proof of business address
Account Types and Features
Maybank offers several types of business accounts, including PremierBiz Account and FlexiBiz Account. Each account has its own set of features, such as:
- PremierBiz Account: Ideal for businesses with high transaction volumes and offers free cheque book issuance, free monthly statements, and preferential forex rates.
- FlexiBiz Account: Ideal for businesses with lower transaction volumes and offers free GIRO transactions, free monthly statements, and a low minimum deposit requirement.
To compare the different account types and features, visit the Maybank website or speak to a Maybank representative.
Overall, opening a Maybank business account in Singapore is a simple and hassle-free process. By providing the necessary documents and meeting the eligibility criteria, you can enjoy the benefits of a reliable and trusted banking partner for your business needs.
Digital Banking Services
If you’re a business owner in Singapore, you’ll be pleased to know that Maybank offers a range of digital banking services to help you manage your finances on-the-go. These services include Internet Banking, Mobile Banking, and Digital Payments.
Internet Banking
Maybank Business Internet Banking allows you to transact online with ease. You can view your account balances, transfer funds, and pay bills conveniently from your computer. With the added security of SingPass or CorpPass login, you can be sure that your transactions are safe and secure.
Mobile Banking
Maybank2u SG (Lite) is a mobile app that gives you access to your account on-the-go. With this app, you can check your account balances, view transaction history, and transfer funds anytime, anywhere. You can also use the app to make payments through PayNow Corporate, SGQR labels, and other digital solutions.
Digital Payments
Maybank offers a variety of digital payment options to help you manage your business finances seamlessly. With PayNow Corporate, you can make and receive payments instantly using just your UEN or mobile number. You can also use SGQR labels to accept payments from customers using their mobile phones. These payment options are secure and convenient, allowing you to transact online with ease.
Maybank’s digital banking services are designed to help you manage your business finances efficiently and securely. With these services, you can transact online, check your account balances, and make payments anytime, anywhere. Best of all, these services are available to you for free. So why not give them a try and see how they can benefit your business?
Financial Management Tools
When it comes to managing your business finances, Maybank Singapore provides a range of financial management tools that can help you streamline your operations. In this section, we will take a closer look at some of the key tools that Maybank offers.
Cash Flow Management
Cash flow is a critical aspect of any business, and Maybank offers a range of tools to help you manage your cash flow effectively. One such tool is the GIRO system, which allows you to automate your payments and collections. This can help to reduce the risk of late payments and ensure that your cash flow remains healthy.
International Transfers
If you need to make international transfers, Maybank offers a range of services that can help you do so quickly and easily. One such service is telegraphic transfer, which allows you to send funds to overseas accounts in a range of currencies. Maybank also offers competitive exchange rates, so you can be sure that you are getting a good deal.
Payroll Services
Managing payroll can be a time-consuming task, but Maybank can help to simplify the process. Maybank offers a range of payroll services, including automated salary crediting and tax payments. This can help to reduce the administrative burden of managing payroll, allowing you to focus on other aspects of your business.
Overall, Maybank Singapore offers a range of financial management tools that can help you streamline your operations and manage your finances more effectively. Whether you need help with cash flow management, international transfers, or payroll services, Maybank has you covered. So why not open a Maybank business account today and take advantage of these great tools?
Fees and Charges
When opening a business account with Maybank Singapore, it’s essential to understand the fees and charges that come with it. This section will provide you with an overview of the costs you can expect to pay.
Account Maintenance Fees
Maybank Singapore offers several business accounts with different fees and charges. For example, the FlexiBiz account has no monthly fees and no minimum balance required, making it an ideal choice for start-ups and young businesses. On the other hand, the PremierBiz account charges a monthly fee of S$35 if you do not maintain a minimum balance in the account, which can range from S$3,000 to S$30,000.
Transaction Costs
Maybank Singapore charges transaction fees for various services. For instance, cheque-related charges are applicable, with S$0.75 per cheque issuance for the PremierBiz account from November 1, 2023. The FlexiBiz account, on the other hand, offers the first 30 cheques issuance free per month, with S$0.75 per cheque issuance thereafter until October 31, 2023.
Maybank Singapore also charges a fall-below fee of S$30 per month if your account balance falls below the minimum required balance. This fee is applicable to the PremierBiz account and is charged if your account balance falls below S$30,000.
It’s important to note that foreign currency deposits, dual currency investments, structured deposits, and other investment products are not insured. Therefore, it’s crucial to consider the fees and charges associated with each business account before choosing the one that best fits your business needs.
Overall, Maybank Singapore offers a range of business accounts with varying fees and charges. Understanding these costs can help you choose the best account for your business and avoid any unnecessary charges.
Additional Benefits and Offers
As a Maybank business account holder in Singapore, you can enjoy a range of additional benefits and offers that can help you grow your business and save money.
Promotions and Rewards
Maybank offers a range of promotions and rewards to help you get the most out of your business account. For example, you can receive a cash reward of $20 when you open a Maybank FlexiBiz Account online. Additional $20 cash reward is offered if you open a Foreign Currency Current Account in the same application. Please note that a minimum deposit of $1,000 / US$1,000 or its equivalent per account is required.
Business Growth Support
Maybank is committed to helping your business grow, and offers a range of business growth support services to help you achieve your goals. For example, the PremierBiz Account comes with checking facilities and an opening deposit amount of SGD1,000. After opening, you’ll need to hold a minimum of SGD30,000 in the account to avoid paying a fall below fee. It’s a good all-rounder account for smaller businesses of all types.
Moreover, Maybank offers zero monthly fees and free access to business internet banking with the PremierBiz Account. You can also enjoy attractive interest rates for startups and young businesses, and save more than $1,000 in FAST and GIRO transaction fees yearly. While some banks may indicate that there is no annual fee, there is instead a monthly fee component. With Maybank, you can enjoy a business account with no annual fees.
In conclusion, Maybank offers a range of benefits and offers to help you save money and grow your business. Whether you’re a startup or an established business, Maybank has the right account for you.
Frequently Asked Questions
What documents are required to open a business account with Maybank in Singapore?
To open a business account with Maybank in Singapore, you will need to provide the following documents:
- Business registration documents
- Identification documents of all directors, partners or owners
- Proof of business address
- Relevant permits and licenses (if applicable)
Can I open a Maybank business account online, and how does the process work?
Yes, you can open a Maybank business account online by visiting their website and completing the online application form. The process is simple and straightforward, and you will be guided through each step of the process.
What are the fees associated with maintaining a Maybank business account in Singapore?
Maybank business account fees depend on the type of account you choose and the services you require. However, some common fees include:
- Monthly account maintenance fees
- Transaction fees
- ATM withdrawal fees
- Cheque book fees
- Foreign currency exchange fees
Is there a minimum balance required for a Maybank corporate account in Singapore?
Yes, there is a minimum balance requirement for a Maybank corporate account in Singapore. The amount varies depending on the type of account you choose, and it is important to check the specific requirements before opening an account.
How long does it take to set up a business account with Maybank?
The time it takes to set up a business account with Maybank in Singapore depends on various factors, including the type of account you choose and the completeness of your application. However, the process usually takes between 1-2 weeks.
Are there any special benefits for opening a Maybank corporate account in Singapore?
Yes, there are several benefits to opening a Maybank corporate account in Singapore, including:
- Access to a wide range of banking products and services
- Competitive interest rates
- Dedicated relationship managers
- Convenient online banking services
- Preferential foreign exchange rates
In conclusion, opening a business account with Maybank in Singapore is a straightforward process that can be completed online. By providing the necessary documents and meeting the minimum balance requirement, you can enjoy the benefits of having a corporate account with one of the leading banks in Singapore.