If you’re a business owner in Singapore, you’ll need a bank account to manage your finances. One option to consider is the OCBC Business Account. With this account, you can enjoy a range of features and benefits that are tailored to help your business grow. In this article, we’ll explore everything you need to know about opening an OCBC Business Account in Singapore.
To be eligible for an OCBC Business Account, you’ll need to have a registered business in Singapore. You’ll also need to provide documentation such as your company’s name or Unique Entity Number (UEN) and identification details for the account opening process. Once you’re eligible, you can apply for an OCBC Business Account online and enjoy a hassle-free banking experience.
Opening an OCBC Business Account can help you to manage your finances and support your business growth. With features such as free FAST and GIRO payments and up to 1% cashback on spending with a linked card, you’ll have access to a range of tools to help you achieve your business goals. Read on to find out more about the benefits of an OCBC Business Account, the fees and charges you can expect, and how to open your account today.
Key Takeaways
- You can open an OCBC Business Account online if you have a registered business in Singapore.
- The account offers a range of features to help you manage your finances and support your business growth.
- Fees and charges apply, and you’ll need to provide documentation such as your company’s name or UEN for the account opening process.
Eligibility and Documentation
If you’re looking to open an OCBC business account in Singapore, there are certain eligibility requirements and necessary documents that you must have. Here’s what you need to know:
Basic Requirements
To be eligible for an OCBC business account, you must be a registered business in Singapore. Additionally, you must have at least two directors or partners who are at least 18 years old and not bankrupt.
Necessary Documents
To apply for an OCBC business account, you will need to provide the following documents:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Proof of residential address for all directors or partners
- Unique Entity Number (UEN)
- Passport or NRIC of all directors or partners
Understanding Singpass
To apply for an OCBC business account, you can do so online via Singpass. Singpass is a digital identity for Singaporeans and Permanent Residents that allows for secure and convenient access to government and private services online.
To apply for an OCBC business account online, you will need to log in using your Singpass. This allows for a more streamlined and efficient process, without the need for paperwork or queues.
In summary, opening an OCBC business account in Singapore is a straightforward process as long as you meet the eligibility requirements and have the necessary documents. By using Singpass, you can apply for an account online quickly and easily.
Account Features and Benefits
Opening an OCBC Business Account in Singapore provides you with a range of features and benefits that are designed to make your business transactions seamless and hassle-free. Here are some of the key features and benefits of an OCBC Business Account:
Multi-Currency Capabilities
With an OCBC Business Account, you can enjoy multi-currency capabilities, which means you can transact in major currencies such as USD, GBP, EUR, and AUD. This feature is particularly useful if you have international business transactions, as it allows you to avoid currency conversion fees and exchange rate fluctuations. You can easily manage your multi-currency account using OCBC’s internet and mobile banking platforms.
Internet and Mobile Banking
OCBC’s internet and mobile banking platforms are designed to make your banking experience easy and convenient. With these platforms, you can access your account information, view your transaction history, transfer funds, and pay bills from anywhere, at any time. You can also set up alerts to keep track of your account activity, and manage your account security settings.
Debit Card Access
An OCBC Business Account comes with a debit card that gives you access to your funds at any time. You can use your debit card to withdraw cash from ATMs, make purchases online or in-store, and pay bills. With your debit card, you can also enjoy exclusive promotions and discounts from OCBC’s partner merchants.
In summary, an OCBC Business Account provides you with multi-currency capabilities, internet and mobile banking, and debit card access, making it a convenient and efficient way to manage your business transactions. With these features and benefits, you can save time and money, and focus on growing your business.
Fees and Charges
When opening an OCBC business account, it is important to understand the fees and charges associated with the account. This section will outline the various fees and charges that you may encounter when opening and maintaining an OCBC business account.
Account Maintenance Fees
OCBC business accounts have a monthly account maintenance fee of S$10. This fee is waived for the first 2 months after opening the account. If your account falls below the monthly average balance of S$3,000, a fall below fee of S$35 will be charged.
Transaction Charges
Transaction charges vary depending on the type of transaction you make. For local funds transfers, the transaction fee is S$10. For overseas funds transfers, the transaction fee is S$30. Cheque book issuance costs S$15 per book, and there is a S$50 fee for stop payment requests.
Additional Service Costs
There are additional service costs associated with an OCBC business account. For example, an opening fee of S$100 may be charged when opening a new account. If you need to close your account, a closure fee of S$50 may be charged.
It is important to note that these fees and charges are subject to change. Always refer to the latest pricing guide for up-to-date information. Overall, OCBC business accounts offer competitive fees and charges, making them an excellent choice for businesses of all sizes.
Opening Your OCBC Business Account
If you’re looking to open a business account in Singapore, the OCBC Business Banking platform offers a fast and easy way to do so. Here’s a step-by-step guide to help you set up your OCBC business account and start managing your finances.
Step-by-Step Process
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Choose the type of business account that best fits your needs. OCBC offers a range of business accounts, including the Business Growth Account, Multi-Currency Account, and Business Entrepreneur Plus Account. You can compare the different accounts and select the one that best suits your business profile.
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Prepare the necessary documents for account opening. You will need your business registration details, such as your company name or Unique Entity Number (UEN), as well as your identification details. You may also need to provide a board resolution authorizing the opening of the account.
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Apply for your business account online. You can easily apply for your OCBC business account online using MyInfo. This will help speed up the account opening process and ensure that your details are accurate.
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Wait for approval. Once you have submitted your application, you will receive an instant approval if you have provided all the necessary information and documents. If there are any issues with your application, you may be asked to provide additional information or documentation.
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Activate your account. Once your application has been approved, you can activate your account by visiting an OCBC branch or setting up your internet banking account.
Setting Up Internet Banking
Setting up internet banking for your OCBC business account is quick and easy. Here’s how:
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Visit the OCBC Business Banking website and click on “Login” in the top right-hand corner.
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Click on “First Time Login” and enter your User ID and PIN.
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Follow the on-screen instructions to set up your security questions and password.
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Once you have set up your internet banking account, you can start managing your finances online. You can check your account balance, transfer funds, set up GIRO payments, and more.
With OCBC Business Banking, opening and managing your business account has never been easier. Start today and take control of your finances.
Supporting Your Business Growth
As a business owner, you want to ensure that your business is always growing and thriving. OCBC Business Accounts offer a range of financial solutions to help support your business growth.
Financing and Loans
One of the biggest challenges that businesses face is managing their cash flow. With the Business Growth Account, you can enjoy unlimited free FAST/GIRO transactions, making it easier to manage your business cash flow. Additionally, OCBC offers a range of financing and loan options to help you expand your business. Whether you need short-term financing or a long-term loan, OCBC can provide you with the financial support you need to achieve your business goals.
Cross-Border Expansion
If you’re looking to expand your business into Malaysia, OCBC can help. With a strong regional network and support, OCBC can provide you with the tools and resources you need to expand your business across borders. Whether you need help with trade financing, foreign exchange, or other cross-border transactions, OCBC can provide you with the support you need.
Overall, OCBC Business Accounts are designed to help startups and SMEs grow and thrive. With a range of financial solutions and support, OCBC can help you achieve your business goals and take your business to the next level.
Frequently Asked Questions
What documents are required to open a corporate account with OCBC in Singapore?
To open a corporate account with OCBC in Singapore, you will need to provide the following documents:
- A valid Singapore Business Registration Certificate
- Identification documents for all directors and signatories
- Proof of address for all directors and signatories
- Memorandum and Articles of Association
- Board Resolution authorizing account opening and signatories
- Any other relevant documents requested by the bank
How much do I need to deposit to start a business account with OCBC?
The minimum deposit required to open a business account with OCBC in Singapore varies depending on the type of account you choose. However, in general, the minimum initial deposit is $5,000.
Can I open an OCBC business account entirely online, or must I visit a branch?
Yes, you can open an OCBC business account entirely online. However, you will need to have a SingPass account to do so. If you do not have a SingPass account, you will need to visit a branch to open your account.
What are the ongoing fees associated with maintaining an OCBC business account?
The ongoing fees associated with maintaining an OCBC business account depend on the type of account you have. In general, there are monthly account fees, transaction fees, and fees for additional services such as chequebooks and overdraft facilities. You should consult with your relationship manager to determine the specific fees associated with your account.
What is the process for setting up an OCBC Business Growth Account?
To set up an OCBC Business Growth Account, you will need to provide the same documents required for a standard business account. However, you will also need to provide a business plan and financial projections for the next three years. Once you have provided all the necessary documents, your relationship manager will guide you through the account opening process.
Are there any minimum balance requirements for OCBC corporate accounts to avoid fees?
Yes, there are minimum balance requirements for OCBC corporate accounts to avoid fees. The minimum balance required varies depending on the type of account you have. You should consult with your relationship manager to determine the specific minimum balance requirements for your account.