Choosing an institution for your business banking is no easy feat. With so many financial institutions out there, it is important to look at what products are on the market.
United Overseas Bank—or UOB as it’s more commonly known—is one of Singapore’s top business banking providers. Headquartered in Singapore, UOB has long established its strong presence in the region’s financial scene.
With a network of more than 500 offices located worldwide, it’s safe to say that UOB is a trustworthy choice for people and businesses alike.
Whether you’re a budding entrepreneur or the head of a bigger company, you’re sure to find something that suits your needs amongst UOB’s business banking products.
Opening a UOB business bank account is pretty convenient. All of its business bank accounts can be opened instantly through their website.
To open a UOB business bank account, you’ll need your Singpass account, account application form, and identity documents.
The documents required by UOB might differ depending on the type of business you’re running. This includes applying as a:
The full list of requirements can be checked on the UOB website.
Take note that online account opening services are service only available if:
To have your UOB business bank account opened instantly, submit your application between 8.30am—9pm. Application received outside of these timings will only be processed the next working day.
There are a host of UOB business bank accounts to choose from, depending on the needs and size of your company.
Choose from four different corporate accounts:
Here’s where it gets tough—deciding which account is the best for your business.
All UOB business bank accounts require minimum deposits and minimum balances. This varies according to the account you choose for your business:
Starting at the lowest minimum balance is the UOB eBusiness Account. With a S$5000 minimum daily balance and S$35 annual account fee, this account is the best fit for entrepreneurs who are just starting out.
Next up on the list we have the UOB SGD Current Account and UOB BizTransact Account. Both of these have minimum daily balances of S$10,000 and S$80,000 respectively.
Rounding up the group is the UOB Global Currency Account—tailored to businesses who see heavy foreign currency transactions. The minimum balances and fall-below fees depend on the type of foreign currency you choose to deal in. Find the full details of each currency here.
That’s a hefty sum for small businesses. Business bank accounts with higher minimum balances and fall-below fees are usually aimed at more established businesses.
If you’re a newly minted business owner, we recommend looking at business accounts that offer a lower beginner cost. This is especially crucial if you’re running the company alone, or with a small team.
UOB eBusiness Acount offers free trial of UOB BizSmart Digital Solution. "Manage your business on a single platform by digitalising core processes such as invoicing, HR and accounting. With UOB BizSmart, you can import bank account feeds for automatic reconciliation and provide faster payment options to customers via PayNow QR or NETS PayCollect." - UOB eBusiness Account website.
We know. Settling on a business account can seem super daunting especially if you’re a new business account. That’s why we’ve resolved to make business banking easy.
Aspire offers a straightforward solution for your business finances. Save costs on your corporate account, and spend more on growing your business. No monthly fees, minimum deposits or balances. Find out how to get your business account up and running in minutes with Aspire.No monthly fees, minimum deposits or balances. Find out how to get your business account up and running in minutes with Aspire.
No monthly fees, minimum deposits or balances. Find out how to get your business account up and running in minutes with Aspire.