Question 1

How to apply for an Aspire Business account?

Accepted Answer

You can easily register for an account by clicking here (https://app.aspireapp.com/sg/register). Registration with Aspire takes less than 10 minutes and follows 3 steps: Fill in the business details; Fill in your director details; and Verify your identity with a Selfie or with MyInfo. What you need In the simplest case, you will need: Your name and ID number Your email and mobile (verified with an OTP) A picture of your identification document (national ID or passport) A live selfie (taken with your phone or computer camera during the registration process) If you already have a business - your business name, UEN, entity type, size (estimated turnover and # employees), and a description of your business activity or the address of your website Once registered, you will hear from us within 5-7 business days. We may contact you for more information If your company has corporate shareholders with more than 25% ordinary shares, we will request their shareholding certificate. This document should show the % ownership and identity of the shareholders (Full name, Unique Identification Number, Nationality, Address). Examples of documents accepted as certificates of shareholding are: Certificates of incumbency Certificates of incorporation/registration Certified true copies of the shareholding structure, certified by a notary public For exact details about all document requirements, please check this FAQ (https://support.aspireapp.com/faq/what-documents-do-i-need-to-open-an-account).

Question 2

How long does it take to open an Aspire business account?

Accepted Answer

Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app. Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you. Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.

Question 3

Is there a minimum balance required for Aspire Business Accounts?

Accepted Answer

No minimum monthly balance is required to keep your SGD, USD and IDR* Accounts activated. However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month. *To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.

Question 4

How much money can I hold in my Aspire Business Account?

Accepted Answer

There are no limits on the balance you can hold in your Aspire SGD, USD, EUR and IDR Accounts.

Question 5

What is a business account?

Accepted Answer

To put it simply, a business account is a bank account that you use for your business rather than your personal finances. A business account or a business bank account is focused towards catering a business and thus has features and services aimed towards businesses. It may provide features like low cost FX, Cashback on products & services tailored for businesses, multiple corporate cards, accounting software integrations etc. which a personal account would generally not offer. Here are some reasons why you should not use a personal account for your business (https://aspireapp.com/blog/how-switching-to-a-business-account-can-help-your-small-business).

Question 6

What is the difference between a business account and a corporate account?

Accepted Answer

A corporate account and a business account are frequently used interchangeably. However, there are subtle distinctions between a corporate account and a business account, despite the similarity in terminology. A corporate account is generally designed to serve larger companies and thus provide products and services tailored to their needs. A business account on the other hand is designed to serve smaller companies, who have their unique set of challenges and requirements.

Question 7

Is a current account a corporate account?

Accepted Answer

Yes, a current account can be categorized as a corporate account. A current account is a basic type of bank account that enables businesses to undertake day-to-day financial operations such as receiving payments, paying suppliers, handling payroll transactions, and other operational expenses.

Question 8

How do I open a business account in Singapore?

Accepted Answer

As long as you have your ACRA details, setting up your business account should be easy. Conventional banks might require you to complete the account setting process and interview in person at a branch location. Fintech businesses, on the other hand, usually provide you with the ability to electronically upload the necessary papers, which speeds up the verification procedure. The specific documents needed for verification may vary but typically include the following: Proof of identity and address for the user, Certificate of shareholding, Business constitution or memorandum and articles of association, Proof of identification for the business director and majority shareholders, Board resolution (if applicable). The amount of time you need to register to get a business account is another important consideration. Some providers may require a lengthy and difficult procedure to establish an account, while others might offer a quick and easy one.

Question 9

How much time does it take to open a corporate bank account in Singapore?

Accepted Answer

It can take anywhere from two business days to a month or longer, on average, to set up a company bank account. The process for opening a company bank account typically involves submitting necessary documentation and undergoing KYC checks. The duration is determined by the KYC checks and internal processing times of the banks.

Question 10

Which bank is best for business accounts?

Accepted Answer

There are various factors that decide which business account suits your business the best. You need to carefully evaluate various factors associated with the account, the account provided and your business to decide on which one suits you the best. Some of these factors are: Reputation of the provider, Expertise, Account features & services, Fees, interest rates, and deposit requirements, Easy of access & account opening, Business entity type, Business size, Business operations - international or domestic etc. Business accounts in Singapore are offered by various banks such as OCBC (https://aspireapp.com/blog/business-banking-account-ocbc-vs-aspire), UOB (https://aspireapp.com/blog/uob-business-banking-which-one-to-choose), Maybank (https://aspireapp.com/blog/business-banking-account-maybank-vs-aspire), DBS, Standard Chartered etc. We have also compiled an article for you comparing them all (https://aspireapp.com/blog/comparing-the-best-sme-banks-in-singapore).

Question 11

Which bank is the best for small businesses in Singapore?

Accepted Answer

As mentioned earlier, multiple factors determine which bank account may suit your business the best. Every business has a unique requirement and there is no straightforward answer to this question. Read our article on 'How to choose the right business account for your business' (https://aspireapp.com/blog/singapore-business-accounts-choose-the-right-one). We have also created an article that compares these bank business accounts, you can read it here: 'Comparing the best SME banks in Singapore' (https://aspireapp.com/blog/comparing-the-best-sme-banks-in-singapore).

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