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ASPIRE Digital Bank Account
$ 0
$ 0
Case by Case Basis
As a digital business account, everything is conducted and processed online.
This places a higher emphasis on its digital platform’s user experience and customer support since there is no physical location to turn to. But when done well, this actually benefits the customer, providing a far higher level of convenience and portability.
This is especially useful for foreign directors who cannot physically come to Singapore to open a business account.
Smart Towkay Editor's Review
Opened within 24 hours
$0 Minimum Balance
$0 Initial Deposit
Free Account
You must be familiar with putting in minimum deposits or paying monthly fees when opening business accounts. However, an Aspire Business Account is free to open, with no minimum deposit. Even if there is only $1 in the account, it will still be no fee involved.
Instant Working Capital Support
Your business can get up to a $300,000 line of credit approved in just 48 hours, with the interest rate as low as 1%! The best of all, there is no monthly or non-utilisation fee needed. You just pay for what you use!
Attractive Forex Fees
The Aspire Business Account has the lowest foreign exchange fees in the market to over 50 currencies, powered by Transferwise. SMEs will have access to rates that are up to 7 times cheaper than most banks.
Aspire Corporate Card
The Aspire virtual Visa debit card is accessible with no cost and automatically syncs with the account. It allows for integration with Google Pay for card-less online and/or in-store purchases. It also comes with auto-categorisation features for effortless accounting.
Integrated with Xero Accounting
The account comes with other features like accounting software integration with Xero, for quick and efficient transaction reconciliations. The Aspire and Xero integration offers the fastest sync in the market, hourly compared to daily by other banks. Money management is made simple with multi-user access where directors can invite accountants and/or co-founders with limited access to the account.
1. Copy Of NRIC, Passport, and relevant employment passes (if applicable), etc
2. M&AA
3. Myinfo (Singpass Login)
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ANEXT Business Account |
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Profit Rate Up to 0.48 % E.I.R per year |
Minimum Balance Required $ $0 |
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Elevate Account |
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Profit Rate 0 % E.I.R per year |
Minimum Balance Required $ $0 |
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CIMB SGD SME Account |
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Profit Rate 0 % E.I.R per year |
Minimum Balance Required $ $0 |
Benefits of Applying Through Us
HIGHER APPROVAL RATE
As a team of ex bankers, we are very familiar with credit criteria of individual banks with a solid track record of >80% approval rate.
HASSLE FREE APPROACH
Leave the application process to our specialists while you focus your resources on your core business.
FASTER TURNAROUND TIME
Tired of waiting for unresponsive bankers revert? Your application is our priority, reduce processing time by 3-5 working days through us!
RISK FREE PROCESS
No upfront fees, no fees applicable if we’re not enable to secure financing for your company. Performance guarantee, pay only for results!
by Smart-Towkay
In order to compete with the incumbents, Aspire must offer very attractive terms. And so it does – with no minimum deposit, no minimum balance, and no maintenance fees of any kind. In addition, Aspire charges significantly lower foreign transfer fees than local banks due to their partnership and integration with Transferwise.
They also offer the only business debit card in Singapore that has 5% cashback on all online marketing and SaaS spend.
Generally speaking, there are a few required documents.
A Completed Corporate Account Opening Form with the bank in question, signed by the signatories as listed in the board resolution.
A Board of Directors Resolution that would sanction and authorize the opening of the account by the authorized signatories.
A Certified True Copy of Resolution that would sanction and authorize the opening of the account by the authorized signatories. Most banks will have their own format.
Certified True Copy of Certificate of Incorporation, certified by company’s secretary or director(s).
Certified True Copy of Company’s Business Profile from Company Registrar by company’s secretary or director(s).
Certified True Copy of Company’s Memorandum and Articles of Association (MAA) by company’s secretary or director(s).
Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners.
For more info on the required documents: Click here
A Business bank account would allow your company to better organize your finances so that you can pay and receive funds in a joint account that is linked to the company, instead of the individual.
With a business bank account, you can delegate the payment of transactions to your secretary, and allow them to complete payments authorized by you. Alternatively you can give an agent authority over the account and allow them to complete transactions themselves.
Please do refer to the individual bank’s terms and conditions for more information, it should also be stated in our comparison.
While the process for applying for a business bank account is usually quite easy, you may face additional documentation and process requirements. For residents of the following country, you may face longer waiting times.
Iran
Democratic People’s Republic of Korea (DPRK)
Algeria
Ecuador
Indonesia
Myanmar
Check out our blog on the Best Business Banking Account in Singapore 2021!
Else contact us through our whatapps or email and our friendly consultants will guide you.
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