Many companies in Singapore also chose to open a second corporate bank account with ASPIRE for its digital cashback feature. Aspire offers cashback on digital spending like Google, LinkedIn, Facebook, and more. By setting up a second corporate bank account, companies can reduce their cost for SaaS.
More features of Aspire bank can be found on their website: www.aspireapp.com.
Note: Aspire is operating under the Monetary Authority of Singapore in accordance with the Payment Services Act (No. 2 of 2019).
Simplifies the payment of taxes
Also, ownership of multiple corporate bank accounts simplifies the payment of taxes. Before a business owner pays the amount of tax money that has been imposed upon the owner, they will need to set aside an amount of money that is to be used for the payment of corporate taxes. Owning multiple bank accounts will therefore make it much easier to separate the money to be paid in the form of taxes from the rest of the business’s money. This would then make it easier for the company to fulfill its corporate tax obligations without causing the funds required for the company’s ordinary operations to be negatively impacted.
Should you require any assistance with the management of your corporate tax obligations, we at Paul Hype Page & Co are always willing to be of assistance. Our tax team is extremely familiar with all the tax requirements and laws of Singapore. Thus, we will be able to assist you with any tax-related issues which you might face at any time.
Another important benefit of owning multiple corporate bank accounts is that any additional accounts may serve as a reserve of money during times of emergency. By keeping this emergency money separate from the primary corporate bank account of the company, the business will always be certain to have an amount of money that will serve to boost the company’s financial position during difficult financial times. The money stored in an additional corporate bank account could also be used to pay for certain expenses that are needed by the company without using up funds that are intended to be used for other important purposes.
Of course, it would be best for a company owner to never face financial emergencies at all. One can do so through the use of a suitable financial plan. We at Paul Hype Page & Co have assisted many Singapore company owners with the creation of financial plans. Our plans have been proven to deliver very positive results for company owners.