Corporate Bank Account
Opening a corporate bank account in Singapore is relatively easy if you do it right. Most banks offer an online opening process. However, they would require you to be physically present in Singapore to complete some paperwork. Otherwise, the process might take 3-4 weeks.
Introducing Paul Hype Page’s preferred Business Neobank partner
Aspire is a Neobank that serves small businesses with convenient & inclusive financial services, currently operating across Thailand, Vietnam, Indonesia, Singapore. With Aspire, business owners can have fast and simple access to financial services for their business operations anywhere and at any time through their mobile phones. For now, the Aspire Business Account is only available in Singapore.
Note: Aspire is operating under the Monetary Authority of Singapore in accordance with the Payment Services Act (No. 2 of 2019).
Opening an Aspire Business Account can be done entirely online, from anywhere at any time. The best part is that it is free, requires no minimum deposit, and has no monthly fees or fall below fees. Furthermore, Aspire also features significantly lower foreign transfer fees when compared to the banks, making their offering highly competitive in the market.
More features can be found on their website: www.aspireapp.com
If you are starting up specific businesses like banks, insurance companies, or medical services, then you might require securing special business licenses from the relevant departments. These licenses might also be required for manufacturing tobacco products and other items like firecrackers. If you are new to the business world and it is your first time taking your company to foreign soil, you might find the procedures overwhelming. We highly recommend that to avoid any problems, you contact us as soon as you decide to set up your company in Singapore!
Hiring talents for your company
With its friendly immigration policy, Singapore is a global talent pool. You can easily hire local or foreign employees for your company. Popular ways to source talents in Singapore are through university and polytechnics campuses, career and job fairs, recruitment agencies, as well as the digital platform like Jobstreet, Indeed, JobsCentral, MyCareersFuture, GrabJobs, etc.
Singapore offers a lot of grants to encourage startups in the nation.
If you require government grants for small business opportunities, we at Paul Hype Page & Co can help you receive them. With our vast experience and knowledge, we help foreigners start their own business in various countries, of which Singapore is one.