When to have a business account? This is a question that usually every new business owner faces at the initial stage of their business. Sooner or later, you need to have a bank account for your business. Below are the five reasons that can prove to be good enough for you to open a business bank account Singapore
A good number of transactions
When you are at an initial stage during your business journey, business transactions through a personal account might make sense. But as your business achieves a certain growth, you must have an account specifically dedicated to your business.
Hence, you will certainly look forward to a corporate account opening Singapore. If you have a distinct business account, it will certainly make it easier to manage your business. A number of things would be managed in an easier way in comparison with a personal account.
Branding of your business
When you step into business, reputation matters. A dedicated business account proves the fact that you’re committed to your business. Your business name turns up on checks and all payment methods, and it certainly provides the sense that you’re here to stay with your clients and customers.
Build a business banking relationship
As your business attains new heights, developing a business relationship with your bank certainly becomes more important. For instance, you may need to set up a dedicated Corporate Account Opening Singapore to manage the payment of income, sales, issuance of credit cards, or payroll taxes. Developing a business banking relationship will certainly make many more tasks easier to obtain.
Accept payments through Credit card
This could be one of the biggest reasons that can make you go for a bank account for your business. As a majority of people prefer to use credit cards for their maximum transactions, you need to develop a system where your business can accept them too sooner or later if you ever want to expand your business. It is quite evident that you can never accept cards through a personal bank account. It is possible with a commercial account only.
During a new partnership or incorporation
When you get involved in a business partnership, somewhat either of you will certainly manage financial transactions for your business. You should have a business bank account for that as it is not possible with a personal account. You can expect similar things when you incorporate the business.