![\"Multi-currency](\"https:\/\/www.saporedicina.com\/english\/wp-content\/uploads\/2020\/07\/multi-currency-business-account-singapore.jpg\" "\\"Multi-currency")
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Singapore is Southeast Asia\u2019s leading business hub with some of the region\u2019s lowest taxes. Not surprisingly, many foreign companies decide to open a company in Singapore<\/a> and use it as the base of their operations.<\/p>\n However, along with a great influx of investors, new foreign companies, and more stringent anti-money laundering laws, it\u2019s become increasingly more difficult to open local business accounts as well.<\/p>\n This is not only a trend we\u2019ve seen in Singapore but in Hong Kong<\/a>, which brings many similarities to the nation. Due to the increased amount of problems to open business accounts, smart entrepreneurs, often with years of experience in banking, have come up with FinTech solutions to make it easier for companies to open local business accounts<\/a>.<\/p>\n In this article, we present what options you have when opening a business account in Singapore, what the pros and cons are, how much it costs, what documents you need, and more.<\/strong><\/p>\n Opening a bank account in Singapore might be easier compared to Hong Kong, but you\u2019ll still come across obstacles unless you can show that you stay there long-term. <\/p>\n With that said, there are still a handful of options available for foreigners who wish to open bank accounts in Singapore, might you live outside of the nation, or stay there long-term. However, you must do enough research to understand what option is best and cheapest for you.<\/p>\n In this article, we review the following options if you plan to open a bank account in Singapore:<\/p>\n Pros:<\/strong> Opening a business bank account with Aspire comes with several benefits. First of all, there are no monthly fees, minimum deposits, fall-below fees, or FX transfer fees. It collaborates with NIUM, a financial technology platform, and Visa, which enables them to provide corporate bank cards to clients.<\/p>\n Cons:<\/strong> They do not provide financing like traditional banks do. This is also the case for Currenxie, which we presented in our article about opening multi-currency business accounts in Hong Kong<\/a>.<\/p>\n If you\u2019ve ever tried to open a local bank account in Singapore, you might know that it can be a hassle for SMEs and especially if you\u2019re not a resident there. Opening a business bank account with Aspire, on the other hand, is easy and you simply have to provide the following documents:<\/p>\n This has made it significantly easier for companies to open local business accounts and to operate from Singapore. The time needed to open the account, if everything goes well from the start, is only two hours. You can then use your new account and card to make transactions instantly.<\/p>\n The requirements to open an account aren\u2019t that strict either and as follows:<\/p>\n Worth mentioning is that the director can be a foreigner and doesn\u2019t necessarily have to be a Singaporean citizen. Not surprisingly, many business owners have opted-in for Aspire\u2019s services and you can find positive reviews and testimonials on the website and the net.<\/p>\nWhat are your options?<\/h2>\n
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Exclusive discount: Aspire is offering a $50 cash back upon the 1st card spend promotion (till 31 Dec 2020 to new customers):
\nClick here to claim your $50 cash bonus<\/a>.<\/div>\nHow to open an Aspire business account in Singapore<\/h2>\n
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