Opening Bank Account For New Business

varamagal · 21-04-2008, 09:52 AM

Help .......

My friend & myself plan to start an accessories business online & participate in fairs & bazaars.It is a small scale business.
Do we need to open a company bank account ?

In case have to, do we have to do partnership deed certified by a lawyer ?

My partner & myself have a personal joint savings account, is that sufficient ?

Thanks in advance......

jumbos · 21-04-2008, 11:24 AM

Hi

Firstly did you register a company.....

if you did not than it should be ok.....myself is register under the sole propitors I have a personal acct but not company acct........

thegifthaven · 01-07-2008, 12:00 PM

I dont think company bank account is needed coz there's a minimum balance you need to keep in the account, something like $10k. No point for small biz. Joint account will do.

beadsandends · 01-07-2008, 08:11 PM

firstly, how old are you? and do you intend to do this for a long-term? if not, i advise you not to share too much vital information with your partner as it can be very risky once you close your business.

Mystech · 25-07-2008, 02:13 PM

ocbc has a entrepenures scheme thing. also, it depends on if you need to issue cheques and all. Also, if people are going to pay you by cheques, most would prefer to open to a company account rather than to a personl one..

tuckcts · 04-05-2011, 03:05 AM

the $10,000 is just the min sum you need to maintain to avoid the charges by the banks
but that is a large sum of money to just keep inside an account and cannot be used for anything - so think carefully if you really need a bank account.
else see if paypal or worldpay is good enough for your business

21-04-2008, 09:52 AM	#1
varamagal Junior Member Join Date: Mar 2008 Location: choa chu kang Posts: 1 My Reputation: Points: 10/ Rep Power: 0	Opening Bank Account For New Business Help ....... My friend & myself plan to start an accessories business online & participate in fairs & bazaars.It is a small scale business. Do we need to open a company bank account ? In case have to, do we have to do partnership deed certified by a lawyer ? My partner & myself have a personal joint savings account, is that sufficient ? Thanks in advance......

21-04-2008, 11:24 AM	#2
jumbos Senior Member Join Date: Dec 2007 Location: jurong west Posts: 41 My Reputation: Points: 10/ Rep Power: 0	re: Opening Bank Account For New Business Hi Firstly did you register a company..... if you did not than it should be ok.....myself is register under the sole propitors I have a personal acct but not company acct........

01-07-2008, 12:00 PM	#3
thegifthaven Senior Member Join Date: Apr 2008 Location: Tampines Posts: 48 My Reputation: Points: 10/ Rep Power: 0	re: Opening Bank Account For New Business I dont think company bank account is needed coz there's a minimum balance you need to keep in the account, something like $10k. No point for small biz. Joint account will do.

01-07-2008, 08:11 PM	#4
beadsandends Senior Member Join Date: Feb 2008 Location: West Posts: 67 My Reputation: Points: 10/ Rep Power: 18	re: Opening Bank Account For New Business firstly, how old are you? and do you intend to do this for a long-term? if not, i advise you not to share too much vital information with your partner as it can be very risky once you close your business.

25-07-2008, 02:13 PM	#5
Mystech Senior Member Join Date: Mar 2008 Location: Singapore Posts: 323 My Reputation: Points: 10/ Rep Power: 18	re: Opening Bank Account For New Business ocbc has a entrepenures scheme thing. also, it depends on if you need to issue cheques and all. Also, if people are going to pay you by cheques, most would prefer to open to a company account rather than to a personl one..

04-05-2011, 03:05 AM	#6
tuckcts Member Join Date: Feb 2011 Location: Toa Payoh Posts: 18 My Reputation: Points: 10/ Rep Power: 0	Re: Opening Bank Account For New Business the $10,000 is just the min sum you need to maintain to avoid the charges by the banks but that is a large sum of money to just keep inside an account and cannot be used for anything - so think carefully if you really need a bank account. else see if paypal or worldpay is good enough for your business

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