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......

re: Opening Bank Account For New Business
 

Hi

Firstly did u register a company.....

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

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.

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.

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 ppl are going to pay you by cheques, most would prefer to open to a company account rather than to a personl one..

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