Every business requires a corporate bank account. As a business owner, you will need to open a corporate bank account to facilitate the collection of payments from the sale of your goods and services. You will also require an account to make payments for goods and services rendered to you. In this article, we will be comparing the various corporate bank accounts available to newly set up companies. Banks usually have different tiered levels of corporate bank accounts. We will be looking at their basic corporate bank accounts which are the most cost-effective solutions to new startups.
| Type of Income | Non-resident individual tax rate / withholding tax rate from YA 2017 | |
|---|---|---|
| (a) | Director's remuneration | 22% |
| (b) | Income derived from activity as a non-resident professional (consultant, trainer, coach, etc.) | 15% of gross income or 22% of net income |
| (c) | Income derived from activity as a non-resident public entertainer (artiste, musician, sportsman, etc.) | 10% concessionary rate (No change) See Tax for Non-Resident Public Entertainers |
| (d) | Other income e.g. rental income derived from a Singapore property | 22% |
| (e) | SRS withdrawal by a non-citizen SRS member | 22% |
| (f) | Interest, royalty etc. | Reduced final withholding tax rate (subject to conditions) as follows: Interest: 15% Royalty: 10% OR 22% if reduced final withholding tax rate is not applicable. |
| (g) | Pension | 22% |
In most cases, you do not have to visit the various bank branches to open your corporate account. The bank has appointed mobile bankers who can meet you at your convenient time and location.
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Singapore Secretary Services
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P.S. Singapore Secretary Services does NOT earn a referral fee for referring clients to a certain bank or banker. The reason for referring certain mobile bankers to our clients is because of their good service and good working relationship with them in assisting our firm to keep proper documentation for our clients.
P.P.S. This is just an article to aid readers in making a decision. While we do try our best to provide the most updated information. we cannot guarantee the accuracy of the information provided in this article. To get a confirmation of the various fees, we would advise that you contact the banks directly.
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