Guide to Opening Singapore Corporate Bank Account

Singapore based corporate service agency, Rikvin Consultancy recently unveiled a How to Guide detailing the corporate bank account opening procedure on its website. Rolling out the guide, Satish Bakhda of Rikvin said, “as an international financial center the companies and businesses here have a plethora of choices, banks here provide comprehensive enterprise banking solutions and the banks are constantly reviewing the service portfolio to identify gaps and roll out products that match the needs of every type of potential customer segments in the market. The new initiative of DBS Bank is timely, as more young entrepreneurs are venturing out”

In a bid to build its small and medium enterprise franchise in the Asian region, DBS Bank has launched Entrepreneur’s Account for Start-ups. It is targeted at newly established businesses that are less than six months old. The initiative will give some of the 50,000 businesses set up each year in Singapore, banking services at a lower cost as well as other value-added benefits such as lower initial minimum deposit and waivers of subscription fees on several services.

The spirit of entrepreneurship is growing in Singapore and the new breed of entrepreneurs is comprised of much younger people. Global University Entrepreneurial Spirit Students’ Survey 2008 showed that 81.4% Singapore Students are keen on entrepreneurship. This is an indication of the tides turning in favor of entrepreneurship, as the mindset is changing. Organizations and educational institutions are doing their part by inspiring the young by having mentorship programs and awards to groom and recognize the achievers in this area.

Singapore has recognized the need for developing a strong array of local companies besides attracting multinationals to its shore. Singapore government is keen to promote entrepreneurship and starts by spotting them early and grooming them right. For example, SPRING has a scheme called, Young Entrepreneurs Scheme for Start-ups (YES! Schools), which provides schools with grants of up to S$100,000, to put in place a comprehensive & structured entrepreneurship learning programme, for their students. Another scheme, – Young Entrepreneurs Scheme for Start-ups (YES! Start-ups) – provides funding support of up to S$50,000 for youths to set up their innovative startup.

About Rikvin:
Rikvin offers business solutions and has successfully helped hundreds of foreign and local entrepreneurs form a Singapore company. The firm’s specialties include company registration, offshore company setup, incorporation and providing professional corporate services. Rikvin also provides professional services on accounting, taxation, immigration and processing of Singapore work visa for foreign workers to work and relocate in Singapore.