How to Open a Business Bank Account in Singapore? Top 3 Banks to consider

We know choosing a corporate account for your business is not an easy task. If your business is based in Singapore, it becomes more challenging as the city is popularly known as Asia’s financial hub. Although there have been some setbacks in its finance sector due to the outbreak of COVID-19, reports indicate a massive surge is yet to come.

            Singapore is one of the most stable countries globally in terms of economy as the government has a regular flow of revenue and keeps itself away from foreign debts. SMEs (Small and medium-sized enterprises) plays a major role in accelerating the economic growth of Singapore.

Opening Business Bank Account
Table of contents:
  1. Here’s what you need in order to open a business bank account in Singapore
  2. Curated tips that will find helpful while opening a corporate account bank account in Singapore
    1. Ensure that you have every paperwork required
    1. Analyze the bank before proceeding
    1. Check if your bank is accessible
    1. Are the working hours of the banks suitable for your business
    1. Go for the bank that offers fully automated services
  3. Top three banks that you can consider to open a business account in Singapore
    1. Development Bank of Singapore (DBS)
    1. United Overseas Bank
    1. Standard Chartered Bank
  4. Conclusion
Here’s what you need in order to open a business bank account in Singapore:

            Well we can’t mention the specifics for sure as it solely depends on the policies of your bank. Sometimes your passport and nature of the business can also play a role in opening a business account. Some banks also allow Singaporeans to open a corporate account without any documents or signatures.

            However, some papers are mandatory to open a corporate account irrespective of the bank. If you are someone who is looking forward to opening a business bank account in Singapore, here’s what you will need.

Note: Every copy of the document you provide must be certified.

  • Residential address proofs of directors, signatories, and ultimate beneficiaries of the company (must be dated within the last three months).
  • A copy of your company’s Certificate of Incorporation.
  • Passport copies of directors, signatories, and ultimate beneficiaries of the company.
  • A copy of your company’s business profile from the Registrar of Companies.
  • A copy of your company’s constitution.
  • Get your bank account forms signed by the endorsers.
  • Get resolution from your board of directors sanctioning the account opening and signatories of your account.
  • If you are looking forward to opening offshore accounts, get the certificates of incumbency and good standing.
Curated tips that you will find helpful while opening a corporate bank account in Singapore:
Ensure that you have every paperwork required:

            Irrespective of your business niche and locality, you must have the required paperwork ready to proceed without any hassles. Before proceeding to choose your bank, double-check for the authenticity and validity of your documents.   

Analyze the bank before proceeding:

            It would be better if you choose to open your business account with a bank that has high creditworthiness. Analyze their standards of confidentiality and check for their presence in the global market. Seeking advice and suggestions from others will help in narrowing down your choices.

Check if your bank is accessible:

            Certain banks operate only in the upscale and industrial areas of Singapore. Overseas banks in Singapore have their policies and exhibit a restricted presence in the market. It would be better if you choose a bank that is situated close to your office.

To make things easier for your employees, ensure that you choose a bank with a high number of ATMs across various parts of the city. By joining hands with the right bank, you can get several financial benefits.

Are the working hours of the banks suitable for your business?

            You might wonder what the working hours of a bank have got to do with your business. Well, the nature of your business plays a dormant part and so it would be better if you know the working hours of your bank.

Most banks operate from 9:00 AM to 4:00 PM on weekdays and 9:30 AM to 12:30 PM on Saturdays.

Go for the bank that offers fully automated services:

            Online checking facility is the new trend with banks that has been making lives easier lately. With the introduction of online cash management tools, you won’t have trouble with giving your payroll checks, sending invoices, collecting payments, etc.

Top three banks that you can consider to open a business account in Singapore:

            Here are the summarised details of the top three banks in Singapore that we think will be ideal for you to open a business account. Learning about their history, operations, scale, etc., will help in making a refined decision. In order to give an idea of it, here is a quick overview of the top three banks in Singapore.

Development Bank of Singapore (DBS):

            The Singapore government set up the Development Bank of Singapore Limited in 1968 to take over the industrial financing activities. Formerly the Economic Development Board had control over it, and ever since the power was transferred, DBS was exhibiting a dominant behavior in the market. They offer a wide range of corporate and personal banking services.

United Overseas Bank:

            United Overseas Bank (UOB) was earlier known as United Chinese Bank and was established in 1935. It was renamed in 1965 after the independence of Singapore and had been showing progressive growth ever since then.

Currently, UOB is the third largest bank in Southeast Asia and has over 500 branches across 19 countries. Along with personal and commercial banking products, they also provide private banking and asset management services. 

Standard Chartered Bank:

            Standard Chartered Bank is a British financing institution that dates back to 1958. With over 1,200 branches across 70n countries, it has evolved as one of the largest banks in the world. Although they stepped on to Singapore soil in 1859, they received a Qualifying Full Bank (QFB) license from the government in 1999.

            The Standard Chartered Bank provides various services such as trade finance, cash management, lending, securities services, etc. It also provides private banking services for several high profile clients through its exclusive banking division.


            As Singapore is welcoming more and more international businesses, it has become a land of non-exhaustive business opportunities. With plenty of options to choose from, opening a business bank account in Singapore is not a painful process as you assumed, given that you have the required paperwork. 

Top 20 inspirational Quotes for Businessmen

Table of Content:

  1. Introduction
  2. Why read inspiring quotes?
  3. Top 20 Quotes
  4. Conclusion


From a small company to one established corporate, every business faces different kinds of difficulties to grow and stay ahead of the competition in the market.

Business Growth is a challenging feat for every business man. And what makes big businesses keep going at what they do is the juice of motivation and consistency in their efforts to succeed.

Why read inspiring quotes?

Inspiration for Businessmen

Every Business Owner needs some words of wisdom, gentle nudges and motivational statements that would fire them up to reach the next required milestone in their business.

The world of business owners is a lonely world. Every business man is a fighting a lonely battle and often the battle is with their mind sets.

Quotations from already successful business men can do wonders in terms of giving them the right growth hacking tips and the Eureka moments to climb greater heights in their business. Quotes from successful mentors can really help business men focus with more concentration and avoid the same mistakes they had done.

Top 20 Quotes:

Inspiration for Businessmen

If you are a business owner, we have rounded up some of the best motivational quotes to inspire you and keep you going at what you do the best.

  1. “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey
  1. As long as you’re going to be thinking anyway, think big.” – Donald Trump
  1. “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” – Vince Lombardi
  1. “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain
  1.  “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” – Albert Schweitzer
  1. “The most valuable thing you can make is a mistake- you can’t learn anything from being perfect.” – Adam Osborne
  1.  “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” – Richard Branson
  • “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
  •  “One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you.” – Jeff Bezos
  1. “Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain
  1. “If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” -Martin Luther King, Jr.
  1.  “A successful man is one who can lay a firm foundation with the bricks that others throw at him.” -David Brinkley
  1. “If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.” -Andrew Carnegie
  1.  “The fastest way to change yourself is to hang out with people who are already the way you want to be.” -Reid Hoffman
  1. “Whenever you are asked if you can do a job, tell ‘em, ‘Certainly I can!’ Then get busy and find out how to do it.” -Theodore Roosevelt
  1. “Bringing great people onto your team is about demonstrating that size really doesn’t matter – people do.” -Jess Campbell
  1. “A small business is an amazing way to serve and leave an impact on the world you live in.” -Nicole Snow
  1. “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” -Jack Welch
  1.  “Find a great mentor, someone who has already been through the many challenges of being an entrepreneur..” -Jodi Levine
  • “Help your team feel more connected to your company by incorporating the right digital technology tools into their workflow.” -Andrea Meyer


If you are stuck in a routine, feeling exhausted, feel like needing a bit of motivation, read the above quotes!

Simply changing the way of thinking can make things better in life. The effect of positivity puts a smile on everybody’s face.

Take advantage of these quotes, make your day better, and grow your business.

Have we missed any of your favourite quotes? Please do feel free to mention them in the comments section.

How to open new branches of a retail store? Top 5 things to consider

Table of content:

  • Introduction
  • Find the Market
  • Location
  • Evaluate competition
  • Build vendor relationships
  • Have a grand opening


All top brands take their own time to open a new retail store.

This means that they choose the right location, right market, and the best possible place to expand their business.

Every business owner understands that this is a crucial step to take and this decision can make the business take a ride up the profit hill or make it fall into a loss pit!

If you are a small business owner planning to expand your business by starting a retail store branch, then this article is for you.

Here are the top 5 factors to consider while opening a new branch of a retail store.

1.         Find the Market

2.         Location

3.         Evaluate competition

4.         Build vendor relationships

5.         Have a grand opening

Find the Market

The geographical location of a business represents the market.

The market size can be big or small depending on the amount of trade impact it generates on the area.

If you are opening a retail store outside the city, studying the population around that particular area is very essential for the understanding of your store’s trade potential.

If that area serves as a hub for your potential buyers or customers, then it is a best choice to open the store at the particular location of the city.

Opening Retail Branches

You need to assess the overall business environment, demographics, and your competition.

Ask yourself, are there enough stores for my audience to purchase? Is the demand in the market growing? Will this market help me bring more attention to my brand?  Are the existing businesses in this location making good profit?

Once you research and find the answers to these questions, you’ll have all the answers to weigh in and decide.


Once you have figured out the right geography kill area for your business, the next step is to find the perfect location.

Though the population of the area, trade potential, and market sizing have been essential parameters in research, the location of the store narrows it down to a great start for your business operations in the future.

If the location of the businesses phone rate, it is like hitting the arrow at the mark with a bull’s-eye.

Locations are the spots around a community that adds more value to the lives of the people living there.

A good retail store at a perfect location can add more value and make life easier for the people living in the particular community and hence it becomes a part of their lifestyle.

Opening Retail Branches

Evaluate competition

Competitor analysis is a very key ingredient for those starting any business.

This gives an in-depth understanding of what potential your business has in a particular geographic location.

If you are the first person in your business to step into our land, then the market is a blue ocean. All the marketing moves you make will bring in good eyeballs around your business as there is no one else with the same messaging targeting the audience.

If you are entering into a market where your competitors have established a presence, the game is going to be totally different – You have to face the competition on a day to day basis!

OPening Retail Branches

Research and find what is working well for your competition.

Whatever the other businesses do, just try making it more better by giving greater value to your audience. This formula never fails.

  • Build vendor relationships

Relationships are key to growing a retail business.

Be it a customer who has a good purchase, or someone who just visits your retail store to know what’s new in their locality a good customer experience comes only when you build good relationships with people.

Vendors in a particular location know more about the people in the area as they have been doing their business before you.

They have many contacts in the area and can help you with growing your business by providing the necessary contacts as well.

Being in good relationships with the vendor is absolutely essential for your business to have a never ending stock of goods, get special orders for your clients, and also get additional vendors once your business grows.

Have a grand opening

Opening a new retail store is not just a grand gesture to show the people around a location that a new store has come up.

It is also a strategic move in the business game which has a bigger impact.

When a new place opens up in a place, the first success as a business owner is to create a buzz in the locality.

Restaurants are the best example on how to create a buzz  when it comes to opening a new branch.

Opening Retail Branches

They create huge banners, attention grabbing headlines, and also drive and emotion with their posters.

Food is something that everybody can relate with and people get curious to try different recipes.

They offer a recipe from their menu for free. It can be for a day, a couple of days, or even a week. Doing this does not harm the business owner and it is the best tactic to get the people talking more about the new restaurant that has been open in their locality.

Word of mouth is one of the most difficult things to achieve after a marketing campaign. But a newly opened restaurant aims at creating the buzz with word of mouth marketing and they succeed many times.

How they take their business and scale up by giving greater customer experience, defines the upcoming journey of their business.


The above mentioned pointers are necessary for any retail store expanding their business by opening a new branch.

Whatever the type of business it is, if good customer service at an affordable price becomes the USP of a store, there’s no stopping for the cash flow.

There can also be other factors based on the type of retail business you are into.

Have we missed any good pointers? Please mention them in the comments!

8 Tips to Drive More Customers To Your Retail Store

Table of Content

1.Pandemic and retail business

2. How to make the buying experience memorable to the customer?

3.What is the impact of influencers?

4.How does advertising help

5.How to use Social media to grow business.

6. Offers and Discounts

7.Steps to grow your business.

Pandemic and retail business

Retail stores have felt a setback once online selling picked up.In the past decade, the competition for any retail store would be another store. But, with the rise of e-commerce platforms every retail store is now competing with an online business in their local region.With giants like Alibaba and Amazon growing their online presence every day, it is now becoming mandatory for retail stores to change their business game.The pandemic has also done its part in making people prefer online buying more.If you are a retail store owner focusing on growing your business, here are eight tips that can help you drive more customers into your retail store.

How to make the buying experience memorable to the customer

The only reason a customer comes back to a store is because they loved the buying experience.

So, how do you go about giving a perfect experience for your customer?

Here are three pointers!

  1. Employ a well trained sales team that aims to help the customer
  2. Don’t push the sale on every visitor. Make them feel that buying from you is a smart choice!
  3. Make the customer feel good about themselves

Impact of influencers

Influences have always had an impact on the market. Be it the days of newspapers, the Billboards, or even today’s social media, influences have always made selling easy for businesses.Try and find the best influences for your business and maintain good relations with them.If you are able to provide great Customer experience to one influencer, that person can help your business by bringing in more buyers for you. Referral programs and affiliate marketing programs can be a great boost to the sales.

Partner with like-minded brands, individuals, experts, podcast us, bloggers, and also YouTube content creators.

Using Advertising and Social media

Print advertising might seem a bit old when compared to the gimmicks that are happening on social media. But even today while we’re stuck in traffic, The first thing that captures attention will be a good advertisement board.Advertising when done smartly can bring in more leads and visits to your retail store.

The secret recipe to a successful ad campaign is a great copy and captivating image, and the channel it is advertised.

Everyone in the business world now understands the importance of social media. Instagram alone has billions of users and the shopping feature from the platform has opened another gate for e-commerce businesses.

How can you captivate the audience on social media?

Here’s the answer: Build a community on social media platforms like Instagram, Facebook, and Twitter. Creating a community on social media platforms is a great way to involve your audience on a day to day basis. Making your customers share their stories about your store automatically brings in validation and is also a great testimonial material.

Back in 2014, Starbucks encouraged its customers to draw some

Offers and Discounts

The buying season is hugely dependent on the special days. Right from Valentine’s Day to Christmas, businesses influence people on a variety of scales to make them buy. Promotions are a part of every business that is happening and you need to stay out to get more traction towards your store.Your retail store has to do the decoration, offer best deals, and issue coupons based on the season. Even if a visitor doesn’t buy for a particular season sale, they’ll come back for the next season. This is the impact retail stores can create in the minds of the customers.

Note: Do Social media paid promotion to get more exposure.

Steps to grow your business

Use Google big time

This might sound like a cliche marketing tip. But it works big time! Google offers great visibility for local businesses. For a retail store, the beginner move on Google should be to get their business listed on Google maps.This way any customer who wishes to visit your store can get there without any hassle. Local SEO it’s a great way to capture an audience based out of a particular location. Google local guides also influence a lot of visits to particular places.

Tip: Gain more Google reviews from your customers  and rank easily in Google search.

Organise and sponsor events your audience will love

Using involvement to make people buy is one of the best techniques applied by event marketers. With retail stores, the main advantage is having good space.This also means that there is more space for advertising, creating a space where you can organise an event for your visitors.You can tie-up creating a new went with a season based offer.In this way, you can increase the number of visitors, gain more exposure through banner ads, make your audience participate in the event, and the best of all –   you will get a lot of eyeballs turned towards your store.

Ask for feedback

Feedbacks are the best way for any business to grow.In fact, the biggest online businesses have grown because of their feedback loops.The concept is nothing new. But the way of implementing them has changed.Earlier paper forms and registered notebooks were used to collect feedback. But now, businesses are collecting Google reviews and Instagram chickens just by holding a booth at one end of their stores. This tells us that the way people perceive about the brand has changed so much and the digital impact has grown so much.Make your customers lift your feedback in Google reviews, ask them to check in on Instagram, make them share more content about you and on Facebook. Mainly, ask them to tag your social media profiles


The above mentioned marketing techniques will bring in a change and pave the way for growth in your retail business when implemented. Do you own a retail store? Do you have any technique that has brought in good results?

Please share your thoughts and  experiences with us!

How to design an online retail store to excite customers?

If you are reading this blog, you have already made up your mind to expand your business, didn’t you? You have already witnessed the boom of retail stores and have taken the first step to streamline their potential. Online retail stores are in short referred as ecommerce stores/ ecommerce websites. Online retail stores has become the new normal in every place, especially after the Covid-19 impact.

Every retail business owner who had designed their brick and mortar outlets tastefully to excite their customers, have to start planning their virtual retail store to get their customers hooked on to them post Covid times.

It doesn’t end with designing a great virtual retail store but also intelligently invest in online marketing efforts to get your online customers. A perfect digital marketing team can really be a game changer for every online retail store.

However, it will not be a walk in the park for you as hiring a digital marketing team is hard and implementing a unique strategy that brings in leads is even harder. Studies have proven that more than 92% of companies that blog at least once a day are reporting an increase in conversion. So out of all the verticals in the digital marketing, content marketing happens to be the best strategic approach to online selling.

Content marketing is not entirely under-rated, but people haven’t understood its fullest potential yet, in some places. Hiring professional content writers is crucial as their works directly reflect your point of view on the target audience. In other words, they are the portals that magically teleport your potential customers into loyal customers.

We aren’t against the fact that “content is the king”, but you need more than a king to build an empire. Here are some killer strategies that you might find helpful in designing an online retail store for your business.

Table of contents:
  1. Develop an engaging web design
  2. “About us” page – The most underrated page ever
  3. Join hands with other forces (brands)
  4. Don’t forget your customers
  5. Don’t turn a blind eye to social media
  6. SEO is the key
  7. Why should your site be mobile-responsive
  8. Keep an eye on your competitors
  9. Final words
Develop an engaging web design:

            Even if you sell the best product in the market, you will still stay in the dark if people aren’t aware of it. If you have an existing website and aren’t getting enough leads from it, now is the time to revamp it. Rethink your marketing strategies and develop an engaging web design that lures people.

            Fortunately, you have some favorable tides in this part, as there are thousands of templates online that you can choose from. Developing a complicated website design isn’t something that you should be proud of; in fact, you have made the wrong move here. You can captivate more visitors by sticking to minimalism for your entire website and avoiding visual elements that cause a distraction to the user. 

“About us” page – The most underrated page ever:

            People do not simply visit your “About Us” page; they are certainly interested in your services if they do. Now all you need to do is to fuel their interests by convincing them to get your products. Your achievements, testimonials, culture, etc., can be a great fit for this page. Ensure that your visitors find a way to get in touch with you by mentioning your email address, contact number, social media channels, etc., on it. 

Join hands with other forces (brands):

            Quality plays a major role in the number role, and in this case, you must establish a brand presence by joining hands with other companies. Apart from the monetary benefits that you are likely to gain with your association with other brands, it is free advertising!

            You can highlight your partner companies on your homepage, and it will surely create a positive impression on the visitors’ minds. It doesn’t matter how many brands you have collaborated with, as it will build up the trust. 

Don’t forget your customers:

            Once a customer has purchased your products, he/she will remain your customer even after the transaction. Providing after-sales support for your buyers is an effective way to turn them into loyal customers. There are tons of ways to get returning customers for your retail store, and integrating a live-chat feature is one of them. It can be an efficient alternative if you don’t have the resources to offer round-the-clock support from the ideal workforce.

Don’t turn a blind eye to social media:

            Advertising on social media channels is something every business does nowadays. It is a powerful way to connect with your target demographic on a personal and emotional level. However, not every brand will be able to pull off this feat easily.

            Ensure that you hire a reputed digital marketing team for this task to stay on the right track. It takes a creative mind to make an impression on the users. There are tons of tools that will help with this, and you can form strategies to focus on your future promotions. 

SEO is the key:

            In order to generate more traffic, you have to make sure that your posts contain SEO keywords. People are most likely to go with links that rank high in the search results. You can seamlessly track the search volumes and optimize your strategies based on them. Ranking high in the search results will be a tough task for you, but it’s worth the efforts. The intensity of competition in your niche will determine the difficulty of ranking. 

Why should your site be mobile-responsive?

            As people are sandwiched between their busy lives, smartphones are the portals for juggling between the ends. Mobile shopping has already accounted for about 45% of the total ecommerce shopping. As a store owner, it is crucial that your site be mobile responsive to get along with the growing usage of smartphones.

            By hiring a professional web development team, you will be able to pull off some crucial feats to optimize your site. It would be better if you stick to vertical designs over horizontal designs as it will go easy on mobile screens. 

Keep an eye on your competitors:

            No matter how good you are at something, you will always have a competitor. Although you have a strong business strategy, it is recommended that you keep an eye on your competitors as it is proven to be more advantageous.

Final words:

            One critical factor that is keeping people away from purchasing online is the lack of trust. And that should be your ultimate goal. By establishing a strong connection with your target customer, you will witness a significant increase in the number of conversions. Trust is your golden ticket to get ahead in this race. If you have a brick and mortar retail store, then you definitely stand a better chance to grow your online retail store much better than your online competitors without a physical retail store.

            Providing customers with more value for their money with flexible policies will boost a brand’s loyalty and shape your buyers’ interactions on your site. “With great customer services comes great profits,” this deserves to be a quote.