As an entrepreneur, you have to make sure that you take care of and secure your business’ finances. One of the common mistakes by new business owners is that they combine it with their personal accounts. The problem with that is it would be challenging to monitor and manage the money intended for your business.
This can be fixed by ensuring that your business has its own bank account. If you have international business transactions, like in China or Hong Kong, it is vital to have an rmb business bank account. But before applying for one, here’s what you should consider.
What is a Corporate Bank Account?
A corporate or business bank account is where you can easily manage the money intended for your business. It’s a separate one from your personal bank account. It is not only a requirement but is also good to keep your business financial transactions separate. Also, it would be too difficult to handle and manage your business money if you are using your personal account.
Opening A Business Bank Account
Now that there is a growing rate of activities between China or Hong Kong and other countries, it is best that you choose to open an RMB corporate account. This is exactly what DBS RMB Corporate Account offers. If you have business transactions with these countries, then you must know that DBS SME Banking has so many benefits they can offer to their clients. There are plenty of reasons why you should consider choosing DBS RMB Corporate Accounts.
This is specifically designed for companies, even SMEs that have cross-border transactions with China. This way, you can easily manage your inward and outward remittances. It helps you save on FX costs and efficiently trade in Renminbi. Also, with an RMB corporate account, you can start accepting credit card payments while international financial transactions are made easy, as well as rmb remittance is more convenient.
Apply For DBS RMB Corporate Account
So what are you waiting for? If you don’t have a corporate bank account yet, then this is the sign that you should get one soon. And you know which provider to trust – DBS SME Banking. Applying for a corporate bank account comes with plenty of benefits. This opens up new doors for your business as there are plenty more that you can do if you have a business bank account. If you know that you need one, then go ahead and check out your options.