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Youbiz and Aspire (EMIs)
- Thread starter Nigital Domad
- Start date
Aspire sucks in a lot of ways. For example, I just found out you're unable to receive GST refunds from the IRAS into your Aspire account, which totally screws you if you need to claim GST back.
Also although you have a multi-currency account, it's got big limitations. Stripe won't send you USD payment because your USD Singapore account isn't based in Singapore, weirdly it's based in the UK.
Also this means you have weird conversations with clients when asking for payment, like:
"Yeah I'm based in France but my company is in Singapore, if you want to send me USD you need to send it to my UK bank account called The Currency Cloud Ltd which no one has ever heard of, but you may also need to add intermediary bank details for another UK bank which is Barclays"
rather than just saying: "Here's my DBS swift code and account number"
It feels very messy.
Also although you have a multi-currency account, it's got big limitations. Stripe won't send you USD payment because your USD Singapore account isn't based in Singapore, weirdly it's based in the UK.
Also this means you have weird conversations with clients when asking for payment, like:
"Yeah I'm based in France but my company is in Singapore, if you want to send me USD you need to send it to my UK bank account called The Currency Cloud Ltd which no one has ever heard of, but you may also need to add intermediary bank details for another UK bank which is Barclays"
rather than just saying: "Here's my DBS swift code and account number"
It feels very messy.
The Currency Cloud is owned by Visa lol and has excellent correspondent network and reputation. Everyone from the industry has no problem with that part afaik
In general yes. But at least some of their UK accounts can only receive with faster payments but not BACS/CHAPS. And then for example in the US, their Community Federal Savings account cannot be added to PayPal.
If you registered voluntary for GST, you'll need GIRO. I think only brick and mortar backs offer this. And even with them, you'll need then to have your signature on file, which may not be the case if you opened your account with their app.
true but it depends what service package the respective EMI uses as BaaS at TCC...
Or Stripe. And probably others too.
Do you know which bricks and mortar bank is easiest to get a business bank account for a foreign-owned business in Singapore? My company has been incorporated there around 18 months now, but I'm not a Singapore resident, I live in Taiwan. I've been managing as best I can with fintech but really need a traditional bank now, especially for GST.
I saw I can open a OCBC bank entirely online "in theory" but they require a Singapore mobile number which I don't have, and which seems impossible to get without going to Singapore. I am willing to travel there to open an account, just seeing how viable it is without going first.
https://www.ocbc.com/business-banking/smes/accounts/business-growth-account#tab2
It says "All businesses registered in Singapore" can apply and "get your account number on the spot when you apply online."
HSBC Premier Singapore. A personal account does the job. If you have HSBC Premier in Taiwan, it will be at no cost, otherwise, about 50 USD per month. You can open an account in the HSBC SG app, then you can tell your manager in Taiwan to let Singapore know that you are P1PA (Premier 1, Permier All). You then need to contact HSBC Singapore to add your signature. They will email you a form for that. You print that form and visit your HSBC Taiwan branch with your passport. They will ask you to sign and take copies of your passport. Give them the contact you have in Singapore and they will send the documents there. Once completed. You can apply for GIRO using the paper form. You enter all details of your personal HSBC account and send it off. You can then get refunds etc.
It is by far the easiest, at least if you have HSBC Premier. Otherwise, you can ask a friend from Singapore if you can use their account as they accept the account to be in any name.
You can get an eSIM online with most Singaporean providers.
https://www.singtel.com/personal/mobile/services/postpaid-esim
https://www.m1.com.sg/mobile/prepaid-plans/tourist-sim
https://www.starhub.com/personal/mobile/tourist-sim.html
If your phone cannot do eSIM, you can order a 9esim adapter online.
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But HSBC Premier is only a personal account right not a business bank account.
I do have a personal wealth banking account with UOB in Singapore but I was rejected for a business bank account when I first incorporated.
Regarding e-sims, I signed up for one and paid for it, only to be told I have to go into a physical store in Singapore to activate it for the first time.
HSBC also offers corporate accounts. But for your use case of voluntary GST registration, a personal account is more than enough.
If you have a personal UOB account, you can call it a day. Please go here and apply online. It will take minutes and you'll have your eGIRO account. You can then get all GST refunds sent there.
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Ah cool thanks for your help man, really appreciate it. I asked my accountant and they said it needed to be sent to a business bank account. Yet another reason I've found why my accountant is utterly s**t and needs to be replaced.
You can actually do the financial statements yourself and won't need an accountant. And even there is XBRL, it is not iXBRL and thus entirely useless. Just do PDF and you are good.
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