DBS Bank launches account for start-ups

DBS can now lend support to over 50,000 companies established in Singapore each year.

According to a release, the DBS Entrepreneur’s Account for Start-ups, which is the most comprehensive and competitive package for newly established companies in Singapore, is the latest among a series of initiatives by DBS as it continues to execute against strategy to build a leading regional SME franchise.

SMEs are the backbone of the economy, as well as the most important creators of new jobs and incubators of innovation. As Asia continues to drive global growth, Asian SMEs are expected to expand beyond their home markets and could emerge as the multinational corporations of tomorrow. In 2009, 136 Asian companies were on the Fortune 500 global list. Last year, there were 147.

To qualify for the DBS Entrepreneur’s Account for Start-ups package, companies should be incorporated in Singapore and sign up within six months of registering with the Accounting and Corporate Regulatory Authority. The minimum initial deposit required is SGD500.

Start-ups have access to the DBS eAdvice service. The new notification service allows entrepreneurs to be kept up-to-date on all their remittance transactions, either through email or SMS. This translates to time savings for the business owners as it reduces the number of calls or visits to the bank to check on the status of these transactions.

The account also provides affordable banking services that help firms mitigate against rising business costs. Upon signing up, the start-ups will reap cost savings as a host of banking fees is waived. For example, the service charge on the account is waived for the first six months. DBS will also waive the setup and subscription fees for DBS IDEAL corporate internet banking as well as charges on GIRO transactions for two years.

In addition, the account offers value-added services that are important to companies which are just starting out. In Singapore, under the Workmen’s Compensation Act, an employer is required by law to take up work injury compensation insurance for his or her employees. To facilitate the acquisition of this insurance coverage, DBS has bundled the DBS BizShield Value plan with its Entrepreneur’s Account for Start-Ups. DBS is providing a 50% discount on the BizShield Value package when it is taken up with the opening of the Entrepreneur’s Account.

In recognition of the importance of cashflow to start-ups, the package also comes with the DBS Business Advance VISA Debit Card. The debit card provides cardholders with a 0.3% cash rebate when they sign for purchases or place orders via the Internet, mail or telephone with merchants who accept VISA.