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Anonymous

18 Apr 2019

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I’ve just started a sole proprietorship. I want to separate business profits and personal savings. Should I open a corporate account or use my DBS multi currency account to receive all revenues?

Just require an account which I receive payment and deposit cash sales (Amt is 10k per month), after which I will split up the revenue into CIMB fastsaver, STI index etc.

I would also want to make use of UEN PayNow, which could be linked to the DBS multi currency account.

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Hariz Arthur Maloy

29 Oct 2018

Independent Financial Advisor at Promiseland Independent

Separate it. Pay yourself dividends from your business and that'll be tax free instead of salary. Good for accounting as well.

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