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? - Seedly
 

Bank Account

Asked by Anonymous

Asked on 29 Oct 2018

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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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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