If you have a business or are planning to start one, it’s important to have the right business account to handle all your finances. Having a business bank account can help with running your operations, ranging from paying employees to applying for business loans/financings.

However, not all business bank accounts are the same, with different types offering different benefits depending on the nature of your business.

For example, OCBC offers two forms of business banking accounts, which are the OCBC eBiz Account and the OCBC eBiz Account-i. While both offer similar functionalities and banking tools, the OCBC eBiz Account-i is suited to businesses looking for a Shariah-compliant banking account.

To help you decide which is the best bank to open a business account, we take a closer look at what small businesses and online businesses really need when it comes to banking services.

Benefits of choosing the right bank account for your business

Opening and choosing the right bank account for your business can help you in ways that you might not expect.

One example is the ability to secure more funds for your business. A survey conducted by NAV Technologies showed that 70% of businesses without a business account were turned down for a business loan, as it was harder for banks to measure their cash flow.

With a business bank account, financial institutions can look at your revenue, business credit, and other cash flow, when considering approval for a business loan.

Plus, it will be easier to establish business credibility as the account will be separate from your own personal bank account. This is important when you plan to scale or grow your business.

The right bank account for your business will also give you the financial tools you need to help organise and manage your business finances easier, further improving your bookkeeping and cash flow management.

Business banking accounts for small businesses

The ideal small business banking account should take into consideration that you may be too busy to step away from your business and that your capital and cash flow management may be challenging.

This means you will want to make sure that the business banking account for you offers an online application option so that you can apply at your own convenience. You would also want to ensure that the deposit requirement does not burden your business.

It should also offer all the necessary features, such as mobile banking applications, and dedicated customer support for business account holders.

If you’re looking for the best bank for a business account, it should:

• Have an easy application process

• Offers low initial deposit requirements

• Provide a fully online application option

• Come with a range of digital financial tools for small businesses

Business banking account for online businesses

If you are running an online business, the best online business banking account must allow you to carry out all your transactions seamlessly online. Whether it is transferring funds, paying suppliers’ bills electronically or being able to access your transactions easily on your mobile, the best online business bank account lets you focus on running your digital ventures.

Look for a hassle-free fully online application option, seamless integration with payment gateways and access to realtime account information to manage your business expenses. Other benefits you should look for are digital financial tools to stay on top of your business.

For example, OCBC eBiz Account and OCBC eBiz Account-i give you complimentary access to the Business Mobile Banking app, Business Financial Management and OCBC Velocity (Internet Banking), where you will also enjoy access to live FX rates.

Look for these benefits when choosing a bank for your online business account:

• Allow seamless integration with your online business

• Be cost-effective for you to set up the account

• Provide additional financial tools to support your online business

• Have a 100% online signup process

Shariah-compliant business banking account

The halal economy in Malaysia is a growing market with the halal food industry alone bringing in RM59.46 billion in 2022. As such, there is a growing demand for business banking accounts that cater to businesses operating in the halal industry.

If you intend to start or own a halal business, then a Shariah or Islamic business banking account would be best suited for you.

While this type of account would offer the same benefits as a normal business banking account, it also adds the benefits of being a Shariah-compliant account based on Shariah contracts.

Why choose OCBC?

Finding a bank that provides all the necessary features and tools needed for small and online businesses can be difficult.

OCBC Bank, through the OCBC eBiz Account and OCBC eBiz Account-i, aims to fill that role by being the best business banking account for LLCs / Sdn. Bhd., sole proprietorships, businesses with no more than 2 partners/directors, small businesses, and even online businesses. This is made possible through the exceptional features and services of these banking accounts.

What is an LLC?

Limited Liability Company (also known as a Sendirian Berhad or Sdn Bhd) is a form of business structure where you have limited liabilities based on your activity in the company.

Usually consisting of around 2 to 50 people, a major advantage of an LLC is that your assets will be protected if your company goes bankrupt as you are not liable for the company’s debts and/or losses.

Both OCBC eBiz Account and OCBC eBiz Account-i offer:

• 100% online application

  No branch visits needed. Simply verify your identity via the eKYC verification portal.

• Low initial deposit

  It only takes RM500 to open your first business banking account.

• Business debit card/debit card-I

  A business debit card directly linked to your OCBC eBiz Account/OCBC eBiz Account-i to better manage your expenses.

• Contactless payment solutions

  The ability to offer contactless payments through QR codes or debit/credit cards.

• FX Online platform

  View live FX rates and book contracts instantly via the OCBC Velocity.

• Complimentary digital tools

  A suite of digital financial tools that helps you stay on top of your business, anytime, anywhere with the Business Mobile Banking app, OCBC Velocity (Internet Banking) and Business Financial Management.

In addition to the wide range of benefits, OCBC offers numerous tools to make your business Go Digital, such as OneCollect, to further streamline your business operations.

At the end of the day, the best banking account should always aim to simplify and improve the financial management of your small or online business and provide the right support for your business.

Create your business account today with the OCBC eBiz Account or OCBC eBiz Account-i for Shariah-compliant businesses.