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The Entrepreneur

Bank Account for Startups and New Businesses

March 26, 2012  |  The Entrepreneur  |  Banking, DBS, Entrepreneur, finance, OCBC, SMEs banking, Standard Chartered, startup  |  No Comments

Having used Standard Chartered Bank as my companies account the past two years and the experience so far has been a smooth sailing one. Planning to start one more corporate account, I compared the three banks of my choice – DBS, OCBC and Standard Chartered. Not sure if other banks offer cash management account for new businesses, I picked these three just because I’ve got at least a personal account with all of them.

Here’s my comparison table, drafted based on information from their website.

Banks/Acc Type Initial Deposit Min. Mthly Bal Fall below fee Facilities/ Cards Annual Fee
DBS Entrepreneur’s Account for Start-ups S$500 S$10,000
(No min. balance for first 6 months)
S$15
  • Cheque Express via DBS IDEAL
  • DBS IDEAL free for 2 years
  • DBS Business Advance Card free for 2 years
Unsure
OCBC Business Entrepreneur Account S$500 S$8,000
(No min. balance for first 6 months)
S$25
  • Unlimited free cheques for first 2 years
  • Lifetime free Business Card (NETS/ATM/ Mastercard) – Debit card
  • Internet banking via Velocity@ocbc
S$30
Standard Chartered Essential Lite Account S$1 No. min. balance required NA Pay-as-you-use cheque book at S$1 per cheque NIL

Depending on what’s your needs and expected cash flow and use of cheques and GIRO/transfer facilities, each bank offers a different package for SMEs. From the looks of it, I’ll be sticking with Standard Chartered since its the most basic and it meets my needs.

Are you running a startup too? Which bank are you using and why?

Stop Dreaming and Get It Done!

April 1, 2011  |  Happenings, The Entrepreneur  |  contests, Entrepreneur, Martell VSOP, The Ultimate Start-Up Space  |  No Comments

That’s what I told myself three years back when I decided to stop thinking about being my own boss and just get it going! There never was a dull moment during this journey and I cannot see myself working for others in the near future. Its like eating your favorite chips, once you start munching, you just don’t want to stop.

I’m sure, everyone at some point in life will have thought of starting on its own before. Ideas are limitless and if only resources are so too. When one starts to ponder further into the business idea, the risk, the amount of time needed, the rental, the seed money to get it going and all other elements fill your mind, and one ends up continue living life as it is. Business idea left on the shelf and never touched.

If you are like that, here’s your chance to find that idea book, blow away the dust and get working on it! Your chance is here to win the Ultimate Start-Up Space located along Boon Tat Street, a nice place to get your business started. Best part? It’s free for a year plus you’ll receive funding support and training by experts to guide you through the journey. $20,000 isn’t going to be enough for a business to get going? Well, get all your friends, families, supporters to help! Martell will have the platform for the finalists to crowdsource for more funds to kick start the business. You’ll never know how much the ultimate seed fund is going to be!

As I’m typing this, my mind’s filled with so many possibilities already! I’m going to try my luck in this for sure! Join me and the many more dreamers in this journey to win our chance to own and kick off our business idea at The Ultimate Start-Up Space!

More details can be found on their website.

The Number Game

August 8, 2010  |  The Entrepreneur, Work Related  |  24seven, Accounting, Freeagent, less accounting, Xero  |  2 comments

No thanks to my lack of discipline and time to keep my accounting books in order, my entire financial system is in total mess. With more and more invoices, payments and receipts flying my way monthly, the accounting workflow I used last year can no longer help support the needs of my company and me. So the search for the right accounting system began. And after a week of research and trying I’ve finally decided.

What I’m looking out for when trying the various accounting system?

  • System UI and simplicity of workflow.
  • Web-based so that I can access anywhere and not worry my MBP will die one day with all my accounts gone.
  • Multi-user and level access.
  • Project management or costing feature.
  • Easy creation and converting of quotations and proposals to invoices.
  • Flexibility of templates for quotes, proposals and invoices.
  • And of course, the cost.

Here in this post, I’m sharing and giving a brief review of the accounting systems which I’ve evaluated and tested.

Read More

Claudia on SHAPE magazine? You’re kidding!

July 31, 2010  |  News, The Entrepreneur  |  Featured, magazine, Press, Shape  |  3 comments

I laughed when I was told about this opportunity. Me? In SHAPE magazine? My perception of the magazine is where the slim, healthy and sunshine-type of women are featured. The monthly cover with perfect body female in bikini makes the pear-shaped body me feels motivated to want to slim off and be like the cover girl. After multiple attempts, many of us gave up. Some things are better left the way it is. Staying healthy is more important than having a to-die-for-figure. (Self-reassurance speaking)

The 3-page story, written by Esther, shares the story behind seven women whom SHAPE admires. I was labelled as the Entrepreneur, a young boss and one who embraces work-live balance. Well, all three relatively true in some ways. But I’ve to admit, it’s not 100% all the time, especially the work-life balance portion. In such hectic and fast paced reality, and still much in the infancy stage of the business, my team and I take every project we have very seriously and put in all we can to ensure it’s success. We are more than grateful if we can have a peaceful weekend to rest!

So, if you have not read the article about these seven women, go get yourself a copy. Might post up snapshot of my portion later in August.

Aside: @nadnut spotted me and tweeted my pic. And @jerricklim and @nanyate tweeted that I’m hot! I blushed. But personally, I prefer the camwhored photos with my 7D that day.

The Heat Is Up Again!

June 29, 2010  |  The Entrepreneur  |  Scribbled  |  No Comments

No I’m not complaining.
In fact I’m loving it!
But the reality is,
I am running out of time.

It has been
and will be
an exciting year ahead!
I wish she was still around.
(But am glad she’s living
an exciting journey.)
Blessed to have
my great team!

Wish for some rest this weekend.
Not looking forward to blowing
any candles.
I’m old.

Can’t wait for dancing queen
and voulez-vous… ah ha!

What I learnt from Chris Ling

June 21, 2010  |  The Entrepreneur  |  24seven, Chris Ling, photography, tips  |  No Comments

Recently we had an intimate sharing with Chris Ling, one of the pioneers in the local (and international) wedding photography scene. Though it was a photography sharing session, I walked away learning more than that. His words inspired me.

Quoting one phrase he shared which left deep impression in my mind and will be using it for future hire for 24seven…

If you’re working for me, you don’t come.
If you’re working for yourself, you’re welcome.

Here’s a snippet of Chris Ling sharing on his journey towards his career…

More about this sharing session on Blogpress.sg soon! With photography tips learned that night of course! :)

Stay Hungry. Stay Foolish.

June 7, 2010  |  The Entrepreneur  |  Inspiration, Steve Jobs, youtube  |  3 comments

I’m inspired! Can’t tell you how much this video with Steve Jobs speech from 2005 has fueled me with even more strength and inspiration!

If you’ve not watched it, go please spend the next 15 minutes of your life on this video. It’ll be one of the best 15 minutes ever!

I’m staying hungry and foolish for as long as I live. Speaking of which, new things happening in my life now… will share more when its ready. :)

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