3 cash management pitfalls SMEs should be aware of
Proper cash flow management is crucial for SMEs. Here are some pitfalls you should be aware of and avoid them.
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5 ways to help your small business survive
UOB continues to extend unwavering support, especially in these challenging times through our value-added services under UOB BizSolution/BizMoney for SMEs.
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Understand the risks of import / export trades
Be aware of the trade financing and solutions available so that you can understand how to better manage your cash flow and cross-border trading risks.
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Why business insurance can help SMEs prosper
Business insurance protects company from unforeseen issues, improves the company’s credibility and boost employee productivity.
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Benefits
Easy to Manage
Monthly statement will be sent to you to keep you updated of your transactions and current balance with no charge.
Convenient
UOB Business Internet Banking 24-hour Electronic Banking Centres
Protected
Eligible for protection by PIDM.
Rates and Fees
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Feature
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Description
| Feature | Description |
| Minimum initial deposit | RM1,000 |
| Monthly service fee | Half-yearly service charge : RM10.00(Borrowing Account with average balance < RM1,000) Monthly Service Charge : RM 5.00(Non-borrowing Accounts with average balance < RM2,000) |
| Cheque clearing fees | RM0.50 per cheque |
| Early closure fee | RM20, if closed within 3 months |
| Feature |
| Minimum initial deposit |
| Monthly service fee |
| Cheque clearing fees |
| Early closure fee |
Visit our Fees and Charges page here for more details
Requirements
Sole Proprietor
Checklist of documents required for Sole Proprietor
- Identity Documents - MyKad(s) / NRIC(s) / Passport(s)
- Proof of Business Address (if registered address on official document is different from EXPERIAN search)
- Proof of Residential Address (where address is different from MyKad biometric or for foreigners)
- Certificate of Registration of Business (Borang D/E)
- Latest Trading / Business License
- Business Registration Information Form: for Sabah - Form P.K. 2960 (L) - 94 | for Sarawak - Form R.20-Pind 1/86
Partnership
Checklist of documents required for Partnership
- Identity Documents - MyKad(s) / NRIC(s) / Passport(s)
- Proof of Business Address (if registered address on official document is different from EXPERIAN search)
- Proof of Residential Address (where address is different from MyKad biometric or for foreigners)
- Account & Services Resolution
- Certificate of Registration of Business (Borang D/E)
- Latest Trading / Business License
- Business Registration Information Form: for Sabah - Form P.K. 2960 (L) - 94 | for Sarawak - Form R.20-Pind 1/86
Limited Liability Partnership
Checklist of documents required for Limited Liability Partnership (LLP)
- Identity Documents - MyKad(s) / NRIC(s) / Passport(s)
- Proof of Business Address (if registered address on official document is different from EXPERIAN search)
- Proof of Residential Address (where address is different from MyKad biometric or for foreigners)
- Notice of Registration
- Certificate of Registration of Business
- Limited Liability Partnership Agreement
- Account & Services Resolution
Private Limited Company
Checklist of documents required for Private Limited Company
- Identity Documents - MyKad(s) / NRIC(s) / Passport(s)
- Proof of Business Address (if registered address on official document is different from EXPERIAN search)
- Proof of Residential Address (where address is different from MyKad biometric or for foreigners)
- Account & Services Resolution
[Companies Act 1965]
- Certificate of Incorporation
- Form 44 - Notice of Situation of Registered Office and of Office Hours and Particulars of Charges, where applicable
- Form 49 - List of Directors, Managers and Secretaries
- Form 24 - Return of Shareholdings
- Memorandum and Articles of Association
[Companies Act 2016]
- Certificate of Incorporation, where applicable
- The Application of Registration of a Company form or Notification of Change in the Register of Directors, Managers and Secretaries form or latest Form 49, whichever is applicable
- The Application for Registration of a Company form or Return for Allotment of Shares form or Form 24, whichever is applicable
- The Application for Registration of a Company form or Notification for Change in the Registered Address form or Form 44, whichever is applicable
- Constitution
- Memorandum and Articles of Association
Society / Club / Association
Checklist of documents required for Society / Club / Association
- Identity Documents - MyKad(s) / NRIC(s) / Passport(s)
- Proof of Business Address (if registered address on official document is different from EXPERIAN search)
- Proof of Residential Address (where address is different from MyKad biometric or for foreigners)
- Certificate of Registration
- Constitution, Rules and/or By-laws
- Statement of particulars of the present principal office bearers
- Minutes of Committee Meeting
- Account & Services Resolution
Terms and Conditions Current Account-i is available under the concepts of Qard. Under the concept of Qard, the Bank takes an interest free loan from the Customer, transferring the funds’ ownership from the Customer to the Bank. The Bank is therefore allowed to use the funds for banking activities. The loan is payable upon demand by the Customer at any time, and the Bank guarantees the return of the principal amount on request. The above contract guarantees the Customer’s principal and is protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000.00 for each depositor. Based on the Tawarruq arrangement, underpinned by the Murabahah contract (Cost Plus Profit Sale), it secures a Customer’s principal and agrees up-front on the rate of return via the sale contract of Murabahah (using Commodities). The Bank then will become the Customer’s “Purchasing” and “Selling” Agent in a dual-agency arrangement. This allows the Customer to instruct the Bank to act on their behalf, to enter into a Tawarruq arrangement. This structure guarantees Customers’ principal, fixes the Customer’s profit (if held for the month), and is protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000.00 for each depositor. Deposit Insurance System |
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Account & Transact
Investment Foreign Currency Account-i
Maximise your extra cash with UOB Investment Foreign Currency Account-i.
- Flexible investment with liquidity
- Profit rates on selected currencies when a minimum average monthly balance is met.
- Foreign currencies accepted for deposit are US Dollar, Australian Dollar, New Zealand Dollar, Sterling Pound, Euro, Hong Kong Dollar, Singapore Dollar and Japanese Yen
Account & Transact
Trade Foreign Currency Account-i
Get an account that can cross borders as easily as you.
- Protect you against exchange rate currency fluctuation
- Call account pays interest subject to a specified minimum average balance
- Wide selection of major foreign currencies are US Dollar, Australian Dollar, New Zealand Dollar, Sterling Pound, Euro, Hong Kong Dollar, Singapore Dollar and Japanese Yen
Account & Transact
Basic Current Account-i
Open a Shariah-compliant Basic Current Account-i for SMEs with us and enjoy simplicity with our chequeing facilities Based on the Shariah principle of Qard (loan).
- Enjoy low minimum opening balance for your newly established business
- Basic banking services at minimal costs
- Protected by PIDM up to RM250,000 for each depositor
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