Sleek Singapore review: Business account features, fees, and benefits

Rating

Overall rating: 3.8/5

Methodology

Our evaluation of the Sleek Business Account is based on a clear and transparent rating framework, designed to provide an objective overview of the product's quality and performance. Here’s how we calculate the final score:

Arithmetic mean approach

The final score is deduced by calculating the arithmetic mean, which involves adding up each individual category score and dividing the result by the number of categories.

Equal weighting

There are 5 categories – Features, Pricing transparency & FX, Global payments, Ease of onboarding, and Support & ecosystem – and each is assigned equal importance to ensure a balanced and unbiased score.

Data sources

Our scores and rating are based on official documentation, publicly available pricing and feature details, third-party reviews, and verified user feedback.

Interpretation caveat

While our endeavour is to provide a fair and objective benchmark, it must be noted that our rating does not reflect individual business priorities.

Intended use

The final rating serves as a general performance indicator and can be used to make comparisons and aid decision-making. However, it should be considered alongside your business’ specific needs and priorities.

[Table:1]

Sleek key features

Sleek was established in Singapore in 2017 by French entrepreneurs Julien Labruyere and Adrien Barthelis as an all-inclusive online accounting platform for small firms and limited companies. It has since grown into a full-fledged corporate services platform with 450,000 clients in over 100 countries and local teams in Singapore, Hong Kong, the UK, and Australia. Services cover company incorporation, accounting and bookkeeping, corporate tax filing, work visa applications, corporate secretary and nominee director duties, and business banking.

The Sleek Business Account is available only to Sleek customers who have used its services to register their company or are actively using its accounting, corporate secretary, and other services.

Listed here are the account's best features:

SGD account with multi-currency support

The Sleek Business Account is an SGD virtual account with multi-currency support. It facilitates incoming and outgoing transfers in 12 currencies – SGD, USD, EUR, GBP, AUD, CAD, HKD, NZD, NOK, SEK, CHF, and JPY – within Singapore and overseas.

Advantageous for foreign entrepreneurs

The account ca be opened online and remotely, which is in the interest of foreign entrepreneurs looking to enter the Singapore market. Sleek services are easily available to foreign entities, even those without an Employment Pass as well as companies with 100% foreign ownership. This is in contrast with the slow and document-heavy processes of traditional banks, many of which insist on in-person interviews.

Zero fees and competitive FX rates

It is a highly affordable account with no monthly, annual, or fall below fees as well as no initial deposit and minimum balance requirements. Competitive rates on FX are also available.

Virtual corporate cards

The account comes with virtual corporate cards powered by Visa, which are instantly issued and intended to boost companies' spending power. Card managers can customise their cards by setting spend limits and control it use conveniently from their phone.

Fast and online account opening

The account opening process is straightforward, fast, entirely online, and mostly paperless.

All-in-one services

The account comes with automatic access to the platform's accounting, incorporation, tax filing, GST registration, and other services. By signing up with Sleek and buying one of its plans, you'll receive banking, financial, and administrative services bundled into one package and consolidated on a centralised dashboard for ease of use and complete visibility.

Partnership benefits

Sleek has a wide network of partnerships with companies providing financial, payment, insurance, HR, workspace, software, and accounting services. Account holders receive exclusive partner perks in the form of discounts and cashbacks.

Sleek fees and exchange rates

Here's what you pay when using a Sleek Business Account:

Account fees

You don't need to pay an account opening or monthly fees and there is no initial deposit amount. You are also not required to maintain a minimum balance.

Transfer fees

Sleek handles local payments through the FAST system and international payments through SWIFT. There is a transaction limit of SGD $200,000 or its equivalent in a foreign currency on outgoing payments.

Local payments in SGD (incoming and outgoing) are free.

Using Sleek to pay your overseas suppliers or clients incurs partner bank charges, which might include some or all of the following:

• Handling commission of 0.125% of the transaction amount, with a minimum of SGD $30 and a maximum of SGD $120
  
• Bank charges for transactions via multi-currency pockets (not disclosed)
  
• Cable charge (approximately SGD $20)
  
• Agent charge (approximately SGD $20, if applicable)
  
• Additional miscellaneous costs
  

Receiving a payment, regardless of currency, costs $10 in handling fees charged by the receiving bank.

While transfer fees for international payments are high on paper, Sleek offers 85% off on select corridors, making the effective cost significantly lower.

Exchange rates

Sleek offers competitive rates on foreign exchange starting from 0.2%. However, mark-ups are not disclosed.

Other costs

Sleek is first and foremost a corporate services provider and offers various plans for its bundled products. For example, its starter pack for Singapore residents costs SGD $650 and covers company incorporation services, unlimited corporate secretary duties, a business account, and partner perks. The same pack for non-resident companies costs SGD $2,200 but comes with additional features like accounting services and tax support. Similarly, its Full Compliance plan costs SGD $1,600 for residents and SGD $3,788 for non-residents.

How to open a Sleek business account

All you need to know about the eligibility criteria, documents required, and process for opening an account:

Eligibility

The Sleek Business Account is available to Sleek customers who must also be registered with ACRA. Private limited companies make up the largest chunk of Sleek clients. Eligibility extends to Singapore companies as well as businesses registered outside Singapore. It must be noted that Sleek clients are not guaranteed a business account and must go through the necessary checks to qualify for one.

Sleek doesn't accept applications from various prohibited jurisdictions or countries as well as from businesses engaged in prohibited activities such as massage parlours, banks, private equity firms, cigarette and tobacco product manufacturers, and so on.

Documents reqired

No paperwork is required at the application stage. Sleek uses documents submitted during incorporation or service onboarding to verify applicant details. Common incorporation documents include ACRA registration details, passport and residential address proof for foreign directors and shareholders, etc. If required, Sleek might ask for additional documents – such as a short-term business plan or bank reference – at any time during account opening.

Sleek business account opening – Step-by-step guide

• Log in to your Sleek account
  
• Click on the 'Request' tab on the left side bar
  
• Scroll down and click on 'I would like to open a bank account'
  
• Then, click on the 'Create a new request' tab to begin your application process
  
• Fill up the application form (it usually takes 5 minutes)
  
• Choose the 'Sleek Business Account' option and click on 'Next'
  
• Fill in the required details and submit
  

After the process is completed, the applicant will receive a confirmation email followed by details of the next steps to be taken. After final checks, the account is approved and activated.

Who is Sleek Singapore best suited for?

The Sleek Business Account is naturally suited for Sleek customers who seek a complete suite of corporate services in addition to a corporate bank account.

Its remote setup facility and 100% online account opening benefits foreign entrepreneurs, giving them the flexibility to open their account without the need for in-person verification. What's more, they are not required to hold an Employment Pass to qualify for the account.

Meanwhile, its zero account fee structure, cross-border payments facility, corporate cards, and fast and paperless online onboarding makes it a tailored choice for startups and small firms with global ambitions.

We also recommend Sleek for tech startups and SaaS companies, which might benefit from its integrations, partnerships, and fully digital processes.

Sleek is not a good fit for:

Businesses requiring extensive multi-currency support or companies with large cash transactions that need cash handling facilities and physical branches.

Sleek business account pros and cons

The main advantages of a Sleek Business Account:

• Business account with multi-currency support facilitating local and international transfers
  
• Zero account fees with no initial deposit or minimum balance requirement
  
• Funds protected by partner bank (DBS)
  
• Instantly issued Visa corporate cards
  
• Competitive rates on foreign exchange
  
• Big discount on transaction fees
  
• Quick and paperless online account opening
  
• Numerous integrations, including with cloud-based accounting and bookkeeping software SleekBooks
  
• Partnership perks
  
• All-in-one setup (the business account comes as part of a package with incorporation, accounting, and compliance services included)
  

Meanwhile, the disadvantages are:

• Limited currency support
  
• Transaction fees might be high on some international corridors
  
• No cash handling
  
• No physical branches
  

Sleek ratings across platforms

• Trustpilot: 3.9 out of 5 with praise for customer service, user-friendly experience, and response time
  
• Google: 4.5 out of 5
  

Sleek vs Aspire: A comparison

As Singapore-based fintech companies providing business accounts, here's a comparison of Sleek and Aspire:

[Table:2]

While being rival fintechs, Sleek and Aspire also have a partnership under which the latter provides advanced expense management services to the former's clients. Sleek clients who sign up for Aspire's multi-currency business account under this partnership gain from priority onboarding, an SGD $250 cashback on a minimum deposit of SGD $1,000, and 20% cashback on Sleek service renewals using Aspire corporate cards.

Other alternatives to Sleek

• Airwallex: The Airwallex business account offers wider currency support with payments in 22 currencies across 150 countries. It comes with virtual and physical debit cards and accounting and e-commerce integrations. It has a free plan for startups and small companies looking for affordability. On the downside, FX rates might be on the higher side on some corridors.
  
• Wise: Its multi-currency business account facilitates payments in more than 40 currencies across 70+ countries. It also provides debit cards and accounting integrations, and supports batch payments. Wise Business is known for competitive FX rates with transparent pricing. However, account setup can take up to 10 working days.
  

Conclusion

Sleek's distinguishing feature is its one-stop business management platform with a wide range of services such as company incorporation, business account, tax filing, compliance, accounting and bookkeeping, GST registration, work visa and employment pass, company secretary, nominee director, and so on. However, its business account comes with a few limitations, including limited currency support. It is also designed to be integrated with Sleek's other services, making it unavailable to businesses that don't use the platform.

In contrast, Aspire offers a more dynamic business account with greater foreign currency and global payments support, competitive and transparent pricing, and no account fees. Its expense management platform is also comparatively more advanced, featuring unlimited virtual corporate cards, customised approval workflows, broader budget and spend control features, and multiple accounting integrations that allow you to close your books twice as fast.

FAQs

What is the Sleek business account?

It is a virtual SGD account with multi-currency support that is designed to help businesses manage their banking, accounting, and compliance all on one platform.

Who is the CEO of Sleek?

The CEO of Sleek Singapore is Julien Labruyere, who co-founded the company with fellow Frenchman Adrien Barthel.

Which company is best for a business account in Singapore?

In Singapore, business accounts are offered by traditional banks, fintech companies (such as Aspire), and various other non-banking financial institutions. Picking the best business account in Singapore depends on various factors such as price, speed, multi-currency support, international transfer facility, digital banking service, and, most importantly, a company's specific needs. The Aspire business account, for instance, suits startups and small businesses due to its zero account fee structure, absence of minimum balance requirement, unlimited corporate cards, fast onboarding, and access to integrated expense management, payables management, and accounting integrations.

How do I avoid business account fees?

To avoid account fees, you can choose a zero-fee account or maintain the minimum balance requirement to avoid fall below fees.

Is Sleek Singapore legit?

Yes, Sleek is a legitimate corporate service provider with a licence from the Monetary Authority of Singapore. Apart from being a regulated Singapore company, it also offers various safeguards, such as holding client funds in a segregated account with partner bank DBS, using advanced encryption to protect client data, and following strict compliance standards.