All-In-One Corporate Services: Is a Sleek Business Account Right for You?

Running a business comes with its fair share of administrative headaches. Between company incorporation, accounting, compliance, and finding a business account that actually works for your global ambitions, it's easy to feel overwhelmed by the bureaucracy. Traditional banking systems often feel cumbersome and outdated, making you wonder if there's a better way to get set up and handle your business finances.

That's where digital solutions like Sleek come in. This guide will walk you through everything you need to know about Sleek's business account offering and how it fits into their broader corporate services ecosystem. We'll also explore how Wise Business can seamlessly integrate with Sleek to give you the best of both worlds: comprehensive corporate services and powerful international payment capabilities for less fees.

Table of contents
Sleek Business Account overview How Sleek compares to traditional Singapore banks Which Singapore businesses benefit most from a Sleek business account Sleek Business Account vs Wise Business Sleek fees and charges in detail How to open a Sleek Business Account FAQs about Sleek

Sleek Business Account overview

Sleek isn't your typical fintech startup. Founded in 2017 by French entrepreneurs Julien Labruyere and Adrien Barthel, this Singapore-headquartered company has grown into a comprehensive corporate services provider serving over 450,000 clients across 110 countries¹.

What sets Sleek apart is its one-stop-shop approach. Rather than just offering a business account, they've built an entire ecosystem around the needs of entrepreneurs and SMEs. Their services span company incorporation, corporate secretary duties, accounting and bookkeeping, tax filing, employment visa services, and yes - business accounts, too.

Signing up for their full incorporation services (from SGD 650²) gives you free access to their business account services.

The Sleek business account itself is a virtual account service that operates under their Major Payment Institution licence from the Monetary Authority of Singapore (licence No. PS20200521). This means your funds are safeguarded in segregated customer accounts with DBS Bank, giving you the regulatory protection you'd expect from a licensed financial institution.

Here's what makes their business account particularly attractive for Singapore companies:

• No minimum balance requirements¹ - you won't be penalised for keeping lower balances
• No initial deposit needed¹ - you can open an account without any upfront payment
• Zero monthly or annual fees¹ - keeping costs predictable for growing businesses
• Virtual corporate cards - for convenient business spending management
• “Competitive” foreign exchange rates - though specific markup rates aren't publicly disclosed

What's particularly clever about Sleek's approach is its trusted partners ecosystem. They've negotiated exclusive deals worth over SGD 30,000 in combined value, including SGD 10,000 in Stripe processing volume credits, three months of fee-free FX with WorldFirst, and AWS credits for tech companies³. These partnerships can add genuine value, especially for startups looking to keep costs down during their early growth phases.

How Sleek compares to traditional Singapore banks

Traditional Singapore banks like DBS, OCBC, and UOB typically require significant minimum deposits and balances. For instance, OCBC's Business Growth Account requires a SGD 1,000 initial deposit and SGD 1,000 minimum balance, and applies a monthly fall below fee of SGD 15, while a DBS Multi-Currency Account requires a monthly fee of SGD 10.

➡️Check out our Guide to 2025 Startup Bank Accounts here

In contrast, Sleek's zero-deposit, zero-balance approach removes these barriers entirely. However, traditional banks offer advantages like established ATM networks, in-person branch services, and comprehensive business lending facilities that Sleek doesn't provide.

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Which Singapore businesses benefit most from a Sleek Business Account

Sleek business accounts particularly suit certain types of Singapore businesses like tech startups and SaaS companies, which benefit from the integration with partners like AWS and Stripe, while the zero-fee structure helps preserve cash flow during early growth phases.

E-commerce businesses appreciate the virtual card functionality for managing online advertising spend and supplier payments. Professional services firms - consultancies, agencies, and freelancers - find that the integrated accounting and compliance services eliminate the need for multiple service providers.

However, businesses with high cash transaction volumes might find the virtual-only account limiting. Similarly, companies requiring extensive business lending facilities or complex trade finance products would need to supplement Sleek with traditional banking relationships. If you're in retail, manufacturing, or need regular cash handling and face-to-face banking relationships, traditional banks might still be worth the higher costs.

The sweet spot is digitally-native businesses or startups with primarily online operations and international ambitions.

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Sleek Business Account vs Wise Business

While Sleek excels at corporate administration, Wise Business brings something different to the table: true multi-currency capabilities and transparent international payment solutions. Understanding the unique benefits of these two services and how they might complement each other is crucial for making the right choice for your business.

Wise Business is a fintech solution that's licensed by the Monetary Authority of Singapore and operates across multiple countries. Unlike Sleek's focus on corporate services, Wise specialises in cross-border payments and multi-currency account management for businesses of all sizes.

Here's how they stack up:

Feature	Sleek Business Account	Wise Business
Account Opening Fee	SGD 0	SGD 99 one-time setup fee
Monthly Maintenance	SGD 0	No monthly fees after setup
Supported Currencies	Transact in 37 currencies¹	Hold 40+ currencies
Exchange Rates	Competitive rates (markup not disclosed)	Mid-market rate with conversion fees from 0.26%
Debit Cards	Virtual corporate cards	Physical and virtual cards
Eligibility	Singapore-registered companies; foreigners welcome without Employment Pass	Available globally; online application
Account Details	Virtual SGD account	Local account details in 8+ currencies
Accounting Integration	Syncs with Sleek's own accounting services	Integrates with Xero, QuickBooks, FreeAgent, Sage, and more
Fund Safeguarding	DBS Bank segregated accounts	Funds are segregated in accordance with the Monetary Authority of Singapore

Details accurate as of 11 September 2025

💡How anyIP uses Wise Business and Sleek together
anyIP, a proxy infrastructure SaaS company used Sleek for incorporation, accounting, and compliance, whilst leveraging Wise Business as their main financial account. The result? A 50% reduction in time spent on payment reconciliation, with every Wise transaction automatically flowing into Sleek's accounting dashboard.

➡️ Learn how anyIP created a full-stack financial back office using Sleek and Wise Business

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Sleek Business Account fees and charges in detail

One of Sleek's biggest selling points is its transparent fee structure - or rather, the lack of fees for basic account operations:

• Account opening: SGD 0
• Monthly maintenance: SGD 0
• Minimum balance: SGD 0
• Annual fees: SGD 0

Note that while specific transaction fees aren't publicly disclosed, Sleek mentions competitive rates for international transfers.

Sleek Business Account foreign exchange rates

Sleek offers competitive foreign exchange rates for international transfers, positioning itself as cheaper than traditional banks. However, it doesn't specify whether they use mid-market rates or add markups to their exchange rates.

This is where the difference between competitive rates and transparent rates becomes important. Many financial institutions advertise “competitive” rates while still adding hidden markups that can eat into your profits over time.

🧐 How Hidden Exchange Rate Markups Eat into Profits
Banks and other financial institutions will often add a markup to the mid-market rate, also called a margin. This is a fee, but to see it, you have to compare the rate you’re quoted against the mid-market rate, which you can find on Google. If there’s a difference, that’s probably the exchange rate markup.

Not all companies levy an exchange rate markup, though.

Wise Business uses the mid-market rate and charges a small, but transparent conversion fee, so you can clearly see it without needing to do any mathematical gymnastics.

🔍 Looking for something different - or simply want to compare the market as widely as possible? We’ve also reviewed some other popular business accounts if your business is interested in digital-native corporate offerings:

• Airwallex Singapore Review
• Revolut Business Singapore Review
• YouBiz Singapore Review

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How to open a Sleek Business Account

Opening a Sleek business account is refreshingly straightforward, especially if you're already using their corporate services. Here's the step-by-step process:

1. Register your business with ACRA (if you haven't already done so).
2. Log into your Sleek account dashboard or create a new account.
3. Select “Open a business bank account” from the Requests section.
4. Choose “Sleek Business Account” and click “Next.”
5. Submit required documents:

• Valid passport for all directors/shareholders
• Proof of overseas residential address
• Company Bizfile from ACRA
• Company constitution (M&AA)
• Business activity description
• Board resolution (if multiple directors)

Approval for a Sleek account is easy - most accounts are approved within 5 working days.

The key advantages of this process include:

• 100% online application - no need to visit a physical branch
• No Employment Pass required for foreigners
• Apply from overseas - you don't need to be physically present in Singapore
• No initial deposit or minimum balance requirements

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FAQs about Sleek Business Account

Is Sleek a bank?

No, Sleek isn't a bank. Sleek operates under a Major Payment Institution licence from MAS, which means they're regulated under the Payment Services Act rather than as a traditional bank. Your funds are stored in segregated customer accounts with DBS Bank for added protection.

Does a Sleek business account have multicurrency capabilities?

Currently, Sleek provides Virtual Accounts in SGD, with the ability to transact in 37 currencies. These international transfers come at competitive exchange rates; however, using your Sleek account alongside Wise Business gives you the ability to hold multiple currencies in a single account, helping you avoid conversion costs where possible.

Can I open a business account for a small business?

Yes, Sleek is specifically designed for entrepreneurs and SMEs. With no minimum deposit or balance requirements, it's well-suited for startups and new businesses. The fast online approval process makes it accessible for companies just getting started.

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Conclusion

Choosing the right business account isn't just about finding the lowest fees - it's about finding a solution that genuinely supports your business growth. Sleek business accounts excel as part of Sleek’s comprehensive corporate services package, offering seamless integration with company incorporation, accounting, and compliance services. The zero-fee structure and MAS licensing provide a solid foundation for Singapore businesses.

However, if your business regularly handles international transactions or needs more multi-currency capabilities, pairing Sleek with Wise Business creates a powerful combination. Use Sleek for your corporate administration, and accounting, while integrating with Wise Business for international payments, multi-currency management, and transparent foreign exchange.

💡Whether you're handling one-off invoices, recurring payments, or mass payouts, Wise Business makes it easy to simplify your financial operations and maximise profits.

• Fast and secure payments to 140+ countries with no exchange rate markups.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Send up to 1,000 payments with just one transfer using Batch Payments.
• Enjoy lower fees when sending amounts above 20,000 GBP (or equivalent in your currency).

➡️Start Paying Overseas Invoices for Less with Wise Business

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Sources:

1 - Sleek Business Account
2 - Sleek Incorporation Services
3 - Sleek Partnerships

Sources checked: 11th September 2025