Business bank account opening
Having a modern business relationships are impossible without banking. Today, all financial transactions take place online. To transfer money from one point of the world to another, you just need to make a couple of clicks on your computer or smartphone. When choosing a financial institution for your trade, it is very important to pay attention to the reputation of this bank.
Other significant factors to consider when you open a business bank account are the ability to serve both local and international clients, the cost of opening an account, and subsequent monthly service. It is essential to make sure that the organization complies with all lawful requirements and acts exclusively in the legal field. This will help to avoid unpleasant surprises because no one wants his funds to be frozen at one fine moment.
What is a business account?
A corporate account is a special account on which the company’s funds are kept. An organization can issue invoices indicating the IBAN and receive payments from its clients. Thus, the enterprise funds are separated from the director’s personal finances. The organization can have several accounts in national and foreign currency. It is not prohibited to have numerous accounts in different financial institutions. The law allows you to open accounts abroad, which makes it easier to work with foreign clients. In addition, the use of various shields lets you diversify assets in case of unforeseen circumstances.
Modern banking, like many other services, has become digital. Today it is not difficult to open a business account online. To do this, just go to the website of the financial institution you like and fill out an application, after which an employee will contact you and request certain documents. For private accounts, it is normally necessary to supply a copy of ID and residential address. For a corporation, the list will be slightly more extended. It is always better to check the requirements specifically with the financial organization.
How fintecharbor.com can assist?
Fintech Harbor team serves multiple corporate clients in numerous jurisdictions. In our daily work, we open business accounts around the globe. Thus, we know the nuances of modern legislation and help our customers meet all compliance requirements, and provide comprehensive responses to requests from financial institutions.
We assist both large multinational corporations and newly registered start-ups in setting up a business bank account in suitable financial institutions with a good reputation at a low cost of service and affordable provisions for the minimum balance.
Steps to open a business bank account
The first thing you should do is reaching one of our counselors, then we will find out the goals and objectives, the jurisdictions where you provide services, and your activities. After that, we will help you select the best financial institution to suit your needs.
We will supply a precise list of documents and assist fill out all applications and then submit them to the bank for consideration. If there are any additional inquiries, we will provide letters with answers to official requests. We set accounts not only in the UK but in multiple jurisdictions. We work with almost all currencies of the world, and may provide you with an international presence and reliably protect your funds.
In most cases, it is possible to open a business bank account online, while in others there is a requirement for a personal interview with the director. We will help you get ready for this meeting. If everything is okay, you will receive a ready account in the desired place in a few weeks.
I would like to thank the competent counselors of Fintech Harbor for their support in opening a business firm account for my holding. They recommended a reliable bank with good standing and helped me quickly collect papers.
We needed a new account for a recently registered startup, but we were denied by several banks. However, thanks to the support of the team and carefully collected documents, we were able to set up an account with an international bank and start working within one month.
The short answer is no. Banks do not provide this opportunity. For the needs of the company, you need a business account apply. Plus, when you have separate accounts for personal and corporate needs, it’s easy for you to calculate profits and keep accounting and tax records. Of course, you can spend your personal funds at your own discretion. But you can’t just take and withdraw money from the company’s account. Moreover, for some regulated types of economic activities, you need to keep strict records.
In most banks, you can set up a business account from 1000 EUR. But some financial institutions have minimum account balance requirements. A monthly service fee will also be charged. International transactions and urgent payments are charged separately.
You can open an account in a local bank in 1 day. For non-residents, the term is longer due to the large list of documents reviewed.
Every institution has its own business banking checklist. Most organizations require registration number, address confirmation, information about owners, shareholders, and directors, info about trading activities and origin of funds.
Yes, you can get rejected sometimes. Each bank draws up its own list of documents to comply with the “know your customer” policy. Therefore, in some cases, you may be asked clarifying questions about the origin of funds. Refusals do not happen often, but they are usually motivated. The bank does not refuse without a reason. This frequently happens because the client did not provide a complete package of documents, or tried to hide the real origin of the money. If it becomes known that the applicant is involved in money laundering or other fraudulent schemes, this may serve as a basis for refusal. Our attorneys carefully inspect all the nuances and prepare comprehensive responses to the inquiries of financial institutions to ensure a positive result and open a new business account for you.