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Open a bank account for your business


open a bank account for your business

By following these guidelines, you can utilize the fast-track procedures our firm has established for opening your Singapore company's bank account quickly. Choose from three Wells Fargo business checking accounts, each tailored to a different stage of your business journey and designed to help you manage your. For Sole Proprietorship, Partnership or Limited Liability Partnership: Please visit any CIMB branch with your supporting documents to open a Business Current.
open a bank account for your business
open a bank account for your business

Open a bank account for your business -

How to open a business bank account in Canada

How do I open a business banking account online? 
Opening an account is easy and can be done online at your convenience from your home or place of business. All you need is an internet connection and appropriate identification. The whole process can take less than 10 minutes. Alternatively, you can also visit a branch and get the help of your local Small Business Advisor.

To get started, you will need personal information for all owners* as well as key details about the business. This includes personal ID, a document proving your company's business name, and your Canada Revenue Agency registration number, if you have one.

As a new customer, you can open an account online if you are:

  1. At least 16 years old,
  2. A Canadian resident or you are here to work or study,
  3. Opening an account in your own name,
  4. Okay with paperless document delivery.

It works a bit differently if you’re a non-Canadian without a work or study permit, or a non-resident. In this scenario, you will need to work with a branch representative to help you.

Before you start an online application or make an appointment, be sure to gather all your documents together. If you are unsure of what type of account is best for your business, we can help determine that based on your business needs. Our accounts do not require a minimum balance and you don't need to be employed.

Apply now

Enjoy the benefits an account offers

  • Business credibility and credit history
  • Easy payment options
  • Access to other banking products and services
  • Cash flow management
  • Higher credit score

What bank fees can I expect?
Our accounts have varying monthly fees depending on the features of each account and the number of transactions included. Some may have additional fees per transaction.. Also, some of our business accounts will waive the monthly fee if you maintain a certain minimum monthly balance.

What is the best type of business account to open? 
We offer several different business operating and savings accounts to choose from based on your business needs.. These include:

The Right Size Account for business – A simple, budget friendly account for those who  have a limited number  of transactions.

The Select Account for business – An account you can customize to your business needs depending on the volume of your transactions.

The ScotiaOne Account Plan for agriculture – A business account designed to meet the needs of farmers and others in the agriculture industry.

The Scotia Professional Plan Plus Account- Perfect for professionals with a high number of transactions.

The Scotia Community Action Plan – A reduced fee account exclusively for non-profits and community organizations.

The Basic Business Account – An operating account where fees are tailored to your monthly transactions.


Tips for choosing a bank account for your business
Not sure which account is best for your business? A good rule of thumb is to look at your recent transaction history, or for a new venture, estimate the number of transactions you may make. Consider the following:

  • The number of transactions you expect to make every month at a branch or ATM
  • If you need access foreign currency frequently
  • The number of cheques to deposits and Interac e-transfers per month
  • Anticipated amount of monthly balance that could help to qualify for some of Scotiabank's fee-waived accounts

Once you know, you can choose an account type that will benefit you and save money in service and transaction fees. You can evaluate your account usage after a few months and adjust your plan.

Documents required to open a business bank account 
You will need ID, such as a driver’s licence, a passport or a landed immigrant card. You will also need your work or study visa if that applies to you. Applying online will require your:

  1. Full name
  2. Address as it appears on your photo ID.
  3. Date of birth.
  4. Social insurance number.

Other documents you will need depend on the structure of your business. These links describe the different business structures: a sole proprietorship, a partnership, a corporation or a non-profit organization or association. If you’re still thinking about what structure is best for you, here are some tips.

Unless you’re running a sole proprietorship under your own name, you’ll need documents showing your company's legal name. You could use a business license, a trade name registration certificate, or your incorporation documents.

If your company is incorporated, here’s a list of required documents:

  1. Articles of incorporation/association.
  2. Trade name registration, if applicable.
  3. One piece of original, valid and current government-issued photo ID.
  4. Name, address and occupation of all those owning at least 25% of your business.

If your organization receives donations from the public, you’ll need your Canada Revenue Agency registration number.

If you’ve been in business for more than 12 months, one of the following original documents is required:

  • A certificate of incorporation, certificate of continuation or letters patent (depending on where the business was incorporated)
  • Certificate of compliance
  • Corporate profile report
  • Annual government filing
  • Latest financial statements
  • Latest business Notice of Assessment
  • Current liquor license
  • Health and safety certificates
  • Business license or vendor’s permit
  • Other current and valid government-issued document


Make payments easy for your customers
A business account makes it easy for your customers to pay, and for you to pay your bills and employees. One way is with an electronic funds transfer (EFT). Your customers can deposit money directly into your account. You can set up automatic processing of payments from customers' debit cards, which are a form of EFT. You can also send money by EFT to your suppliers and staff. For more information about EFT’s, visit our FAQs.

Get easy access to loans and credit with a business account
Some small businesses may need to borrow money to get started, to buy inventory, rent space or pay staff. Established businesses may need money as they wait for customers to pay them, or to expand their operations. With a Scotiabank business account in place, it can ease some of the paperwork required for applying for a line of credit or a loan. You can apply online for a Scotia line of credit or loan, or by setting up an appointment with your local Small Business Advisor.

Ensure cash flow with overdraft protection
Scotiabank offers overdraft protection on our business accounts to help you manage your cash flow on day-to-day operations. Your business can qualify for amounts from $500 to $10,000 Anything you borrow will function as a revolving credit line you can pay back when you are able to. With an interest rate of Prime +5%, it's a great way to manage fluctuations in your cash flow.

Plan your start-up costs
If you are just starting, a business account is one step on your small business journey. You will have to make many decisions in the beginning on items such as equipment, inventory, office space, insurance and branding. You’ll probably want to find a mentor in your industry and a Scotiabank Small Business Advisor to help you prepare. They can help guide you and avoid costly surprises. We have some great resources to help you get started.

Источник: https://www.scotiabank.com/ca/en/small-business/business-banking/business-bank-accounts/how-to-open-a-bank-account.html

Monzo Business

New to Monzo Business: Get paid, the easy way.

It just works, so you can too

Monzo Business helps small businesses stay on top of their finances. Starting at no monthly fees.

Elspeth Tull, Florist
Founder of Blume

Get a business account

British Bank Awards
Faster Payments
Current Account Switching Service
Financial Services Compensation Scheme

What you need to know

Get better visibility and more control over all your money with a Monzo Business bank account. Less time on finances means more time for the important stuff.

We're a fully regulated UK bank

  • We're regulated by all the same rules as high street banks
  • Open a business account online, straight from your phone
  • Award-winning customer support, 24/7

You get the best of Monzo

  • Move money easily with free, instant UK bank transfers
  • Get notified the second you pay, or get paid
  • Set money aside, separate from your balance, with Pots

Built for your business

  • Give customers simple ways to pay online
  • Connect accounting tools so everything's in one place
  • Manage your business account wherever you are, with mobile and web access

We're here to help, 24/7

How we help:

  • Chat to us in app any time, or call or email if you'd prefer
  • We'll answer your questions and help solve any problems you have
  • No need for branches, and no need to make an appointment

Simple pricing, no commitment

Including the best of Monzo

Plus the essentials

Tax Pots
YesNo
Integrated accounting
YesNo
Multi-user access (Ltds only)
YesNo
Invoicing
YesNo
Exclusive offers
YesNo
6 months Xero free (optional)
YesNo
Mobile and web access
YesYes
Payment links
YesYes
Card payments with Stripe
YesYes
Easy bank transfers (free till 2023)
YesYes
Business debit card
YesYes
24/7 customer support
YesYes
Free, instant UK bank transfers
YesYes
Pots to separate money
YesYes
Instant notifications
YesYes
Budget and categorise spending
YesYes
Digital receipts
YesYes
Full UK current account
YesYes
Mobile signup and switching
YesYes
Apple Pay and Google Pay
YesYes
Fee-free spending abroad
YesYes
Manage scheduled payments
YesYes
Pay in cash and cheques
YesYes
£85,000 FSCS protection (if eligible)
YesYes
Advanced security
YesYes

Simple pricing, no commitment

Monthly price£5Free
Tax PotsYesNo
Integrated accountingYesNo
Multi-user access (Ltds only)YesNo
InvoicingYesNo
Exclusive offersYesNo
6 months Xero free (optional)YesNo
Mobile and web accessYesYes
Payment linksYesYes
Card payments with StripeYesYes
Easy bank transfers (free till 2023)YesYes
Business debit cardYesYes
24/7 customer supportYesYes
Free, instant UK bank transfersYesYes
Pots to separate moneyYesYes
Instant notificationsYesYes
Budget and categorise spendingYesYes
Digital receiptsYesYes
Full UK current accountYesYes
Mobile signup and switchingYesYes
Apple Pay and Google PayYesYes
Fee-free spending abroadYesYes
Manage scheduled paymentsYesYes
Pay in cash and chequesYesYes
£85,000 FSCS protection (if eligible)YesYes
Advanced securityYesYes

Get a Business account

Get paid, the easy way

Target Tuition use Monzo Business to:

  • Create payment links or invoices in a few taps
  • Offer customers simple ways to pay by card or easy bank transfer
  • Save time on admin with all your payments in one place

Get paid with Monzo

Xuan Hou, co-founder of Target TuitionXuan Hou, co-founder of Target Tuition

Choose what to set aside for tax

Use Tax Pots to:

  • Automatically set a percentage of your income aside when you're paid
  • Neatly separate your money, all in one bank account
  • Stop worrying about saving, and spend more time on your business

More about Tax Pots

"It's nice to know when you've been paid. You know what's gone out, what's gone in, instantly."

Sally and Chris use instant notifications to:

  • Know when they're paid right away
  • Keep track of their spending
  • Stay on top of their invoices

"The team has access. We know who paid what and when. Monzo's allowed us to have transparency."

The Malt Films team uses multi-user access to:

  • Manage their finances together
  • Improve visibility across the business
  • Split up their workload, especially if someone's away

Meet the people behind the businesses

Monzo Business lets them get on with what they love: running their business.

Automate accounting with tools you already use

Integrate accounting tools like Xero, FreeAgent and QuickBooks to automatically share your balance and transactions every day.

If you use other tools, or don’t use any, easily export a file of your transactions (CSV, PDF or QIF) whenever you need to. We’ll never share your data with anyone else unless you agree to it, or ask us to.

With Monzo Business Pro, new Xero users can get 6 months of the cloud accounting platform free (terms apply). Learn more.

Check if you're eligible

You can apply for a business bank account if you’re a sole trader or a registered limited company by shares (Ltd), based in the UK, and if you're an Ltd also a tax resident only in the UK.

Head to our eligibility criteria for more detail on businesses and industries we can and can’t support at the moment.

Your eligible deposits are protected

As a fully regulated UK bank, we’re covered by the Financial Services Compensation Scheme (FSCS). Your eligible deposits in Monzo are protected by the FSCS up to a value of £85,000 per eligible depositor 💰You can find out more about eligible businesses, if you’re interested.

Sign up straight from your phone

We’ll ask some questions about your business to see if you’re eligible.

If you have a Monzo Current Account, apply in your app. If you don’t have a Monzo Current Account, sign up in these 3 steps.

Get started with Monzo Business today

Over 100,000 business owners have already changed the way they do business banking. Sign up from your phone to join them.

Download Monzo

Let's talk business

Ideas for everything from getting started, to taking your business to the next level

Read more...

Источник: https://monzo.com/i/business/

Opening a Corporate Bank Account in Hong Kong

Need to open a corporate bank account in Hong Kong? Today companies can choose from several international and local banks for opening a corporate bank account in Hong Kong. All major banks in Hong Kong, local and international alike, have designed products and services to address different needs. This article serves to compare features of a corporate bank account across major banks in Hong Kong.

SMEs account for a large percentage of companies in Hong Kong and are a significant customer base for banks.

Excellent cash management facilities, Internet banking that helps keep track of money movements, trade financing, short term and long term loans are the key finance requirements of any enterprise.

Opening a corporate bank account is a relatively simple and straightforward procedure. However, before you can open an account with a particular bank, it is important to be aware of what your banking needs are, so that you can match those needs with what each bank offers.

Note that the information presented here is for general guidance only and if you have some questions, feel free to contact us.

Hong Kong night view

Account Opening Requirements in Hong Kong

Most banks in Hong Kong will require Hong Kong private limited companies and offshore companies to submit the following documents and information in order to open a corporate bank account.

Documents Required to open a corporate bank account in Hong Kong

Bank account opening form that has been duly completed and signed by authorized signatories, as per the Board resolution.

  •  An extract of the board resolution approving the opening of a corporate bank account.
  • A certified true copy of the company’s Certificate of Incorporation, issued by the Companies Registry.
  • A certified true copy of the company’s Business Registration Certificate, issued by the Inland Revenue Department.
  • A certified true copy of the company’s Articles of Association.
  • A director declaration that provides the personal particulars of directors and principal shareholders. A principal shareholder is a person entitled to exercise or control the exercise of 10% or more of the company’s voting rights.
  • A copy of the Hong Kong identity card or passport; residential proof such as utility bills, bank statements, driving license etc.; and former name or alias proof (if applicable) for each of the directors, authorized signatories, principal shareholders and beneficial owners of corporate shareholders.
  • A list of specimen signatures of authorized signatories.
  • Proof of business such as business plan or audited financial statements.
  • For corporate shareholders of the company: A certified copy of an organization chart that shows the percentage of shareholdings held by each individual and the ultimate beneficial owners of the company.
  • Details of ultimate beneficial owners for nominee shareholders of a company.
  • For ultimate beneficiaries who are trusts: A certified copy of the trust deed or declaration of trust with details of the trustees, settlers and beneficiaries.

Important note: The copies of all documents submitted must be certified by either a certified public accountant, company secretary, lawyer or banker.

 

Other Requirements

  • In addition to the above-mentioned documents, most banks in Hong Kong will require an initial minimum deposit in order to open the bank account.
  • Offshore companies that are opening a corporate bank account in Hong Kong will need to submit a Certificate of Incumbency and Certificate of Good Standing in addition to the normal documents.
  • Almost all banks in Hong Kong follow strict due diligence procedures and require the account signatories, principal directors and shareholders to be physically present in Hong Kong at the time of opening the corporate bank account. However, some banks may authorize the opening of a corporate bank account without the need for directors, shareholders and signatories to be physically present in Hong Kong. The documents can be signed at one the bank’s overseas branches in the presence of a witness.

Hong Kong Company formation and Opening a bank account online

If you would like to open a corporate bank account online in Hong Kong, contact us.

 

Corporate Bank Account Features of Major Hong Kong Banks

Local Banks 

FeatureHSBCHang Seng BankBank of East Asia
HK$ current account availability.Yes.Yes.Yes.
Foreign currency account availability.Yes.Yes.Yes.
Initial deposit.For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

For HK$ current account: HK$50,000.

 

For foreign currency account: HK$50,000 or equivalent.

For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

Average monthly balance.For HK$ current account (Business Vantage): HK$500,000.

 

For foreign currency account (Business Vantage): HK$500,000 or equivalent.

For HK$ current account: HK$50,000.

 

For foreign currency account: HK$50,000 or equivalent.

For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

Monthly fee payable in the absence of average monthly balance.For HK$100,000-HK$500,000: HK$75.

 

For < HK$100,000: HK$150.

HK$150.HK$50.
ATM card availability.Yes.Yes.Yes.
Default ATM withdrawal limit per day.HK$20,000.HK$20,000.HK$20,000.
Chequebook facility.Yes for HK$ and US$.Yes for HK$ and US$.Yes for HK$ and US$.
Credit card availability.Yes.Yes.Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.Yes.Yes.Yes.
Unlimited internet transfer subject to account funds availability.No.

 

For non-designated account: HK$500,000.

For designated account: HK$1million.

No.

 

For non-designated account: HK$500,000.

For designated account: HK$5million.

No.

 

For non-designated account: HK$50,000.

For designated account: HK$2million.

Business insurance.Yes.Yes.Yes.
Business loans.Yes.Yes.Yes.
Trade finance.Yes.Yes.Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.Yes.Yes.Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.Yes.Yes.Yes.
Account setup fee.HK$100.HK$100.HK$150.

 

Register your new Hong Kong company now

We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.

Contact Us now

International Banks

FeatureBank of ChinaCitibankStandard Chartered Bank
HK$ current account availability.Yes.Yes.Yes.
Foreign currency account availability.Yes.Yes.Yes.
Initial deposit.For HK$ current account: None.

 

For foreign currency account: None.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

For HK$ current account: HK$1,000.

 

For foreign currency account: US$200 or equivalent.

Average monthly balance.For HK$ current account: None.

 

For foreign currency account: None.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

Monthly fee payable in the absence of average monthly balance.None.HK$400.HK$100.
ATM card availability.Yes.Yes.Yes.
Default ATM withdrawal limit per day.HK$10,000.HK$20,000.HK$20,000.
Chequebook facility.Yes for HK$ and US$.Yes, for HK$ and US$.Yes, for HK$ and US$.
Credit card availability.Yes.Yes.Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.Yes.Yes.Yes.
Unlimited internet transfer subject to account funds availability.No.

 

For non-designated account: HK$2million.

For designated account: Unlimited.

Info not available.No.

 

For non-designated account: HK$100,000.

For designated account: HK$500,000.

Business insurance.Yes.Yes.Yes.
Business loans.Yes.Yes.Yes.
Trade finance.Yes.Yes.Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.Yes.Yes.Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.Yes.Yes.Yes.
Account setup fee.None.None.

None.

 

What need to consider when opening a bank account?

Most of the world’s major banks have a presence in Hong Kong. Prior to finalizing a bank for opening your corporate account it is important to take into account factors, such as:

  • bank reputation
  • services and facilities offered
  • availability of future support services, such as loans or trade financing
  • minimum deposit requirements
  • availability of Internet banking facility
  • monthly fees (if any)

Register your new Hong Kong company now

We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.

Contact us now
Источник: https://www.guidemehongkong.com/business-guides/starting-a-company/opening-a-corporate-bank-account-in-hong-kong

How to open a business bank account in the USA

The United States is the world’s largest economy and the leading global trader. Many international businesses decide to open a U.S. business bank account to make doing business with U.S. customers more convenient. Although opening a U.S. business bank account as a non-resident is a little complex, it’s entirely achievable. We’ve put together a comprehensive guide to show you how to open a business bank account in the USA, including information on required documents and residency requirements.

Can I open a U.S. business bank account as a foreign entity?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

As there aren’t any residency requirements for business bank accounts, opening a U.S. business bank account as a non-resident shouldn’t cause any issues.

Can I open a business bank account in the USA online?

Most banks will require you to hand in documents personally, which means that it may not be possible to open a business bank account in the USA online. You’ll probably be able to start your application online, but at some point, you’ll need to visit the bank and present your documents in-person. Some specialist banks may allow you to complete the entire process online, but these banks may not offer the same level of resources as major banking institutions.

Can I open a U.S. business bank account from abroad?

Because most banks require you to visit and present your documents, it’s unlikely that you’ll be able to complete the entire process from abroad. There are a couple of exceptions; some specialists banks may be willing to make arrangements to help you open a U.S. business bank account from overseas, while there are agencies who can do the same thing, for a fee.

What is the process for opening a U.S. business bank account?

First off, you should discuss your needs with a range of banks to get a better understanding of their services and fees. After you’ve selected a bank, you can start the process of opening the account by going online or heading into a local branch. The specifics differ from bank to bank, but new customers are normally asked to come to the bank for an in-person visit and hand in their paperwork. Generally speaking, U.S. business bank account requirements mean that you’ll need to provide the following documents before the account can be opened:

  • Photo ID of the director who is opening the account

  • Articles of incorporation/organisation

  • EIN confirmation letter

  • Proof of personal address for the director

  • Proof of business address (some banks will require you to prove that your business address is located in the same geographic area and state as that branch, while others will not)

It’s also worth remembering that many banks will require a minimum deposit to open the account. Before you visit the bank to hand in your documents, you should check exactly what documents are required, as well as the minimum deposit amount.

Which bank should I choose?

There are an enormous number of national and local banks across the U.S., and if you already have an account with an international banking organisation that operates in America, you may be able to simply transfer your account across. If you’re opening a brand-new account, it’s probably a good idea to stick with one of the Big Four banks:

  • JP Morgan Chase

  • Bank of America

  • Citibank

  • Wells Fargo

What are the benefits of opening a U.S. business bank account?

There are a wide range of reasons why opening a U.S. business bank account could be beneficial for your business. First off, it will provide you with easy access to the world’s leading economy, with U.S. consumption remaining high despite recent economic downturns. It’s also important to remember that you’ll no longer need to pay hefty foreign exchange fees, and because U.S. banks are known throughout the world, you’ll enjoy easier access to global markets.

We can help

Expanding internationally? GoCardless have created the first global network for recurring payments. Collect payments in your customers’ currency, and settle in your own, at the real exchange rate. All with just your existing bank account. Learn more about international payments.

GoCardless is used by over 60,000 businesses around the world. Learn more about how you can improve payment processing at your business today.

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Источник: https://gocardless.com/guides/posts/business-bank-account-in-the-usa/

Open a corporate bank account

Step 6: Open a corporate bank account

Bank Account

For Companies and Limited Liability Partnerships, opening a corporate bank account is a must.

It is optional for Sole Proprietorships, Partnerships and Limited Partnerships. However, a corporate bank account allows you to keep your business expenses separate from your personal savings and also helps you track your business cash flows, which will come in handy when filing taxes.

Requirements

In general, most banks have the following requirements.

1) Account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account.

Note: Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.

2) Supporting documents needed:

Completed Corporate Account Opening FormsSigned by authorised signatories as per the board resolution
Board of Directors ResolutionSanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)
Certified True Copy of ResolutionSanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)
Certified True Copy of Certificate of IncorporationMust be certified by the company secretary or one of the directors
Certified True Copy of Company’s Business Profile from ACRAMust be certified by the company secretary or one of the directors
Certified True Copy of Company’s ConstitutionMust be certified by the company secretary or one of the directors
Certified True Copies of Passport (or Singapore IC) and Proof of Residential Address of the Directors, Signatories, and Ultimate Beneficiary OwnersIf you are in Singapore, just bring the originals and the bank will make a copy

Note: Some banks may require additional documents on a case-by-case basis.

Apply for corporate bank account

Click on the bank of your choice to learn about opening an account on their website.

Disclaimer: GoBusiness provides the information below for your convenience. It does not indicate an affliation, endorsement or recommendation by GoBusiness. You are advised to find out more about the services and understand the terms before applying for a bank account.

Development Bank of Singapore (DBS)

Apply in 5 mins and get access to our all-in-one corporate banking platform.

Oversea-Chinese Banking Corporation (OCBC)

All-in-one business account. Open online instantly and get your account number on the spot. Simple, secure, convenient.

United Overseas Bank (UOB)

Save S$500 p.a & 12-mth min balance fee waiver with UOB eBusiness account*. *Insured up to S$75k by SDIC.
T&Cs apply.

Источник: https://www.gobusiness.gov.sg/start-a-business/open-a-corporate-bank-account/

What You Need to Open a Business Bank Account

Whether you plan to open a business checking account in person or online, you’ll need to provide basic details about yourself, your business and any additional business owners. You’ll also need a government-issued ID and legal business documentation.

You can typically apply for a business bank account in minutes, especially if you open an account online and have all the required documentation, but it can take up to seven business days for your application to be approved.

Learn what you need to open a business bank account and how to find the best option for your small business.

Business bank account requirements

Exact requirements to open a business bank account will vary based on the bank, your entity type and the state where you formed your business.

Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.

You also need to provide details about yourself and your business, along with a government-issued photo ID and certain business documentation when you open your business bank account. Necessary information will likely include:

Personal details

  • Your name, birthdate and Social Security number.

  • Mailing address and contact information.

  • Ownership percentage in your business.

  • A government-issued photo ID, such as a driver’s license or passport.

If your business has multiple owners, you typically need to include personal details and identification for every owner with 25% or more ownership in the business.

Business details and documentation

  • Business name and DBA or trade name (if applicable).

  • Business address.

  • Employer identification number, or EIN. (Sole proprietors and single-member LLCs may be able to use their Social Security number).

  • Entity type and industry/type of business.

You may also be asked for the following documentation, depending on your business entity type:

  • Sole proprietorships: Business name registration certificate, business license.

  • Partnerships: Partnership agreement, business name registration certificate, business license, state certificate of partnership.

  • LLCs: Articles of organization, LLC operating agreement, business license.

  • Corporations: Articles of incorporation, corporate bylaws, business license.

Banks may have slightly different verification requirements. Review all instructions carefully when it comes to submitting your business documentation.

» MORE: Best free business checking accounts

Choosing a business bank account

Consider what type of business bank account you need, whether you’re interested in an online-only account and how you want to open your account (online vs. in person).

Types of business bank accounts

Business checking accounts

Business savings accounts

Best for: Long-term savings

Best for: Accepting debit and credit card payments

What to keep in mind:

  • Included monthly transactions.

  • ATM access.

  • Account and incidental fees.

What to keep in mind: 

  • APY.

  • Account fees.

  • Minimum balance required to earn interest.

What to keep in mind: 

  • Bundled merchant services.

  • Low transaction fees.

  • Additional fees.

*Merchant accounts are specialized business bank accounts used for accepting debit or credit card payments. You need to open a business checking account before you can get a merchant account.

Compare business bank accounts

Consider the following factors when shopping for a business bank account:

  • Monthly fees.

  • Minimum balance requirements.

  • Included fee-free transactions.

  • ATM access (withdrawals and deposits).

  • Wiring, transfer and payment capabilities.

  • Incidental fees (stop payment, nonsufficient funds, overdrafts).

  • Online and mobile banking.

  • Additional features, such as bill pay, invoicing or integrations with other business tools.

Not sure where to start? Here are a few of our picks for best business checking accounts (see the full list).

NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
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Monthly Fee

$15.00

Waived with $2,000 minimum balance

Monthly Fee

$10.00

Waived with $5,000 minimum balance

APY

0.10%

With $5,000 minimum balance

Bonus

$300

Requirements to qualify

Источник: https://www.nerdwallet.com/article/small-business/what-you-need-to-open-a-business-bank-account
open a bank account for your business

Opening a Corporate Bank Account in Hong Kong

Need to open a corporate bank account in Hong Kong? Today companies can choose from several international and local banks for opening a corporate bank account in Hong Kong. All major banks in Hong Kong, local and international alike, have designed products and services to address different needs. This article serves to compare features of a corporate bank account across major banks in Hong Kong.

SMEs account for a large percentage of companies in Hong Kong and are a significant customer base for banks.

Excellent cash management facilities, Internet banking that helps keep track of money movements, trade financing, short term and long term loans are the key finance requirements of any enterprise.

Opening a corporate bank account is a relatively simple and straightforward procedure. However, before you can open an account with a particular bank, it is important to be aware of what your banking needs are, so that you can match those needs with what each bank offers.

Note that the information presented here is for general guidance only and if you have some questions, feel free to contact us.

Hong Kong night view

Account Opening Requirements in Hong Kong

Most banks in Hong Kong will require Hong Kong private limited companies and offshore companies to submit the following documents and information in order to open a corporate bank account.

Documents Required to open a corporate bank account in Hong Kong

Bank account opening form that has been duly completed and signed by authorized signatories, as per the Board resolution.

  •  An extract of the board resolution approving the opening of a corporate bank account.
  • A certified true copy of the company’s Certificate of Incorporation, issued by the Companies Registry.
  • A certified true copy of the company’s Business Registration Certificate, issued by the Inland Revenue Department.
  • A certified true copy of the company’s Articles of Association.
  • A director declaration that provides the personal particulars of directors and principal shareholders. A principal shareholder is a person entitled to exercise or open a bank account for your business the exercise of 10% or more of the company’s voting rights.
  • A copy of the Hong Kong identity card or passport; residential proof such as utility bills, bank statements, driving license etc.; and former name or alias proof (if applicable) for each of the directors, authorized signatories, principal shareholders and beneficial owners of corporate shareholders.
  • A list of specimen signatures of authorized signatories.
  • Proof of business such as business plan or audited financial statements.
  • For corporate shareholders of the company: A certified copy of an organization chart that shows the percentage of shareholdings held by each individual and the ultimate beneficial owners of the company.
  • Details of ultimate beneficial owners for nominee shareholders of a company.
  • For ultimate beneficiaries who are trusts: A certified copy of the trust deed or declaration of trust with details of the trustees, settlers and beneficiaries.

Important note: The copies of all documents submitted must be certified by either a certified public accountant, company secretary, lawyer or banker.

 

Other Requirements

  • In addition to the above-mentioned documents, most banks in Hong Kong will require an initial minimum deposit in order to open the bank account.
  • Offshore companies that are opening a corporate bank account in Hong Kong will need to submit a Certificate of Incumbency and Certificate of Good Standing in addition to the normal documents.
  • Almost all banks in Hong Kong follow strict due diligence procedures and require the account signatories, principal directors and shareholders to be physically present in Hong Kong at the time of opening the corporate bank account. However, some banks may authorize the opening of a corporate bank account without the need for directors, shareholders and signatories to be physically present in Hong Kong. The documents can be signed at one the bank’s overseas branches in the presence of a witness.

Hong Kong Company formation and Opening a bank account online

If you would like to open a corporate bank account online in Hong Kong, contact us.

 

Corporate Bank Account Features of Major Hong Kong Banks

Local Banks 

FeatureHSBCHang Seng BankBank of East Asia
HK$ current account availability.Yes.Yes.Yes.
Foreign currency account availability.Yes.Yes.Yes.
Initial deposit.For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

For HK$ current account: HK$50,000.

 

For foreign currency account: HK$50,000 or equivalent.

For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

Average monthly balance.For HK$ current account (Business Vantage): HK$500,000.

 

For foreign currency account (Business Vantage): HK$500,000 or equivalent.

For HK$ current account: HK$50,000.

 

For foreign currency account: HK$50,000 or equivalent.

For HK$ current account: HK$5,000.

 

For foreign currency account: HK$5,000 or equivalent.

Monthly fee payable in the absence of average monthly balance.For HK$100,000-HK$500,000: HK$75.

 

For < HK$100,000: HK$150.

HK$150.HK$50.
ATM card availability.Yes.Yes.Yes.
Default ATM withdrawal limit per day.HK$20,000.HK$20,000.HK$20,000.
Chequebook facility.Yes for HK$ and US$.Yes for HK$ and US$.Yes for HK$ and US$.
Credit card availability.Yes.Yes.Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.Yes.Yes.Yes.
Unlimited internet transfer subject to account funds availability.No.

 

For non-designated account: HK$500,000.

For designated account: HK$1million.

No.

 

For non-designated account: HK$500,000.

For designated account: HK$5million.

No.

 

For non-designated account: HK$50,000.

For designated account: HK$2million.

Business insurance.Yes.Yes.Yes.
Business loans.Yes.Yes.Yes.
Trade finance.Yes.Yes.Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.Yes.Yes.Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.Yes.Yes.Yes.
Account setup fee.HK$100.HK$100.HK$150.

 

Register your new Hong Kong company now

We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.

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International Banks

FeatureBank of ChinaCitibankStandard Chartered Bank
HK$ current account availability.Yes.Yes.Yes.
Foreign currency account availability.Yes.Yes.Yes.
Initial deposit.For HK$ current account: None.

 

For foreign currency account: None.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

For HK$ current account: HK$1,000.

 

For foreign currency account: US$200 or equivalent.

Average monthly balance.For HK$ current account: None.

 

For foreign currency account: None.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

For HK$ current account: HK$10,000.

 

For foreign currency account: HK$10,000 or equivalent.

Monthly fee payable in the absence of average monthly balance.None.HK$400.HK$100.
ATM card availability.Yes.Yes.Yes.
Default ATM withdrawal limit per day.HK$10,000.HK$20,000.HK$20,000.
Chequebook facility.Yes for HK$ and US$.Yes, for HK$ and US$.Yes, for HK$ and US$.
Credit card availability.Yes.Yes.Yes.
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc.Yes.Yes.Yes.
Unlimited internet transfer subject to account funds availability.No.

 

For non-designated account: HK$2million.

For designated account: Unlimited.

Info not available.No.

 

For non-designated account: HK$100,000.

For designated account: HK$500,000.

Business insurance.Yes.Yes.Yes.
Business loans.Yes.Yes.Yes.
Trade finance.Yes.Yes.Yes.
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc.Yes.Yes.Yes.
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc.Yes.Yes.Yes.
Account setup fee.None.None.

None.

 

What need to consider when opening a bank account?

Most of the world’s major banks have a presence in Hong Kong. Prior to finalizing a bank for opening your corporate account it is important to take into account factors, such as:

  • bank reputation
  • services and facilities offered
  • availability of future support services, such as loans or trade financing
  • minimum deposit requirements
  • availability of Internet banking facility
  • monthly fees (if any)

Register your new Hong Kong company now

We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.

Contact us now
Источник: https://www.guidemehongkong.com/business-guides/starting-a-company/opening-a-corporate-bank-account-in-hong-kong

What is the mandatory insurance policy for entrepreneurs all about?

An entrepreneur must buy a Self-employed persons’ pension insurance, or YEL insurance, when its earnings exceed the annual income limit. For example, the income limit in question was 8,063.57 euros in 2021. You must buy the YEL insurance within six months of starting your business. Read more about the YEL insurance and its terms and conditions.

Read what is the routing number for first interstate bank about the YEL insurance and its terms and conditions >

You should also insure your business against risks threatening movable property and business continuity. Even if you suffer a loss, the company’s operations can continue.

The non-life insurance policies are issued by Pohjola Insurance Ltd. Life insurance policies are issued by OP Life Assurance Company Ltd. Earnings-related pension policies are issued by Ilmarinen.

Business liability and property insurance package Special Corporate Insurance >

Life insurance >

Business interruption insurance >

Statutory Self-employed persons’ pension insurance by Ilmarinen >

 

Источник: https://www.op.fi/corporate-customers/customer-relationship/starting-a-business/open-corporate-account

How to open a business bank account in the USA

The United States is the world’s largest economy and the leading global trader. Many international businesses decide to open a U.S. business bank account to make doing business with U.S. customers more convenient. Although opening a U.S. business bank account as a non-resident is a little complex, it’s entirely achievable. We’ve put together a comprehensive guide to show you how to open a business bank account in the USA, including information on required documents and residency requirements.

Can I open a U.S. business bank account as a foreign entity?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

As there aren’t any residency requirements for business bank accounts, opening a U.S. business bank account as a non-resident shouldn’t cause any issues.

Can I open a business bank account in the USA online?

Most banks will require you to hand in documents personally, which means that it may not be possible to open a business bank account in the USA online. You’ll probably be able to start your application online, but at some point, you’ll need to visit the bank and present your documents in-person. Some specialist banks may allow you to complete the entire process online, but these banks may not offer the same level of resources as major banking institutions.

Can I open a U.S. business bank account from abroad?

Because most banks require you to visit and present your documents, it’s unlikely that you’ll be able to complete the entire process from abroad. There are a couple of exceptions; some specialists banks may be willing to make arrangements to help you open a U.S. business bank account from overseas, while there are agencies who can do the same thing, for a fee.

What is the process for opening a U.S. business bank account?

First off, you should discuss your needs with a range of banks to get a better understanding of their services and fees. After you’ve selected a bank, you can start the process of opening the account by going online or heading into a local branch. The specifics differ from bank to bank, but new customers are normally asked to come to the bank for an in-person visit and hand in their paperwork. Generally speaking, U.S. business bank account requirements mean that you’ll need to provide the following documents before the account can be opened:

  • Photo ID of the director who is opening the account

  • Articles of incorporation/organisation

  • EIN confirmation letter

  • Proof of personal address for the director

  • Proof of business address (some banks will require you to prove that your business address is located in the same geographic area and state as that branch, while others will not)

It’s also worth remembering that many banks will require a minimum deposit to open the account. Before you visit the bank to hand in your documents, you should check exactly what documents are required, as well as the minimum deposit amount.

Which bank should I choose?

There are an enormous number of national and local banks across the U.S., and if you already have an account with an international banking organisation that operates in America, you may be able to simply transfer your account across. If you’re opening a brand-new account, it’s probably a good idea to stick with one of the Big Four banks:

  • JP Morgan Chase

  • Bank of America

  • Citibank

  • Wells Fargo

What are the benefits of opening a U.S. business bank account?

There are a wide range of reasons why opening a U.S. business bank account could be beneficial for your business. First off, it will provide you with easy access to the world’s leading economy, with U.S. consumption remaining high despite recent economic downturns. It’s also important to remember that you’ll no longer need to pay hefty foreign exchange fees, and because U.S. banks are known throughout the world, you’ll enjoy easier access to global markets.

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Источник: https://gocardless.com/guides/posts/business-bank-account-in-the-usa/

open a bank account for your business How To Open A Business Bank Account

If you’re starting a new business this year, you likely have a long to-do list and not enough time to do it all. But there’s one thing you absolutely shouldn’t skip: opening a business bank account.

Benefits of a Business Bank Account

There are clear advantages to opening a business bank account. For example, managing company cash flow is generally a lot easier when you keep your business and personal finances separate. A bank account for your business gives you the opportunity to accept debit and credit card payments processed through merchant services, and you can easily pay your own bills online if you have an account.

Without a business bank account, you could have trouble establishing commercial credit. You might also face challenges when you try to qualify for financing or keep the clear accounting records you’ll need when it’s time to file your business tax return. 

All in all, while it will take a little legwork to get your account set up now, it will, in the long run, help your business run more smoothly.

Types of Business Bank Accounts

Just like in personal banking, you have several types of business bank accounts to choose from. You have, of course, checking and savings accounts, but you also have the option of opening a money market account, which is a kind of a cross between the two, as you can earn more than with the average savings account but still make transactions from that account.

Other types of business bank accounts include CDs, business credit cards, small business loans, and lines of credit. It can be smart to look for a bank that offers multiple products for businesses in case you need more one day. Some banks may offer discounted interest rates for existing customers.

What to Look for in a Business Bank Account

While every business may have slightly different preferences in what they want in a business bank account, consider the following features you may care about:

  • Monthly fees
  • Number of transactions per month before additional fees are incurred
  • Online or mobile banking option
  • In-person branch versus online banking only

It can be helpful to make a list of the features you most want so you can easily compare one bank account to another.

What You Need to Get Started

Ready to open a business bank account for your business? Have the following ready before you start the application process.

1. Business Details

Whether you visit a local bank branch or open a business checking account online, you’ll need to be prepared with some basic identifying information about your business. This may include: 

  • The Name of Your Business — You should provide the bank with the legal name of your business, as it appears on any documents filed with the state or Internal Revenue Service (IRS). 
  • Your Employer Identification Number (EIN) — If your business is an LLC or corporation, your bank will most likely request your EIN number to open a bank account for your company. Most banks require this information to make sure your business is legitimate.  
  • Your Business Address — Ideally, this should be the same address you used for licensing or official business filings (LLC or incorporation). 
  • Other Contact Information — A bank may also request other contact information for your business when you set up a new account, such as your company phone number, website, and/or email address.

2. Personal Details

In addition to sharing information about your business, you’ll also need to let the bank know a few personal details about you, the business owner. These personal details may include: 

  • Your Social Security Number — If your business is set up as a sole proprietorship, you should be prepared to hand over your personal Social Security number (and perhaps even a copy of your Social Security card) when you open a new business bank account. 
  • A Copy of Your Driver’s License — Many banks will want to make a copy of your valid driver’s license. 
  • Additional Proof of Identification — You might need to provide additional personal identification, such as a passport or alternate photo ID. 

3. Business Formation Documents

Finally, if you run a partnership, corporation, or LLC, you should be prepared to bring or upload copies of your business formation documents whenever you apply to open a new business bank account. A bank might request copies of any of the following, based on your type of business structure:

  • Partnership Agreement — If your business is legally set up as a partnership, you will need to provide a copy of your partnership agreement when you apply to open a business bank account. 
  • Articles of Organization — For LLCs, you should be prepared to provide your Articles of Organization. 
  • Articles of Incorporation — If your business is set up as a corporation, the paperwork you’ll need to provide the bank when you apply to open a new open a bank account for your business is known as your Articles of Incorporation. 
  • Business License — Depending upon the industry in which your business operates, a bank might request a copy of your business license(s) as well. 

Opening Your Business Bank Account

Depending on whether you’re opening a new business bank account with an online bank or a brick-and-mortar bank, you may be able to open your new account online. Some physical banks require you to open an account in person, though some offer an online option as well.

In either case, you’ll need all those pieces of information and documents we’ve covered above. If you’re applying online, you’ll need to upload those documents. If you’re in person, provide the original documents so the bank representative can make a photocopy.

You’ll likely need to make a deposit into your new account, which you can do with a digital transfer online, or cash or check in person.

Online applications typically take just a few minutes to complete. You’ll be given your new account number and access to open a bank account for your business into your account online. Your debit card will be mailed to you within a week or so.

If you apply in person, some banks have the ability to print a debit card for you on the spot, which means you can start using it right away. You may be given some temporary checks to use until the checks you ordered with your business details arrive in the mail.

Business Bank Accounts That We Like

Now that you know what type of information you’ll need to provide to open a business bank account, it’s a great time to choose the bank account that’s best for you. Your best bet is to review different options, compare features and pricing, and figure out which option sounds like it will be a good fit. 

If you already have a relationship with a bank or credit union for your personal accounts, that may be a great place to start your research. But don’t limit yourself to just there. It’s important to explore what all banks have to offer.

Here are three business bank accounts that we like to help you get the comparison process started. 

Bluevine is Our Favorite Free Online Bank. 

Opening a business bank account doesn’t have to be expensive. In fact, Bluevine offers a completely free online account option for small businesses that aren’t fans of the monthly maintenance fee. Even better, your money can earn 1% interest!

Bluevine’s online business bank account boasts the following features that make it an attractive option for open a bank account for your business other small business owners alike:

  • Zero fees (including maintenance fees, transaction fees, etc.)
  • Easy online account management from your computer or device
  • No minimum balance required
  • No fees at over 38,000 ATMs

On the negative side, Bluevine doesn’t have physical branches. So, you’ll need to do all of your banking online. If you’re a face-to-face kind of person or your business needs the option to make cash deposits, traditional financial institutions might be better suited to your needs.

Bank of America Won Our “Best Business Checking Account.” 

Nav’s winner for the best bank for small businesses, Bank of America offers companies a lot of perks. When you combine the bank’s business checking benefits with its potentially low fees (if you qualify for a waiver), it makes an excellent choice for a business checking account. 

Bank of America has two different offerings when it comes to small business checking accounts — Business Advantage Fundamental and Business Advantage Relationship. 

Here are some key features that might make one of Bank of America’s business checking accounts a good choice for your company:

  • The potential to avoid monthly fees of $16 to $29.95, based upon meeting certain criteria 
  • Easily conduct business in-person, including cash deposits, at thousands of branches nationwide
  • Free business debit cards and employee debit cards
  • Free ATM withdrawals within Bank of America’s extensive network of over 16,000 ATMs
  • Open business savings account at no extra cost
  • Easily connect your account to QuickBooks

Bank of America offers other useful services, such as payroll and merchant services account offerings that your business might benefit from.

There are a few potential downsides to be aware of with Bank of America business checking accounts as well. First, you’ll need to have a minimum opening deposit of $100. With Business Advantage Fundamentals accounts, wire transfers also cost extra, so if you conduct business with transfers, be aware of that. 

Finally, if you don’t qualify for a fee waiver, those monthly account fees of $16 to $29.95 can add up over time. 

Chase was Our Best Runner-Up Business Checking Account. 

Another great option that earns the runner-up spot from Nav for best business checking account is Chase. Like Bank of America, Chase’s Business Complete Banking account does come with a fee ($15 in this case). However, customers can qualify for a fee waiver in a number of ways. 

Chase Business Complete Banking account holders may enjoy the following perks: 

  • The potential to avoid the $15 monthly fee in one of two easy ways
  • Unlimited electronic deposits
  • Free ATM withdrawals at 16,000+ ATMs
  • More than 5,000 branches available for convenient in-person banking and cash deposits
  • Other business services and accounts like savings accounts, business credit cards, loans, bank of america paris careers merchant services

Of course, it’s not fair to talk about the benefits of a Chase business checking account without mentioning potential drawbacks. First, the requirements to waive the fees (which aren’t low to begin with) may be a stretch for some smaller businesses. Also, despite having more than 5,000 branches available, there are areas where Chase branches aren’t as common. You should check online to see if there’s a Chase branch conveniently located near you if you’re considering the bank as an option. 

FAQs

You’ve got questions about opening a business bank account? We’ve got answers.

What do I need to open a bank account for an LLC? 

If you’re interested in opening a new business banking account for an LLC, you’ll need your EIN number, your Articles of Organization, and details about both your business (address, time in business, industry) and you as the owner (photo ID, Social Security number).  

Can I use my personal bank account for my small business?

Technically, yes, you can use your personal account to operate your small business. However, if you choose to do so, you could open yourself up to some unnecessary risks and potential complications.

When you use your personal bank account for business purposes, it’s difficult to separate personal and business expenses. This can be a difficult mess to try to untangle, especially when tax filing season approaches. Combining personal and business finances can sometimes lead to cash flow challenges as well.

Additionally, there may come a day when you want to establish credit or boost your business credit scores for your business or apply for financing. If you run your business transactions through a personal checking account, your financing options can be very limited. 

Do I need a business bank account for a sole proprietorship? 

Technically, no. You do not have to have a separate bank account if you are a sole proprietor. Yet just because it isn’t required doesn’t mean sole proprietorships wouldn’t be wise to open a dedicated business account anyway. 

As mentioned above, using your personal bank account for business purposes can be messy and cause problems. Plus, there are free business checking account options available, like Bluevine. We highly recommend opening a business bank account that’s completely separate from your personal funds. 

Am I limited in how many monthly transactions I can make?

Some business checking accounts do limit transaction volume, so be sure to see if you’ll be charged a fee if you make too many monthly transactions. If you need to deposit cash daily, look for an account that won’t charge you to do so.

What are the minimum balance requirements?

Some banks have a minimum balance requirement for you to keep your account in good standing. Others will waive the monthly fee if you maintain that minimum balance. 

How much money do I need to open a business bank account?

Each bank is different in its deposit requirements, and some banks don’t have any, meaning you could open an account without putting a cent in upfront.

Nav’s Verdict: Opening a Business Bank Account

Having one less headache in your business sounds great, right? Taking the time to find the best business bank account for your company’s needs will make your life and running open a bank account for your business business easier over time.

Check out Business Boost

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Get your full business credit reports & scores, PLUS Nav reports your account payments to the business bureaus as a tradeline.

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This article was originally written on September 20, 2019 and updated on October 5, 2021.

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Susan Guillory

Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

Источник: https://www.nav.com/blog/what-do-i-need-to-open-a-business-bank-account-226440/

How to open a business bank account in Canada

How do I open a business banking account online? 
Opening an account is easy and can be done online at your convenience from your home or place of business. All you need is an internet connection and appropriate identification. The whole process can take less than 10 minutes. Open a bank account for your business, you can also visit a branch and get the help of your local Small Business Advisor.

To get started, you will need personal information for all owners* as well as key details about the business. This includes personal ID, a document proving your company's business name, and your Canada Revenue Agency registration number, if you have one.

As a new customer, you can open an account online if you are:

  1. At least 16 years old,
  2. A Canadian resident or you are here to work or study,
  3. Opening an account in your own name,
  4. Okay with paperless document delivery.

It works a bit differently if you’re a non-Canadian without a work or study permit, or a non-resident. In this scenario, you will need to work with a branch representative to help you.

Before you start an online application or make an appointment, be sure to gather all your documents together. If you are unsure of what type of account is best for your business, we can help determine that based on your business needs. Our accounts do not require a minimum balance and you don't need to be employed.

Apply now

Enjoy the benefits an account offers

  • Business credibility and credit history
  • Easy payment options
  • Access to other banking products and services
  • Cash flow management
  • Higher credit score

What bank fees can I expect?
Our accounts have varying monthly fees depending on the open a bank account for your business of each account and the number of transactions included. Some may have additional fees per transaction. Also, some of our business accounts will waive the monthly fee if you maintain a certain minimum monthly balance.

What is the best type of business account to open? 
We offer several different business operating and savings accounts to choose from based on your business needs. These include:

The Right Size Account for business – A simple, budget friendly account for those who  have a limited number  of transactions.

The Select Account for business – An account you can customize to your business needs depending on the volume of your transactions.

The ScotiaOne Account Plan for agriculture – A business account designed to meet the needs of farmers and others in the agriculture industry.

The Scotia Professional Plan Plus Account- Perfect for professionals with a high number of transactions.

The Scotia Community Action Plan – A reduced fee account exclusively for non-profits and community organizations.

The Basic Business Account – An operating account where fees are tailored to your monthly transactions.


Tips for choosing a bank account for your business
Not sure which account is best for your business? A good rule of thumb is to look at your recent transaction history, or for a new venture, estimate the number of transactions you may make. Consider the following:

  • The number of transactions you expect to make every month at a branch or ATM
  • If you need access foreign currency frequently
  • The number of cheques to deposits and Interac e-transfers per month
  • Anticipated amount of monthly balance that could help to qualify for some of Scotiabank's fee-waived accounts

Once you know, you can choose an account type that will benefit you and save money in service and transaction fees. You can evaluate your account usage after a few months and adjust your plan.

Documents required to open a business bank account 
You will need ID, such as a driver’s licence, a passport or a landed immigrant card. You will also need your work or study visa if that applies to you. Applying online will require your:

  1. Full name
  2. Address as it appears on your photo ID.
  3. Date of birth.
  4. Social insurance number.

Other documents you will need depend on the structure of your business. These links describe the different business structures: a sole proprietorship, a partnership, a corporation or a non-profit organization or association. If you’re still thinking about what structure is best for you, here are some tips.

Unless you’re running a sole proprietorship under your own name, you’ll need documents showing your company's legal name. You could use a business license, a trade name registration certificate, or your incorporation documents.

If your company is incorporated, here’s a list of required documents:

  1. Articles of incorporation/association.
  2. Trade name registration, if applicable.
  3. One piece of original, valid and current government-issued photo ID.
  4. Name, address and occupation of all those owning at least 25% of your business.

If your organization receives donations from the public, you’ll need your Canada Revenue Agency registration number.

If you’ve been in business for more than 12 months, one of the following original documents is required:

  • A certificate of incorporation, certificate of continuation or letters tcf home equity line of credit login (depending on where the business was incorporated)
  • Certificate of compliance
  • Corporate profile report
  • Annual government filing
  • Latest financial statements
  • Latest business Notice of Assessment
  • Current liquor license
  • Health and safety certificates
  • Business license or vendor’s permit
  • Other current and valid government-issued document


Make payments easy for your customers
A business account makes it easy for your customers to pay, and for you to pay your bills and employees. One way is with an electronic funds transfer (EFT). Your customers can deposit money directly into your account. You can set up automatic processing of payments from customers' debit cards, which are a form of EFT. You can also send money by EFT to your suppliers and staff. For more information about EFT’s, visit our FAQs.

Get easy access to loans and credit with a business account
Some small businesses may need to borrow money to get started, to buy inventory, rent space or pay staff. Established businesses may need money as they wait for customers to pay them, or to expand their operations. With a Scotiabank business account in place, it can ease some of the paperwork required for applying for a line of credit or a loan. You can apply online for a Scotia line of credit or loan, or by setting up an appointment with your local Small Business Advisor.

Ensure cash flow with overdraft protection
Scotiabank offers overdraft protection open a bank account for your business our business accounts to help you manage your cash flow on day-to-day operations. Your business can qualify for amounts from $500 to $10,000 Anything you borrow will function as a revolving credit line you can pay back when you are able to. With an interest rate of Prime +5%, it's a great way to manage fluctuations in your cash flow.

Plan your start-up costs
If you are just starting, a business account is one step on your small business journey. You will have to make many decisions in the beginning on items such as equipment, inventory, office space, insurance and branding. You’ll probably want to find a mentor in your industry and a Scotiabank Small Business Advisor to help you prepare. They can help guide you and avoid costly surprises. We have some great resources to help you get started.

Источник: https://www.scotiabank.com/ca/en/small-business/business-banking/business-bank-accounts/how-to-open-a-bank-account.html

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