30 July 2020

How to set up a business bank account

How to set up a business bank account

Setting up a business bank account is an important step for start-up founders, sole traders and other small businesses who have decided to set up on their own.

Business bank accounts are an important way of bringing all of your business finances together in a single, visible place, meanwhile streamlining your time and efforts and leaving you with more time for doing what you do best. And whether that’s running the world’s next biggest start-up or simply fixing someone’s dodgy pipes, setting up a simple and clear business bank account will change your business for the better.

Here are 3 essential tips when you decide to set up a business bank account:

 

1. Know your business requirements and goals

Before choosing which banking provider is best for you, you need to conduct a full assessment of your business, and work out which of your activities can be improved and streamlined by a banking provider. Then, you can figure out exactly what you need from your business banking account when you start looking.

 

2. Find the right banking provider for you

There are a huge number of business banking options available to you, offering varying degrees of service. You need to find one that integrates seamlessly into your business activities, offering the right level of flexibility, simplicity and expertise. For example, if you regularly make international payments, you should find a business banking company that specialises in low-cost international money transfers.

 

3. Make sure you have the right documentation

Setting up your business bank account should be a fast, simple and painless process, and you should be ready to go in no time. To ensure a speedy on-boarding process, make sure you have all the right documentation at hand.

Here’s a quick overview of the information you might need:

  • Tax ID
  • Official ID for all company directors
  • Proof of address – recent bank statement, or utility bill, or council tax statement
  • Company details (eg business address, contact details, name, company type, Companies House registration number)
  • Estimated annual turnover

 

What should you expect from your business bank account?

With so many banking options available to your small business, there are some basic standards which you should expect from your banking provider. These include:

  • Minimal fees
  • Cheap international transfers
  • Free business debit cards
  • Clear and simple banking software
  • Quick account set up

 

Paysend Business is a brand-new business banking platform specially designed for small businesses and sole traders who want flexible, simple and secure bank accounts to help them run their businesses. Starting a business account with Paysend takes minutes, and removes the slow and stressful process of setting up with a traditional and out-dated bank.

Paysend’s mission is to build a business world without borders. We’ve developed a future-proof mobile banking solution that helps ambitious and innovative businesses to take on the world. Join Paysend Business today and turn your brand from local to global.