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.
Derniers messages
Sending money abroad shouldn't mean queuing in a bank branch and filling out forms with codes you may never have heard of. An international money transfer moves your money from your account, card, or wallet in the US to someone else's account, card, or wallet in another country, and, above all, it should be simple, transparent, and reliable enough that you don't have to think twice about it.
Whether you're supporting family back home, paying for something abroad, or sending a gift for a birthday you can't be there for in person, the reason you're sending matters more than the mechanics. If you're new to Paysend, your first transfer comes with zero fee and a special exchange rate, so more of what you send actually arrives, and we'll show you how to claim it.
Chaque mois, des milliers de personnes travaillant en République tchèque envoient une partie de leur salaire chez elles — beaucoup sont des Ukrainiens qui soutiennent leur famille de l'autre côté de la frontière. Et la méthode traditionnelle complique ce qui devrait être simple : des virements bancaires qui exigent IBAN et codes SWIFT, des frais qui n'apparaissent qu'une fois l'argent parti, et des jours d'attente pendant que quelqu'un, chez soi, compte sur ce transfert.
Pavel Štich aide ses lecteurs à résoudre exactement ce problème depuis des années. Il est cofondateur et rédacteur en chef finance de Moneyo.cz, une plateforme tchèque indépendante qui compare les services de transfert d'argent, les courtiers en bourse et les investissements alternatifs — et Ambassadeur Paysend, ce qui signifie qu'il teste lui-même ce qu'il recommande, l'explique simplement, et fait bénéficier ses lecteurs d'avantages exclusifs. Nous lui avons demandé comment Moneyo a démarré, qui le lit, et pourquoi il a choisi Paysend.
