Know this open a business bank account requirements 2023

If you are about to start a business or already have one, you should seriously consider opening a business account . This applies to freelancers who have a personal account.

In this article, we will answer the following questions: What is a business bank account? Is it mandatory to open one? What advantages does it offer? open a business bank account requirements? How to determine which is the best for you? Let’s get started.

What is a business bank account used for?

It is an account designed to meet the needs of the self-employed and companies.

It allows to carry out common operations, such as the receipt of deposits, the payment of goods and services and the transaction of amounts between bank accounts, as with private accounts. But that is not all. Business accounts have interesting additional benefits, such as:

• Issuance of payroll or recurring income remittances.

open-a-business-bank-account-requirements

• Facilities to have a virtual or physical point of sale terminal (POS), in order to accept card payments in establishments and through electronic commerce.

• Solutions when carrying out transactions related to imports and exports.

A common aspect of business accounts is that they allow you to carry out daily operations online, through a proprietary platform known as online banking.

However, financial products created for large companies go further: they allow the possibility of granting specific permissions for different users to carry out different tasks in the same account.

It is a function that benefits, above all, the Billing, Accounting and Sales departments.

Another utility of business accounts, with respect to private ones, is that they give you access to loans, credits and credit policies under more advantageous conditions.

Is it mandatory to open a business account?

The self-employed are not obliged to contract a business account , although many decide to do so because of the advantages that they report. In contrast, this is an essential requirement to incorporate a company .

After creating the business account, partners must enter an amount into it, something known as Share Capital. In the case of limited companies, the minimum deposit is 3,000 euros. And with regard to the self-employed, at least 60,000 euros are required.

Advantages of business accounts

By opening a business account , you can enjoy the following benefits:

• 0% in the payment of commissions for carrying out basic operations such as: transfers with a value of up to fifty thousand euros within Spanish territory and to community countries, for depositing a check or for the administration and maintenance of your account.

• Refund of a percentage of the amount of direct debit bills for water, payroll, internet, gas, electricity, telephony, etc.

• Free debit and credit card issuance with no monthly or annual fees.

• Discounts in affiliated establishments and in the contracting of insurance.

Guide to open a business bank account requirements

In order to approve your business account , banks ask for tangible proof that you are complying on time with the obligations you have contracted with the Treasury and social security. This implies:

• Present proof of the last payments (generally, of the three previous months) made to Social Security.

• Deliver proof of the settlements of the Economic Activities Tax, Corporation Tax, Value Added Tax (VAT) and Personal Income Tax (IRPF) for the last quarter.

• Provide copies of payroll receipts for payments made to employees in the months prior to the application (three months is usual).

Additionally, you may have to meet certain conditions , which vary from one entity to another. Let’s talk about the ones that are common in many banks:

• Maintain an average salary of between 2,500 and 15,000 euros, depending on the entity and the type of account.

• Deposit a minimum amount into the account, which usually ranges between 1,500 per month and 9,000 per quarter.

• Carry out a minimum number of operations with the card associated with the business account within a period established by the banking institution.

• Proceed with the direct debit of the receipts of certain services.

• Make payments with the POS of the bank in question.

Finally, to accept the opening of a business account, banks request certain documentation , depending on the profile of the applicant.

If it is a company, the documents to present are:

• tax identification card with NIF

• company articles of incorporation

• Power of attorney and ID of the person opening the account

• Certificate of Real Title and Effective Control

In the case of the self-employed, the documentation requested is the following:

• DAYS

• Form 036 that certifies registration with the Treasury.

What is the most convenient business account for you?

There are two fundamental aspects that you should take into account when opening a business account: how much you will spend to use it and if it offers the benefits you really need.

Some entrepreneurs choose to open two or more accounts, each with specific packages. This ensures that they get exactly what they are looking for and at the best possible price.

Either way, it is always a good idea to keep up to date with the solutions offered by banks.

Keep in mind that, over time, a bank could change its terms, increasing its commissions or applying charges for services that were initially free. Or maybe better alternatives to the ones you currently have will emerge.

When this happens, don’t be afraid of change. Constantly analyzing your options is a good business strategy.

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