We tell you what requirements are usually necessary to open a business account. Every company must have its own bank account. And not only for practical reasons, but also legal issues: in situations of lawsuits with the Administration, it is essential to know how the company's coffers are and how appropriate their movements have been in recent times.
What are the usual requirements for a business account?
There are usually two types of requirements related to your business account. On the one hand, those of a legal nature and on the other, those related to the advantages offered by the bank. Let's see them.
Legal requirements to open a business account
Anyone, for the mere fact of being one, can open bank for small business. And any legal person (a company) can also open it, but documentation that proves this condition from a legal point of view will be required. This basic documentation is:
- Deeds of the incorporation of the company, which shows essential information such as the name of the company and its tax address
- CIF of the legal person
- Document that justifies the business activity, such as the IAE (Tax on Economic Activities)
In addition, whoever carries out the opening procedure must justify that they are the legal representative acting on behalf of the entity. Up to a maximum of four attorneys are usually admitted to make the opening.
Requirements to enjoy the benefits
All bank accounts have a cost: maintenance, cards, issuance of checks, etc. But many banking entities have a policy of exempting the client from said costs or reducing them considerably if they meet a series of requirements. In this case, the conditions are different in each bank. To know them in a concrete way, you must request information about said policy in the entity where you want to open the account, but in general, they are usually related to these aspects:
- Maintain a minimum average balance
- Domiciliate certain expenses or income, such as the payment of workers' salaries
- Carry out one or several monthly operations with a credit card from your company
- Hire other associated services or products, such as insurance
- Carry out operations over the Internet, through the digital banking service
Online bank account for companies, more agile
If you manage well on the Internet and you do not want to go to the bank office every two by three to solve your business issues, you can open an account online to be able to manage it without physically going to your bank. There are many traditional banks that have turned to web banking operations for companies, such as Caixa Bank or BBVA, or others created expressly to operate online, such as EvoBanco or OpenBank.
One of the main characteristics is that the online opening is usually more agile, since the documentation is sent over the Internet. And it will always be able to go with you, since you can do any management through a mobile application or its website. In addition, these types of accounts are usually cheaper, with less cost for services for your company.
Are all business accounts the same?
Although they often have a similar name, the answer is no. In general terms, the same bank, depending on its policy, usually offers accounts with different characteristics to best adapt to the reality of each business. The most common differentiation is that of SMEs or large companies: for the former, saving commissions is usually a fundamental factor, while in the latter more aspects are appreciated, such as financing, the payroll advance service or the management of checks.
In addition, it may be better for you to look for a bank account specifically aimed at businesses in your sector, because they have certain advantages or services associated with them. For example, being able to charge through POS for small businesses, being able to advance the CAP to companies in the agricultural sector, etc.
For all these reasons, we invite you to carefully search what options you have and compare their characteristics exhaustively to understand which of them best suits your business.
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