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Opening a Corporate Bank Account
Opening a Corporate Bank Account
Get Assistance with Opening a New Corporate Bank Account
At GBO we have the experience and know-how to help companies identify the right bank and business account for them whether it is in Europe or internationally. Finding a bank, you can relate to is essential and a good relationship with your banker can be as important as finding a bank that provides all the financial services your company needs.
Some of the most relevant questions to ask when looking for a new Corporate bank account:
- What services does the bank offer?
- What are the charges and fees?
- Does the bank take on new customers from your industry?
- What kind of business legal structure do they approve?
- Does the bank offer special deals to new businesses?
- Is there a business account team?
- Does your chosen bank offer competitive financial service packages?
Compare the services offered by different financial institutions and ask relevant questions before making your choice.
Features of a Corporate Bank Account
- Account with a Unique IBAN – Get a unique IBAN associated only with your business bank account. This makes transactions easier and more secure so that you can receive transfers in EUR, USD and GBP.
- Debit Cards – Your business bank account should come with business prepaid debit cards allowing you to withdraw funds in multiple currencies around the world and pay securely online and offline.
- Payments – Send and receive funds from anywhere in the world and using your account’s unique IBAN. When necessary use currency exchange at favorable rates to facilitate payments in foreign currencies.
- Convenience – Securely manage your business account from anywhere in the world via a computer, mobile or app (Android and Apple).
- Currency Conversion – With your online business bank account get real-time currency exchange at comparative rates. Companies doing business around the globe will need to be able to send and receive payments in multiple currencies.
- Mass Payments – Some business bank accounts include the option for mass payments so that you can send multiple payments at one time to suppliers, employees and affiliates. ,
- Multiple Signing Rights – Depending on the size and structure of your company you may need to look for a business bank account where you have the option of multiple signing rights for your account.
Corporate Bank Account Set-Up Assistance
Companies dealing with eCommerce, affiliates, gaming, hi-tech, online business, software, trading, tourism and import/export often find it difficult to set-up a business bank account. GBO can assist all companies, no matter what sector they are in, to find the right bank and corporate bank account to meet their needs.
Some of the Factors Used by Banks to Assess a New Corporate Account Application
- Company industry – does your business operate in a high-risk industry like gaming.
- Business license and regulation – Does your type of business require a license and do you have one. Is your company in an industry that requires regulation and are you regulated?
- Company ownership structure – What is the company ownership structure; are there multiple holding companies; multiple jurisdictions involved; offshore registration; who are the shareholders and directors and where do they come from.
- Company establishment – When was the company established and does it have a track record. New companies often have no previous banking history, no reviews or records in public databases and so they cannot be verified easily and get a high risk rating.
- Company turnover – What is the company’s monthly turnover. A higher turnover usually means a higher risk.
- Company size – How many employees are involved in the company. Large companies have legal departments, accounting departments and some form of internal regulation but small companies have no company employees to answer to and are a higher risk.
- Company Address – Does the business have a physical address where employees work. Banks require proof of address in the form of utility bills etc.
In addition to the above mentioned factors there are many more aspects of a company that are assessed when banks are reviewing an application for a corporate bank account. The financial institutions’ final evaluation of the potential customer’s risk will determine their account’s fees, restrictions and ongoing bank supervision.
When to Set-Up a Corporate Bank Account
Don’t wait to set-up your business bank account; as soon as your company is incorporated you will need to open a corporate bank account. By setting up your bank account in the early stages of a company you can save a lot of stress in the future. Have an established business account at a bank that meets your financial needs and then your business can launch into the market with the full support of your financial institution. A business bank account is necessary to accept payments from clients, pay employees, authorities and suppliers. If you choose the wrong bank then changing banks later on can be time consuming, complicated and expensive.
Reloadable Corporate Debit Cards
Businesses that want to monitor their expenses and give company employees the ability to make transactions within limits can use a reloadable debit card. The card can be loaded with a specific amount so that there is no risk of your employees overspending. Business owners can apply for a reloadable business debit card once they have opened a business bank account. Some banks allow select account holders to apply online for a reloadable debit card. To apply for a reloadable business bank account, you may need to provide your tax I.D.; business license; details of beneficial owners and social security number. The process is relatively simple and once you have supplied all the necessary documents your bank will review your request and send you the reloadable debit cards within 6-9 business days.
In today’s banking world there are numerous rules and regulations regarding business accounts. At GBO we can help you find the best business account for your company and assist with the application and onboarding process. As soon as a company is incorporated it needs to open a corporate bank account in order to start doing business. The right bank account for your business can be the difference between successful business growth internationally and a failed enterprise.
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