Opening a Corporate Bank Account in Europe
All businesses need a corporate bank account in order to receive payments from customers; make payments to suppliers and track their finances. For online businesses it can be challenging to find a bank willing to take you on as a new client. Online businesses that often encounter difficulty when applying for a business account include gaming companies; online affiliate companies and ecommerce businesses in general. Although the process may be complex it is possible for online companies to find banks willing to offer them a business account. Bear in mind that requirements and policies differ from bank to bank and the process can be frustrating.
Choose Your Business Bank Account Well
What can your bank do for you and what services and financial products are vital for your business? Decide on the must-have banking services you need and check that your chosen bank can supply you with these services; for example, will you be able to receive payments from the jurisdictions where your clients are located; will you need currency conversion, debit cards, multiple signature rights etc. You will need to pay some of your suppliers online or you may need an account where multiple company employees can make transfers. Do you need an account that can receive multiple currencies from international clients? What kind of business account will you need and does your chosen bank give you options? Before beginning the application process decide what you want from your bank.
Processes Involved in Applying and Opening an International Business Bank Account
Among the many documents you will be required to produce to open an international business bank account:
- Articles of Association
- List of shareholder and their details
- List of directors and their details
- Certificate of company registration
- You may also need a business plan; details of your management staff and financial reports as well as any other document the bank sees fit to ask for.
- Banks may ask you who your main customers and suppliers are; their locations; your monthly turnover; main currencies you intend to bank; physical street address of your company etc.
It is important to find out what documents your bank requires for the onboarding process so that you don’t waste time and a trip to the bank just to discover you are missing one vital document. Ask exactly what the bank requires as each bank has its own policies and requirements for new business accounts.
Points to Consider when Choosing an International Corporate Bank Account
- What currencies can the account hold and transfer?
- Can the account be used to send and receive transfers to the jurisdictions where your customers and suppliers are located?
- What are the fees and charges that apply for the businesses account?
- With your chosen account what level of customer service will be available to you?
- Can you access your corporate bank account remotely – is there mobile banking?
- Can you have multiple signing rights for your chosen account?
- Does the business account come with cards you can use to pay suppliers or employees?
Opening an International Corporate Bank Account – Challenges, Options and Solutions
Opening a business account is different to opening a personal account; starting from the onboarding process which is more complex and requires that you produce more documents. Opening an international business bank account is also very different from opening a local business account. Choose the bank that can supply you with all the services and financial products your company needs now and in the future. Find out in detail what documents are required for onboarding. Prepare your documents thoroughly before you apply for your new international online business account. If you want advice on choosing the best international corporate bank account for your business feel free to contact us.