Apply for a Business Bank Account Online

Best Bank Account for Business

A business bank account is essential in order to keep your company’s money separate from your personal finances. A personal bank account and a business bank account have different features and there are a number of distinct types of business accounts to choose from. Even the application process differs between business and personal accounts.

Applying for a Business Bank Account

All businesses need a business bank account but applying for a business account is not always as straightforward as it may seem especially for online businesses – e-commerce stores, gaming sites, affiliate, etc. When applying for your company bank account you will need to know the regulations and requirements such as the various platforms available to you; the KYC process; application forms; the required documents and more. Here is some essential information about how to apply for a business bank account:

What are the Bank’s requirements?

Every bank has its own specific policies and requirements, so start by getting a checklist of the requirements from the bank before submitting your application. Some banks will only open business accounts for certain types of businesses while others may have limited resources or services. It is important to do your homework before committing to an account at a specific bank. Pay attention to the services offered, for example, will you be able to deal in multiple currencies, make international transfers, and receive international payments?

What are your company’s banking requirements? Although all international companies must have a bank account, each business will have its own special banking needs. As well, there are several common banking functions that all businesses will need.

Determine what are the essential banking operations your company requires

  • Sending and receiving funds – both international and local
  • Multi-currency accounts
  • Making international transactions
  • Prepaid cards – debit cards and credit cards. If you have international suppliers, you will need to pay them using a credit card or debit card
  • Loans
  • Customer Service in English

Choose a bank account that matches the type of business you run and your current and future business banking needs.

Apply for a Business Bank account





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    Choosing a Business Bank account

    There are several different kinds of business bank accounts and what you need to find is a company account that always keeps funds secure while facilitating the full range of transactions your company will need now and in future. Compare banks and types of business bank accounts before deciding on the right one for your company. Investigate the details of the services, fees and policies of your bank and choose the right account for your business. For some banks, you may be able to apply for a business account online but other accounts must be opened in person.

    The Business Bank Account application process

    Make an appointment with the bank to open your new business account. Make sure you are aware of the documentation you need to bring to the appointment as each bank or credit union has its own requirements. Among the usual requirements for opening a new business account, you may need to provide the following in addition to other documentation either in original form or copies with apostille, depending on your business and the bank.

    • Provide documentation showing the name and nature of your business.
    • A business financial report
    • CVs and IDs of the company managers/owners/directors/shareholders
    • Corporate documents e.g. Article of Association, Certificate of Registration, shareholder’s scheme etc.
    • Business plan.

    The application process may involve you having to name your main suppliers/customers and their locations; your average monthly turnover; primary currencies used by your company; physical address of the business etc. The bank can ask you any relevant question – so be prepared.
    Choose a bank account that suits the type of business you run and your current and future business banking needs.

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    Important features of an International Bank Account:

    • Excellent customer service when and where you need it
    • Reasonable monthly service fees and transaction maximums
    • Ability to process multiple currencies
    • Ability to transfer and receive funds to/from customers and suppliers in multiple countries
    • High standard of mobile banking and online services
    • Availability of cards you may need to pay suppliers or remote employees
    • If applicable to your business, does the account allow for multiple signatories?

    How to set up a Prepaid Business Debit Card Online

    With a reloadable business debit card, you can control the finances of the company by monitoring the daily use of the cards as well as the various transactions company employees make using the card. Using a reloadable debit card limits the spending by the card holder as they are not able to spend more than the amount of funds pre-loaded onto the card.

    To apply for a prepaid business debit card you must first open a business account. It is often possible to open business accounts online, depending on your business and the bank’s rules. To set up a business bank account you will need to provide information such as your business tax ID number or personal security number; business license (bearing both the company name and owner’s name) as well as a number of other documents. When opening a business bank account online you have to be careful not to fall prey to fishing websites. Once you have opened your business bank account and applied for a reloadable business debit card, the bank or card network will review your application and approve your request if all requirements have been met. The business debit card will usually then be sent to you within 6-9 business days.

    The importance of a Business Bank Account

    It is important to open a business bank account as soon as you establish your business. Don’t try running your business finances from your personal account. This will save you time and inconvenience in the future. Changing bank accounts once your business is up and running will mean notifying your customers and suppliers of your new bank details, changing and reprinting invoices, and notifying online subscriptions. You can save yourself all of this hassle by opening the business bank account from the inception of your business.

    In conclusion

    There are different requirements when opening a personal or a business bank account. Most importantly you need to do your homework before commencing the application process – choose the bank that best suits you and the type of business account that best suits your business. You must know what details the bank will need from you and what you will need from the bank now and in the future. Then get a checklist of all documentation required. Book a meeting with your banker to open the account and come armed with the necessary documentation. If you need any guidance in regard to opening an international business checking account feel free to contact us at GBO.

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