How To Open Business Bank Account

In the era of the Internet and digital services, establishing a business bank account has become a simplified process.

Numerous global banks and electronic financial institutions provide various types of business accounts, most of which can be opened online within a few days.

While the requirements for a business bank account are generally more stringent than those for a personal account, the essential information needed by the company or bank is typically similar to what you would provide when opening an account with a local bank.

Organizing Your Documentation

The specific documents required to open a new account may vary slightly depending on the company and jurisdiction, but they are usually less extensive than those required by local banks. The good news, especially for startups, is that there is typically no credit check involved. Let’s review the necessary documents for opening a business bank account with SikiraPay.

1. Your passport: Naturally, any company or bank will need personal details of those involved in running the business to authenticate them and confirm their authority to open the account. This is a crucial step that ensures the security of your business.
2. Proof of address: A recent document of this nature is sufficient to validate your stated address, which may be required by the company or its country’s financial institutions to ensure accessibility via mail. For SikiraPay, a utility bill or bank statement translated in English will be acceptable.
3. Resume: A CV, a flexible overview of your professional background, or even a link to your LinkedIn profile can serve as proof of your actual involvement with the business, demonstrating your experience in operating the company and managing financial risks, including those associated with the new account.
4. Business details: Providing basic information about your business, such as sources of income, the company website, recent transfers, marketing products, and business cards, enhances the verification process, confirming the operational status of your business and highlighting the global benefits of online banking.
5. Corporate documents: Legally, any company, including SikiraPay, will require a standard set of documents to be submitted to regulators along with your new account application. This may include the Certificate of Incorporation, Memorandum and Articles of Association, Appointment of directors and shareholders, Certificate of Good Standing for older companies, and any other documents mandated by your country. While it may seem like a substantial amount of paperwork, serious businesses should already have these documents organized.
6. Supportive documents for customer relationships or initial funding: Startups and account providers alike require these documents to ensure that operational expenses can be covered by the fees generated from business transactions. A robust account with numerous incoming and outgoing transactions is in the best interest of everyone involved.
7. A selfie with your ID: This final step is necessary to verify that the account is being opened in person, preventing potential scams where someone might attempt to operate an account using stolen documents.

Submitting the Application for Business Bank Account

Now, let’s explore the process of setting up a business bank account. Once you’ve gathered all the required documents and confirmed their compliance with the given requirements, the final step is to fill out the online application form.

Upon submission, the account opening process will take a few working days. In addition to the technical aspects, the provider will inform relevant regulators and handle all necessary paperwork on their end.

Voilà!

SikiraPay will open an business bank account for you with a unique European IBAN, enabling immediate sending and receiving of funds.

Transactions are supported through SEPA or SWIFT, alleviating concerns about compatibility with different payment systems or the need for currency conversion. Just like any other current account, you can seamlessly send transactions to global banks without incurring excessive fees.

The transition to SikiraPay won’t disrupt your customers’ payment process, as they can continue using the same familiar credentials.