Everything you need to know about a business bank account

Whether you're a company or a sole trader, a business bank account is essential for collecting payments and paying for services.

If you don't already have one, we'll guide you step by step through the process of opening a business bank account !

What is a business bank account?

DEFINITION

Definition: a business bank account is an account dedicated to the activity of a company, whether SME, large corporation, self-employed orcraftsman. It operates in the same way as a personal account, but banks offer additional, tailor-made services. In addition to online account management, the bank can provide you with :

• Personalized support from your advisor
• means of payment (bank card, cheque book) or collection (POS terminal) in your company's name
• Specific insurance
• Cash management tools...

Don't hesitate to ask your advisor to help you diagnose your needs, as banks will do their utmost to provide you with services tailored to your project. You can also compare business bank account offers on sites like independant.io.

What the law says...

So the natural question is, "Do I need to open a business bank account?

Well, the answer is simple: it depends

The obligation depends on your company's status:

1. For all companies with"legal personality"(SARL, EURL, SAS), it is essential to open a business account. You won't be able to register your company without doing so.
2. For craftsmen and self-employed professionals, the law stipulates that you must open an account dedicated to your activity. It does not specify whether this is a business account or not. However, if you wish to use a payment terminal, you must open a business bank account.
3. Finally, the situation is a little different for auto-entrepreneurs. Since January 1, 2015, you must also have an account dedicated to your professional activity. The law doesn't specify whether this must be a business account or not, but banks often refuse to allow personal accounts dedicated to business activities. Check your contract carefully, otherwise your account may be closed.

Your pro bank account, step by step

The first step is simply to choose your bank. To do this, we recommend that you take a look at the existing range of products and services, and select the branch that best meets your needs. Your family bank won't necessarily be the best fit, and others may offer more suitable services.

The next step is quite simple: the bank will ask you for a certain number of supporting documents, depending on your status.

Among the required documents:

• Your photo ID with signature

• Your registration (with the Chambre des Métiers or the Registre du Commerce) if you are a merchant or craftsman
• YourSIREN number and APE code, assigned after your application to URSSAF if you are a self-employed entrepreneur or freelancer

If you operate as a company :

• Company bylaws (specifying who is authorized to use the bank account)

• An extract from a legal gazette or a receipt for publication in a legal gazette
• Your entry in the commercial register
• Proof of use of business premises, if any

Sometimes, however, you may be refuseda business bank account. Banks have the right to refuse to open a business account. In this case, the bank must notify you in writing and tell you how to make use of the "right to an account". In this case, the Banque de France will automatically open an account for you.