Creating a corporate bank account is a legal obligation.
It is very useful in a number of ways: collecting your advance payments and settlements, paying salaries, supplier receivables, running expenses and taxes.
It also offers accounting and tax advantages, particularly for micro-entrepreneurs.
To open a business bank account, all you need is your company's registration number.
However, banking offers have multiplied in recent years.
In this context, targeting the best offer means knowing the real purpose of a business account, the steps to take and all the benefits it can bring.
A business bank account is a legal requirement for all professionals, with the exception of micro-entrepreneurs with annual sales of less than €5,000.
Its primary aim is to distinguish between the company 's assets and those belonging personally to the entrepreneur.
It helps simplify your cash management, and makes it easier to reconstitute your accounts in the event of a tax audit.
All companies with share capital are obliged to open an account dedicated to their activities at the time of their creation. It is essential to obtain the precious certificate of deposit.
This step is compulsory in order to register your company.
Professional bank account users also benefit from advice and monitoring of their accounts by an advisor.
Most banks offer "à la carte" services tailored to the needs of businesses.
You can also compare business bank accounts on independant.io.
Several documents are required to open a business bank account:
- Identification of company president or account holder
- Proof of registration in the trades register if you are a craftsman
- Proof of registration with the RCS (Registre du Commerce et des Sociétés) if you are a trader or craftsman with more than 10 employees.
- In the case of a company, you will need to provide an extract from the articles of association, a receipt for the publication of the company's incorporation notice in an approved journal d'annonces légales and a Kbis extract.
- For liberal professions, all you need is a SIREN number and your APE code. This information can be requested fromURSSAF.
For all companies operating from business premises, it is essential to provide a commercial lease.
There's no such thing as the absolute best offer, but rather the one that best suits your needs and constraints.
To do this, we need to look at certain services that are particularly important for businesses, and then compare the different banking offers available on the market:
- Does the bank accept your legal status? For example, some banks focus exclusively on self-employed activities.
- How are bank charges set and how much are they? Some banks offer fixed monthly fees, while others charge additional fees based on your volume of business.
- What payment instruments are available , and at what cost? Some companies require a simple bank card, while others also need a checkbook. Some need a travel option to avoid paying commission when traveling abroad, for example.
- Will you be able to benefit from financing offers tailored to your project (loans, mortgages, etc.)?
- Does the bank offer a payment terminal for your business?
Rates can vary by as much as a factor of two, so it's important to make a detailed comparison of the offers on the market.
Before opening a business bank account, make sure you have a solid project ready to go.
The support of a banking institution that listens to you and offers quality solutions can help you make the difference and promote the success of your business.
Written by our expert Paul LASBARRERES-CANDAU
October 2, 2018
