Creating a business bank account is a legal obligation.
It's super useful in lots of ways: collecting your deposits and payments, paying salaries, supplier invoices, everyday expenses, and even taxes.
It also includes accounting and tax advantages, especially for micro-entrepreneurs.
To open a professional bank account, all you need is your company's registration number.
However, the number of banking offers has increased in recent years.
In this context, targeting the best offer requires knowing the real purpose of a professional account, the steps to be taken and all the advantages it can provide.
A professional bank account is a legal obligation for all professionals, with the exception of micro-entrepreneurs whose annual turnover is less than €5,000.
Its primary goal is to distinguish between the company's assets and those belonging personally to the entrepreneur.
It helps simplify your cash flow management and makes it easier to reconstruct your accounts in the event of a tax audit.
All companies with share capital must open an account dedicated to their business activities when they're set up. It's essential to get that all-important deposit certificate.
This step is mandatory to obtain a registration for the company.
Professional bank account users also benefit from advice and account monitoring by an advisor.
Banks usually offer "pick and choose" services based on the company's needs.
You can also compare professional bank accounts on independant.io.
You'll need a few essential documents to open a business bank account:
- A piece of identification of the President of the company, or the account holder
- Proof of registration with the directory of trades if you are a craftsman
- Proof of registration with the RCS (Trade and Companies Register) if you are a merchant or craftsman with more than 10 employees.
- If it's a company, you'll definitely need to provide an extract of the articles of association, proof of publication of the creation announcement in an approved legal announcement journal, and a Kbis extract.
- For liberal professions, a SIREN number and your APE code are simply required. This information can be requested from URSSAF.
For all companies operating in commercial premises, it is essential to provide a commercial lease.
There's no such thing as the best offer in absolute terms, but rather the one that best fits your needs and your constraints.
To do this, it is necessary to examine certain services that are particularly important for companies, and then compare the different banking offers available on the market:
- Does the bank accept your legal status? For example, some focus exclusively on liberal or independent professions.
- What are the pricing methods and the amount of bank charges? Some banks offer fixed monthly fees, while others charge additional fees based on your activity volume.
- What payment methods are offered and at what price? Some businesses need just a simple bank card, while others also need a checkbook. Some need a travel option to avoid paying fees when traveling abroad, for example.
- Could you get access to financing options tailored to your project? (Credit, mortgage, etc.)
- Does the bank offer a payment terminal for your business?
Prices can sometimes vary quite a bit, so it's important to compare the offers on the market in detail.
Before opening a professional bank account, make sure you have a solid project ready to launch.
Support from a banking institution that listens to you and offers quality solutions can help you make a difference and promote the success of your business.
Written by our expert Paul LASBARRERES-CANDAU
October 2, 2018
