Ideally, opening a business account is very essential, especially for limited companies who should keep their personal and business finances separate. A business account is beneficial although sole proprietors who handle a few transactions may not find it convenient. Such small traders may opt to maintain their accounts. But people who want to manage their business professionals should consider opening a business account.
How to apply for a business account
Opening a business account
, for instance in the UK may be slightly different from other countries. However, it is not a complicated process. Applying for this account is similar to opening a personal bank account.
The key requirements include proof of your identification and address, either a driving license or a passport. You will also have to provide the business details including the firm name, nature of the company and a registered address.
Some banks may also require incorporation information, your expected turnover, and the funding requirements (if any). You will also have to provide a copy of the business plan that may help when applying for a business loan as it shows forecasting details and an evidence of the corporate sustainability.
Some banks have made the application process very simple- you can make your request online and provide all the required details. In some other cases, you will have to visit the bank personally to verify the submitted information.
The waiting time may be typical between 2 to 5 weeks. Some other banks can process the application with one day. Therefore, you will not wait for a long time to have an operational business bank account. Ideally, an opening of bank accounts for foreigners in a residing country is simple, but a large percentage of the legal documents like the registered address should be from the United Kingdom.
Therefore, the outstanding difference between a business account and private bank account is the legal protection. It is vital to have a business account to separate personal and business finances. Also, it is important to update yourself on what goes around through the business finance SlideShare reviews for more information.