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How To Get The Best Business Account For Limited Company

Updated time: Feb 18, 2022, 12:39 (UTC+03:00)

In many countries, the laws and policies that manage limited companies can vary widely. Owners must have their personal liability protections and company's financial presences. This means opening their own dedicated business accounts for limited company is the first thing on the to-do-list to set up a limited company. International payments through your banking accounts may include complicated processes of applications. Therefore, you need a great alternative service of payments to cover your business transfers.

Why Open A Business Account For Limited Company?

Why Open A Business Account For Limited Company?

When starting a company with a limited structure, it is important to understanding the following reasons of a business account for limited company:

Segregation: A business account probably allows you to keep your business transactions separate from your personal payments. It helps you to separately control the money flow between your personal finances and your business finances. Furthermore, you can streamline your tax without any misunderstanding deduction from your business transactions.

Building Your Company Credit: Opening a business account with your company name helps to increase the credibility of your business. This will become a useful record for evaluating business loans and applying for business credit cards.

Professional: Having a business account with a business name on your cheques, your bill payments, your cards, or any of your remittance papers can give you a more professional appearance. This legal evidence helps you to earn more trust from your clients about your legal business.

Obligation: Many companies around the world choose to establish limited company structures: Private Limited, LLC, LLP, ect. These companies' structures are established with the purpose of protecting personal liability of the owners. This may help you to avoid your personal liability for the debts and legal obligations of the company.

How To Choose A Business Account For Online Business: 5 Things To Consider?

After forming a limited structure of a company, a business account for limited company makes it easier for your business transactions. However, you need to consider available conditions to choose the right payment solution for your company:

Fees: It can be attractive to find the cheapest business banking account, or business account for online business with the most saving transaction fees. However, there are other factors that you will also need to consider.

Transaction Limits: Both traditional banks and online banking services limit your transactions and make you take more than one digital trip of transfers. However, there are some digital banking services that offer extremely large transaction amounts every time you transfer.

Deposits: Many banking services require clients to make a deposit to their account for the first time, and some traditional banks require you to regularly deposit cash in person. The deposit amount can vary depending on each banking service policy. However, digital banking services, especially online banking services, allow you to take card payments or wire transfer for deposit.

ATM Access: Some banking services support you to issue business payment cards. Therefore, helping your overseas payments become more convenient with card swipe machines.

App Features: It’s important to consider whether your banking service has a mobile app that gives you access from your mobile phone or not. Mobile apps include many convenient features that help users to easily manage and perform their business transactions at your fingertips.

What Documents Needed For Business Account?

Documents needed for business account will vary from fintech company to bank, but most will require based on specific types of company structures. Basic documents that you can provide to open a business account for limited company include:

Director & Shareholder Documents:

  • Director/Shareholder Passports.
  • Address Proofs.

You also need to provide the following Company Documents:

  • Certificate of Business Registration.
  • Registration of Directors/Shareholders.
  • Company's Charter.
  • Business License (if any).
  • Company Address Registration, ect.

Best Business Accounts For LLC And Limited Companies

In most countries, a limited company is legally required to own a separate business account because a limited company is a separate legal entity. Online traders and freelancers are not required to have a business account, but they are asked to manage their business transactions separately to personal payments.

In the country you’re making business, there are a lot of local banks that are always ready to offer best business accounts for LLC and limited companies. However, you need to consider available options that may affect your business operations and business payments. For example, a non-residential client or a non-citizen user opening an LLC bank account may be requested to show up in person for identification to open an account. To avoid direct travels, opening business accounts online with virtual agent support is an alternative payment solution for international limited companies.

DNBC Financial Group is another alternative payment service used by limited companies. Supporting large business transactions via the internet banking systems and the DNBCnet Mobile App to protect your business payments with encrypted data. If you consider opening a business account for limited company, please weigh up all available options and choose your banking service for your business account carefully.

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