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Bank account for startup

Published:
August 26, 2020

Bank account for startup – where to choose? Choosing the right account with a foreign banking institution will help you keep track of all your expenses, generate revenue and enjoy flexible and convenient banking services.

Which account type to choose and in which country to apply for its opening depends on what the account you need will be intended for?

Types of foreign bank accounts

The first thing you need to do is define exactly the functions of your future account. This will help you significantly narrow the range of searches, as well as correctly and clearly explain to the bank employee what exactly you want.

There are three types of business accounts, each of which has its own individual characteristics of opening and maintaining.

  • Checking account. Using such an account, which is its main feature, the company can withdraw money and deposit it through plastic and electronic cards, as well as checks.Some accounting accounts require a minimum deposit, while others ask you to verify the reality of your business and identify you as the owner of the company. Among the current accounts, there are also many types, for some of which there are restrictions on transactions, while others can provide absolute access to your personal resources and more.
  • Account for savings. A savings account is suitable for those who want to receive interest on the amount held in this account.With the help of such an account, the company will be able to get a place for liquid assets, which, in turn, allows you to save money on the purchase of something large-scale or simply save it for, so to speak, a “rainy day”.The conditions under which they work with accounts of this type are individual and depend on certain characteristics of your company and bank.
  • Such an account allows you to postpone funds for a certain set period, agreed between the company and the bank, at a fixed percentage.You are guaranteed to get your investment back, but only after a specified period. You may be required to pay a fine to withdraw funds before this period expires.

What should be considered when choosing a bank to open a foreign account?

The choice of a bank is directly determined by the purpose of your business. Banking institutions offer several account options that are designed to protect the safety of funds as the business develops and the profit gradually flows.

Here you need to carefully read the conditions of all banks and compare them – so you can clearly see which bank is suitable for your business.

When choosing a foreign bank or system for making payments, use the following recommendations.

  1. The first step is to find out if any fees are payable under the terms of your account. If they are paid, then find out if it is possible to refuse this condition, if not, and then ask what benefit you will get from these payments.
  2. Choose an institution with a competitive interest rate.
  3. Compare all the services: functions of online banking include, whether there is a mobile application and how it works, a line of credit, and so on. Any of these conditions can both help you to improve and promote your business, and slow down the process a little.
  4. Check availability. Carefully study the information about online options, find out if the bank branches are within reach for you. Also, inquire about the work schedule of the support team.In addition, it is important, what time of day you can and cannot carry out transactions.

If you find it problematic to do this on your own, you can always ask for help from specialists who will help you not only understand the intricacies of opening a foreign account, but also complete the procedure itself.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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