Opening a professional bank account is an important, if not crucial, step in the life of your newly created business. In addition to being mandatory for the majority of entrepreneurs, the professional bank account will be of great use to you to manage your business on a daily basis. You do not know how to create a pro account? We are here to guide you step by step.
Do not confuse pro account and separate account
To begin with, the separate account is a personal account that self-employed entrepreneurs (not required to open a professional bank account) use to separate the transactions they make as professionals and those they carry out as individuals. In other words, the separate account is a standard current account used to maintain separate accounting.
As for the professional bank account, it is a current account that gives you access to a number of tailor-made services (we will discuss this in more detail in the following paragraph). And although contractors have no legislative constraints, it is recommended to create a professional bank account to avoid unpleasant surprises. Indeed, some banks, refusing that their customers use a conventional current account to manage their professional activity, can proceed with the closing of the latter.
Define your needs
The professional bank account is not only used to collect customers and pay suppliers. One of the advantages of a professional bank account is that it offers customizable services. Thus, professionals can benefit from numerous offers such as remote banking, payment methods (bank cards and / or checkbooks for your current purchases) and collection (fixed or mobile TPE), insurance adapted to your field activity or specific tools to manage your cash … But that’s not all, opening a professional bank account also allows you to benefit from financing, bank overdraft authorized or even cash facilities.
Your family bank is not necessarily the best suited for your professional activity. Shop around for existing deals to find the right bank for you. And do not limit yourself to traditional banks, online banks also offer services dedicated to professionals, moreover, at unbeatable rates.
The best way to do this is to go directly to the agencies to talk to a banking advisor (in case you are considering opening a pro account at a conventional financial institution) or to do simulations online.While the majority of traditional banks offer such practical tools, online or neobank banks offer a much clearer overview of their services.
Before you take out a professional bank account, take the time to study the following documents:
- The bank account agreement: this document provides detailed information about the general operation of the account, the means of payment associated with the account and the management of overdrafts.
- Subsequently, pay close attention to the particular conditions, because in the event of discrepancy, it is usually the latter that prevail.
- Finally, it is needless to say that tariff conditions are the first criterion for decision-making by company directors.
Build your file
As with the opening of a personal account, the bank you have finally selected will ask you to complete formalities and provide a number of supporting documents depending on your status, namely:
- A copy of your ID
- A proof of residence of less than 3 months
- Your registration in the Chambre des Métiers or in the register of commerce and companies if you are a craftsman or merchant
- Your company statutes and possibly the appendices (company)
- Your SIREN number and APE code if you are a professional
- A commercial lease if you practice in a business location
Depending on the status of your business, you may be required to provide additional documentation.Finally, if the bank refuses you the opening of a professional bank account (this can happen), do not worry! The bank is required to notify you in writing and to advise you of the procedure to be followed in order to use the so-called “account right”.