How to Open a Business Bank Account

Establishing a business bank account for your newly-opened shop is one of the essential things your company needs. The existence of a bank account for your company can make financial management and tracking easier for you. Banks offer different kinds of account packages that best suit your business. And opening one is pretty easy and fast.

Secure Requirements and Documentation for a New Account

The first step in opening a business bank account is gathering and preparing the paperwork required. The eligibility criteria and documentation requirements may differ according to the type of business and the state where your business is located. However the most basic credentials a bank asks are the following:

  • Tax Identification Number (or Social Security Number for sole proprietorships)
  • Certified Copy of Fictitious Name Certificate or Certificate of Trade Name
  • Business License
  • Copy of IRS Ruling on Tax Exemption
Determine the Right Account for Your Business

Banks provide various checking options when you apply for a business bank account. Typically, account packages for start-ups and more established businesses have different features. The kind of package you need varies on the type of business you have and the extent of transactions you make every week/month. The classification of packages will help you determine which one fits your business the best.

Start Your Account Application in Various Options

Most banks are now giving applicants three ways to apply for a business account. You can either make your transaction by phone, online, or personally visiting their local branch. For online application, check your bank's website for details and instructions.

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