Thinking of opening a business bank account and wondering which option is best for you?

bank account for business

By Niamh Ward, 4th April 2022

There are a number of things to think of when starting a new company and one of the main considerations once the company is formed is setting up and opening your business bank account. There are a few options out there when considering when choosing a bank account for businesses. This article will help you to identify the best option for your company when it comes to business banking.

High Street Banking

High Street Banking is the most popular option for business bank accounts. High Street Banking means that there is a physical branch that you can attend in person when required. They also operate in a number of locations and areas around Ireland.

With these types of accounts, you can bank electronically but also with cash, cheques and coins. With a high street account, the company can also apply for company loans and overdrafts if needed.

The requirements for High Street accounts here in Ireland are as follows:

  1. Providing proof of ‘on the ground’ business in Ireland such as having a physical office location.
  2. Proof of employees and/or customers based in Ireland. This proof can be provided via contracts etc.
  3. A face-to-face meeting is required in some cases or the bank may look to have a Zoom or Skype meeting with the directors.

Opening a business bank account with one of the High Street Banks typically takes 10-14 business days.

Online Payment Accounts

Online payment accounts are just that, accounts that are solely online. These banks have no physical location and do not have any branches you can visit in person. These accounts can be restrictive, in that as they are solely online the company cannot take payment via cash or cheque.

This type of account does not allow the company to apply for any additional services such as loans or overdrafts so these facilities are not available. This option would therefore be less attractive to a company seeking credit.

However, these accounts do not require a face-to-face meeting with the provider and do not require ‘on the ground business’ here in Ireland. However, they do require proof of business such as an active website or business plan in addition to the application.

These accounts typically take 5-7 business days to open.

How to Proceed with Opening a Business Bank Account

If you are interested in opening a bank account here in Ireland and would like our assistance, you can reach out to us or order the service online using the link below.

Order our Company Bank Account Service

While the financial institution has the final say on whether the account will be successful or not, Company Bureau can assist you to put your best foot forward during the application process. If you have any further questions please do not hesitate to reach out to us directly at cosec@companybureau.ie or call +353(0)1 6461625. A member of our team would be happy to assist you with your business banking needs.

 

Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change. 

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