With the many benefits that corporate bank accounts bring, the trend of opening corporate accounts is increasing. However, company leaders still encounter many difficulties in procedures and documents. This article will summarize detailed information and ways to open a corporate bank account for customers. See now!
What is a business account?
A business account is a bank account opened at commercial banks or credit institutions for the purpose of carrying out transactions such as: paying taxes, paying for premises, employee salaries, electricity and water bills.
Business accounts make transactions easy
What are the reasons to open a business account?
Opening a business account brings many benefits and makes transactions more convenient for businesses, including:
Convenient payment
Business bank accounts help make transactions quickly and safely, including transactions such as receiving money, paying money, paying taxes, etc. Online payment processes help businesses save time, costs and improve operational efficiency.
Easy cash flow management
Using a corporate account helps the company build a prestigious and professional image in the eyes of partners and customers when transactions arise. In addition, opening a corporate bank account also helps build good relationships in business relations, creating favorable conditions for future business development.
Business accounts help manage finances effectively
Increase credibility and professionalism
Using a business account helps build professionalism towards partners and customers. At the same time, it also helps businesses build better and more sustainable relationships, contributing to promoting effective business operations.
Eligible for VAT and CIT deductions
According to the law, enterprises are eligible to deduct input VAT on purchased goods and services with a value of VND 20,000,000 or more in case there is a non-cash payment document. Non-cash payment documents include bank payment documents and other non-cash payment documents.
Therefore, opening a bank account will help businesses satisfy the conditions for deducting VAT and CIT according to current laws. The transparency of the payment process by the bank will help businesses meet the conditions prescribed by law.
Conditions for opening a SeABank business account
According to regulations issued by law, to open a corporate bank account, customers need to satisfy the following conditions:
- Organization is a legal entity.
- Private enterprise (the person responsible is an individual).
- Business households (established by family members or an individual who is responsible for all business activities with all of his/her assets) and other organizations.
Note: For customers who are business households, the process of opening a business account will be similar to the process of registering to open a personal account.
Businesses need to satisfy the conditions required by the bank to open a business account.
Procedure open a corporate bank account
Prepare documents
Before registering to open a corporate bank account, customers need to prepare the following documents:
- Certificate of legal rights of the enterprise (Decision on establishment/certificate of business registration,...).
- Decision to appoint chief accountant.
- Legal identification of the Legal Representative before the law.
- Identity documents of chief accountant/accountant in charge/legal representative,...
Bank selection
Due to the increasing demand, many banks provide bank account opening services for businesses. Therefore, businesses should consider and choose a bank that suits their financial capacity such as:
- Service fee: Account opening fees, account maintenance fees, transfer fees,...
- Products, services and accompanying utilities: Electronic banking services, international payments,...
- Transaction office system: Banks with many branches will help you conveniently make transactions.
Choose how to open a business bank account
Customers can choose 1 of 2 ways to open a corporate bank account: directly or online:
- Direct account opening form: Customers come directly to the bank's transaction office to submit documents and carry out account opening procedures.
- How to open an account online: Customers can use the bank's app to register for a card without wasting time traveling to the transaction office.
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How to open a corporate bank account at SeABank
SeABank provides the service of registering to open a corporate bank account with both of the above mentioned forms. To save time and costs, customers can register an account online with the following simple steps:
Step 1: Customer access to menu Product > Open a business account online on SeABank's website.
Step 2: Customers declare information and upload documents required by the system.
Step 3: Customers use digital signatures to sign eKYC (service registration form).
Step 4: The bank will review the application and notify the results of the SeABank business account opening registration via SMS or email.
Conclusion
For the convenience of business operations, opening a corporate bank account is extremely necessary. Hopefully, the information in the article can help customers know more about how to open a corporate bank account. If you are wondering which bank to open a corporate account at, please contact SeABank immediately for the most detailed advice!
