To carry out these financial transactions conveniently and efficiently, businesses need to open a bank account or business account. So what is a business account and how to open one? Let's find out with sme.seabank.com.vn in the article below.
What is a business payment account?
A business payment account (business account) is a payment account opened at commercial banks or credit institutions for the purpose of conducting business transactions and payments. A business account often has a variety of different functions related to financial transactions such as deposits/withdrawals, transfers, payments, tax payments, salary payments, and bill payments.
Business account is an important financial tool today.
Why should businesses open a bank account?
A business account is an important financial tool and brings many benefits to businesses, including:
Convenient for paying for business transactions
A business account helps businesses make payment transactions conveniently, quickly and securely. This includes not only receiving and paying money but also paying bills, paying taxes and other transactions. The online payment process helps businesses save time and costs, while improving operational efficiency.
Help businesses manage finances more optimally and effectively
Using a bank account shows the professionalism and prestige of the business in the eyes of partners and customers when transacting. This helps build good relationships with partners and customers and creates favorable conditions for businesses to develop more effectively.
Increase the prestige and professionalism of the business
Using a bank account demonstrates the professionalism and prestige of the business to partners and customers when transacting. This helps the business build good relationships with partners and customers, creating conditions for the business to develop more effectively.
Using a bank payment account helps increase business reputation
Eligible for deduction of corporate income tax and VAT according to law
According to current law, enterprises are only allowed to deduct input value-added tax on purchased goods and services worth VND 20,000,000 or more if they have non-cash payment documents. Non-cash payment documents will include bank payment documents and other non-cash payment documents.
Therefore, opening a bank account helps businesses ensure the conditions for deducting value added tax (VAT) and corporate income tax (CIT) according to the law. Transparency in the payment process through banks helps businesses meet the specific conditions prescribed by law.
Opening a bank account helps businesses ensure conditions for deducting VAT and CIT.
Regulations you need to know about corporate bank accounts
The current law does not require businesses to open a bank account, but opening a corporate bank account is still necessary for businesses or organizations that are doing business. However, according to the Law, there are some notes about corporate accounts that you should know:
- A corporate payment account is an account that a corporate customer opens at a payment service provider.
- The owner of a business payment account is the business that opens the account.
- The legal representative (a legal representative or an authorized representative) of the organization opening a payment account on behalf of the enterprise will be allowed to carry out transactions related to the payment account within the scope of representation that he/she is authorized to perform.
Businesses need to clearly understand the regulations on using bank payment accounts.
Things businesses need to know when opening a payment account at a bank
Opening a payment account at a bank is a necessary procedure for every business. However, to make the account opening process smooth and quick, businesses need to pay attention to the following issues:
Prepare complete documents
To open a corporate bank account, businesses need to prepare the following basic documents:
- Documents proving the legal status of the enterprise (Certificate of Business Registration/Decision on Establishment…).
- Decision to appoint Chief Accountant/Accounting Manager of the organization.
- Documents proving the legal status of the Legal Representative as prescribed.
- Identity documents of Legal Representative/Chief Accountant/Accounting Manager….
In addition, businesses also need to note that the subjects that are allowed to open a business account are organizations established and operating in accordance with the law. Including:
- Legal entities are limited liability companies, joint stock companies or other types of enterprises as prescribed.
- Private enterprise (owned by an individual who is responsible for all activities of the enterprise with all personal assets.).
- Business household (registered by members or an individual in a household and responsible with all personal assets for the household's business activities).
- Other organizations are regulated under the rules and regulations of current laws.
To register for a payment account, businesses need to prepare complete documents as required.
Choose the right bank
There are many banks on the market today that provide payment account opening services for businesses. Businesses need to choose a bank that suits their needs and financial capabilities.
When choosing a bank, businesses need to consider the following factors:
- Service fee: Account opening service fee, account maintenance fee, transfer fee,...
- Products, services and accompanying utilities: What products and services does the bank provide to businesses, such as international payment services, electronic banking services, etc.?
- Branch/transaction office system: The bank has a widespread system of branches/transaction offices to facilitate business transactions.
Choose the form of opening a business payment account
Currently, businesses can choose 1 of the following 2 forms of opening a payment account:
- Open directly at the bank's transaction counter: The enterprise goes directly to the bank's transaction counter, provides documents and completes related procedures to open a payment account.
- Open a business payment account online: Businesses open a payment account online on the bank's technology platform without having to go directly to the transaction counter.
Businesses can open accounts directly at the transaction counter or open online.
Instructions for opening an online bank account for businesses
Currently, most banks offer online bank account opening services for businesses. Among them, SeABank - Southeast Asia Commercial Joint Stock Bank - stands out with a variety of services related to online bank accounts for businesses. You can refer to the process and benefits of opening a bank account at SeABank as follows:
Process of opening an online bank account for businesses
SeABank provides online payment account opening service for corporate customers who do not have a payment account at SeABank completely online with many outstanding utilities. Customers can open an online payment account anytime, anywhere following the following steps:
- Step 1: Business access menu Business > Open a business account online on SeABank website.
- Step 2: Enterprises declare information and upload scanned copies of necessary documents to the system.
- Step 3: Enterprises use digital signatures to sign the Service Registration Form (eKYC).
- Step 4: SeABank checks the Enterprise's profile and notifies the Enterprise of the online account opening result via SMS/Email.
You can also refer to the following video tutorial on how to open an online bank account at SeABank:
The process of opening an online bank account for businesses at SeABank is very simple.
Benefits of opening a business account online at SeABank
SeABank provides online business account opening service with many outstanding benefits, including:
- Convenient, time and cost saving: Businesses can open an account anytime, anywhere, as long as there is an internet connection. There is no need to go directly to SeABank's transaction counter, businesses can save time and travel costs.
- Simple and quick procedure: Businesses only need to prepare documents according to SeABank's instructions and follow the online registration steps. The procedure is simple and quick, and businesses can receive an account immediately after successful registration.
- Give away nice account numbers: SeABank offers a beautiful account number worth up to 10 million VND, with flexible options for up to the last 5 digits of the account. Beautiful account numbers bring many benefits to businesses, especially in terms of helping to promote the business's brand more effectively.
- Free e-banking services: SeABank waives registration fees, usage fees and domestic transfer fees on e-banking services. E-banking services help businesses conduct financial transactions quickly and conveniently anytime, anywhere.
- Flexible transactions, high limits: Businesses can flexibly transact online right on their online payment account with a limit of up to 300 million VND/day or a higher limit if the business goes to the transaction counter to verify information.
- Fast, absolutely secure with electronic customer identification solution - eKYC.
Online transaction limit of business account at SeABank can be up to 300 million VND/day
Conclude
In today’s economic climate, owning a business account and taking advantage of online banking services is not only a smart choice but also an important step in shaping the success of your business. Hopefully, with today’s article, you have a better understanding of business payment accounts.
If you are looking for a reputable bank with many excellent banking services for businesses, please refer to SeABank. Using a business account at SeABank will help businesses ensure flexibility in transactions, simplicity in procedures, along with special incentives such as giving away beautiful account numbers and free other related services.
To learn more and register for a corporate payment account at SeABank, please visit the website or contact Hotline1900.599.952 (KHDN).
