A bank account is an essential element even for a one-person business. Without it, it is impossible to run a business. There is no provision in Polish law that requires the business owner to have a bank account. Theoretically. In practice, it is necessary, because many settlements can only be made through it. It is worth taking the time to analyze the available options. What elements should be taken into account to choose the right solution?
A bank account is an essential element even for a one-person business. Without it, it is impossible to run a business. There is no provision in Polish law that requires the business owner to have a bank account. Theoretically. In practice, it is necessary, because many settlements can only be made through it. It is worth taking the time to analyze the available options. What elements should be taken into account to choose the right solution?
Many budding entrepreneurs wonder whether they need a business account at all. Can't they stay with a personal account? They can, but:
- making or accepting payments related to business activities must be made through the businessman's corporate bank account when another businessman is a party to the transaction from which the payment results
- when a single transaction, regardless of the number of resulting payments, exceeds the equivalent of PLN 15,000, must be made through the entrepreneur's company payment account (Article 19 of the Entrepreneurs' Law).
Also importantly:
- Separation of private and business-related transactions allows more effective business management. Evaluating the efficiency of operations, controlling revenues and costs is much easier when it is not disturbed by private activities. The business conducted is transparent, also to institutions or supervisory authorities (such as the tax office) and in case of an audit does not require explanations. What's more - an entrepreneur can include all costs related to the operation of a business account as deductible expenses
- only the company account allows you to settle split payment transactions and use the VAT sub-account.
Many entrepreneurs looking for the right bank account for their business intuitively direct their first steps to the bank where they have a personal account. However, not always "our" bank will have the same good solutions for personal and business customers. That's why it's worth examining other options as well.
Start by identifying your needs!
→ Many banks have solutions dedicated to JDGs, companies, associations or foundations. What type of business will you be doing?
→ What kind of transactions will you perform? Only domestic transfers or also foreign transfers? The whole world or only the European Union? It is worth checking the costs and terms of such transactions.
→ Should other people, e.g. partner, spouse, also have access to the bank account?
→ Will you need to withdraw cash? The cost of ATM withdrawals can be significant. Both domestic and foreign are worth checking.
→ What banking tools will you use? Payment card, online transfers, ATM withdrawals, cash handling (access to a branch), currency exchange, etc. These are items that can mean additional costs associated with a bank account.
→ Is the possibility of a line of credit important to you? In the offers of many banks you can find proposals for financial support for companies. It is worth checking the conditions offered by the selected institution.
What elements of a bank account are important?
Establishing a company bank account is one of the first steps for an entrepreneur. As a business owner, you will use it almost every day - hence it is important that it works smoothly. A bank account allows you not only to settle accounts with contractors or employees, make purchases, but also facilitates the payment of mandatory dues to state institutions (Social Security or tax office). When choosing an account for your business, pay attention to the following aspects:
→ Transfer cost.
You will find free bank transfers offered by very few banks. But usually, too, the lack of cost applies only to the first few transactions of the month - there is a fee for the rest. Usually not much, but the total can add up to a considerable monthly cost. Increasingly, banks are practicing in their offers the absence of fees for mandatory transfers to Social Security or the US.
→ Card fee.
Most banks do not charge for the card, but they may, for example, impose a condition in the form of a total amount of transactions with the card during the month. Otherwise, add the cost, which varies from a few to a dozen zlotys per month. On an annual basis, a considerable amount can accumulate.
→ Account maintenance fee.
Some banks offer free accounts. Sometimes it is necessary to meet certain conditions to make the cost of the account zero. Other banks charge from a few to several dozen zlotys per month.
→ ATM withdrawal cost.
It can amount to as much as several percent of the amount charged. Sometimes banks condition free withdrawals by imposing minimum amounts, such as PLN 100. A fee will be charged for smaller amounts.
→ Additional bonuses and premiums.
It is worth looking at these items from the bank's offer - sometimes it can be as much as several hundred zlotys. Extra money is usually a reward for meeting conditions - such as making a certain number of transfers in a month or transactions of a certain amount. Sometimes the bonus of using a particular bank is access to other products it offers, on attractive terms. The pool of extras may include, for example, legal or accounting services, preferential purchases of business solutions, etc.
→ Account interest rates.
It is worth checking what the bank offers in this aspect, especially if you plan to place a considerable amount of capital in this account.
How to make comparing bills easier
Choosing the right business account is not obvious or quick. The most convenient solution is to use a bank account comparison site, where basic information is gathered and current promotions are reported, which are really worth looking into.
Where to find reliable cost comparisons?
The costs of bank accounts for entrepreneurs are reliably presented by the following services, among others:
- Ranking prepared by the bankier.pl website.
- The website of Marcin Iwucia - an economist, experienced manager and entrepreneur, who has been a columnist on capital markets and personal finance for more than a dozen years. An interactive ranking of business accounts is available on his site.
- Current ranking of business accounts also at kontomaniak.pl
- Or an analysis of business accounts from the website: bestszekonto.pl.
Change of bank account
Changing a company account is naturally possible, but it can sometimes be cumbersome. It forces you to update some of your documents, for example, contracts with business partners. Requires updating in company systems and business offices and institutions. You also have to remember about the change in the VAT invoices or company forms you issue.
A well-chosen corporate account gives you a sense of comfort in running your business. It allows you to focus on what is important in the development of your business. However, regardless of your choice - you will be able to add any bank account in the Banqup system and keep an overview of your finances.
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