Though there is no legal requirement to set up and operate a business bank account for your limited company, it may become hard for you to manage business finances successfully without a bank account. A separate business bank account will ensure that you are able to effectively and efficiently record all sales and expenses the business incurs. This ways, you get a clear picture of whether the business is making profits or losses. When using your personal account for business transactions, it becomes hard to distinguish company finances and you end causing unnecessary delays when working out tax liabilities and account records.
How to setup business bank account for a company remotely
In Ireland, both residents and non-residents are permitted to own business/ company bank accounts. Note that, non-residents who do not reside in Ireland are advised to work with company formation agencies that offer bank account opening services. Though the internet of things has led to the introduction of remote business bank account setup services, there are still a few factors here and there that require expert advice. Additionally, renowned company formation agencies in Ireland have established unwavering relationships with the local banks to ensure that their clients receive the best business bank account setup services within the shortest time possible.
Through remote business bank account opening services, you are able to communicate with the bank despite your location. Of course, your company formation agent will have taken your through the documents required to open a business bank account. You may choose to submit the documents to the bank electronically or send copies to your agent who files the account opening application on your behalf. The agent organizes your business bank account setup forms and ensure that the process is completed efficiently. Ireland is considered the ideal business bank account setup destination in the EU due to reasons such as;
- Ireland is an English-speaking EU member.
- Unlike other EU states, Ireland charges a low corporation tax of 12.5% among foreign owned companies and businesses.
- The legal system in Ireland is almost as similar to those of US and the UK.
- Ireland is the business formation destination for most large business corporation in the world. Hence, having an Ireland bank account would be beneficial if you aspire to do business with big global corporations.
Summary
Prior to setting up a business bank account in Ireland, it is important to evaluate the different business account packages offered by different banks. This way, you are able to find a bank that offers the ideal package based on the nature of your business operations. For instance, it would be wise for a foreign investor to setup a business bank account with a bank that fully supports online banking.