Ireland has a business-friendly environment, a skilled workforce, and strong global links which make it a popular place to do business. Whether you’re a large and excellent multinational, or a sole trader just starting out, you’ll likely find that Ireland offers the infrastructure and support you need to flourish.
The optimistic trends for business don’t look to be slowing down. A recent survey shows that 85% of small businesses expect strong growth in the near future – making it a great place to get started with a company of your own. If you are setting up an enterprise in Ireland, you’ll require a business bank account. Read this guide to see how to open one. If you want to open a business bank account in Ireland with a foreign corporate entity then take help from experts for the same.
That is possible to open a business bank account in Ireland for a foreign corporate entity. Like as the rules are complex and depend on the specifics of each case, you’ll need to discuss it with your chosen bank first.
How easy or hard is the opening process of a business bank account in Ireland?
Exactly what documents you have to open a business bank account in Ireland will depend on the type of account you choose. You can open a partnership; you’ll need to provide documents relating to all beneficial owners or those with a 25% share (or more). You need a mandate form signed by all directors to confirm they agree to the opening of the account for a limited company.
Important document bank will require you to sight the following documents:
- Original Certificate of Incorporation
- Copy of the Memorandum and Articles of Association
- Copy of form A1
- Two forms of ID, including a photo form such as a passport, for the individual opening the account.
- Samples of signature for anyone with authority to use the account
- Your business location proof (usually utility bills from the last quarter)
- Partnership Evidence – if you’re applying as such
- Certificate of Business Name
- Opening deposit
What you can do to open a business bank account as a non-resident?
You have a business that is not registered in Ireland then you should contact your bank directly and ask them can help you.
Bank of Ireland
Bank of Ireland has several business banking types, including products aimed at businesses that are just starting out. If you’re a sole trader you may be able to apply online and complete the process over the phone. If you’re applying for an account for a partnership or limited company you’ll need to visit a local branch.
You can use an online currency converter to check the actual value of your money before you transfer internationally. If you want to transfer, you might consider using an alternative service like transfer wise. Not even Transfer Wise already offer the true exchange rate you can find on Google, but since your international transfer is made with two local transfer’s country, large swift transfer fees are also cut out, leaving you with more money in the end.