For long, Ireland has been the ultimate company formation destination for international business people who want to tap into the vast EU market. It offers a business friendly environment, straight forward business formation process and strong global links. Upon successful business incorporation, the next step is to open a business bank account online or in person. Every business requires a bank account to keep financial records updated and above all, ensure that it has a clear understanding of its financial position. Moreover, all business types must have a current business bank account to facilitate payments to suppliers and receive payments from customers.
There are three main business types in Ireland; limited companies, partnerships and sole traders. In light of this, the process of opening a business bank account in Ireland depends on the type of business entity an investor prefers. Here is an explanation of how the business bank account opening process differs from one business entity to another.
Sole traders/ partnerships
Opening business bank accounts is relatively easier for sole traders especially when they are using their personal names as business names. Where a sole trader operates a sole trade with a different name other than their personal names, they are required to provide evidence in the form of a Business Name Registration Certificate to the bank they choose. Partnerships must provide all the names and a few personal details of all company partners; this includes their partnership agreement.
For a limited company to open a business bank account in Ireland, it requires a resolution by the board of directors that must be presented to the preferred bank. Note that, every bank has unique mandates about who should be in charge of company banking transactions. Banks may also request to have company articles and memorandum of association among other company details prior to opening an account online of in person. Additionally, banks will request personal information belonging to beneficial company owners who own 25% or more shares or voting rights. Some of the personal information details; proof of personal identification and valid address.
How to open a business bank account online in Ireland
The first step is deciding the type of bank and account your business requires. Open the bank’s websites and fill in the relevant online business bank account form. Note that, you may be prompted to download the bank account application form. This ensures that you fill in all the required information accurately and without time limits. Once downloaded, the application form should be duly completed and drop into the local post office. The necessary supporting documents aforementioned must be attached. Once the application is received by your bank, they will mail a welcome packet that contains your welcome letter, business bank account number and other important details, a copy of business banking terms and conditions, as well as a brochure explaining different banking products.
As the world embraces the internet of things, it is important that the international business community follows suit. Hence, the introduction of such online business banking services that makes it easy for business associates to open business bank account online in Ireland despite being miles away.