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Open a Business Account for a Small Business: What Do You Need to Know?

Open a Business Account for a Small Business: What Do You Need to Know?

The first thing you need to do when starting a new business in any sector is to open a business account. Regardless of your type of business, a business account is a must-have for your financial and legal affairs, as even the smallest company or organization needs to accept payments from customers, keep accounts, transfer money, pay taxes and salaries, and perform other important financial transactions.

The main difficulty is that you can open different types of business accounts, depending on the needs and specifics of the business. You can learn much more on the platform if you need detailed information.

What is a Business Account, and How Does it Differ from a Traditional Bank Account?

A business account is an account created to perform professional and business financial transactions. Earn income, transfer money, and pay company expenses using a business account. This way, you can easily differentiate between personal and business matters, and you will also be able to use specific useful options that will simplify and speed up your business routine.

 A business account differs from a personal one in many ways. Among them are:

  • delegation of responsibilities and powers
  • initiation of payments
  • useful tools for cash management and transfer money (positive payment, etc.)

There are also more requirements for a corporate business account, commissions and limits are different, and the allowable number of transactions is higher.

What Documents Are Required to Open Business Account?

To register an online account at, you only need a basic set of documents. To open a business account, it is necessary to register online on the service by filling in the basic data offered in the questionnaire. To continue to use an online account for corporate purposes, you must submit:

  • Ownership agreements and business start-up documents
  • License
  • EIN or insurance policy number (for private entrepreneurs)

After this procedure, apply for a merchant account to accept money from customers and perform other transactions you need.

In the case of Genome Account, you have the opportunity to go through all these procedures quickly and completely online without having to visit a bank or another institution to confirm your intentions.

Does it Make Sense to Open a Genome Account for Entrepreneurs?

When an entrepreneur has a small business, it seems that a business account is not required. The law allows the use of a personal bank account to perform all operations, including those related to the development of their own business. However, over time, operations and turnover are growing, business is evolving, and it is becoming increasingly difficult to distinguish between personal expenses and even income from the business. Moreover, a business account becomes very relevant when you need to fill out a tax return.

Thus, a business account is as necessary for small companies and businesses as it is for large corporate institutions. An online account will separate personal expenses from a business, so you do not get confused in payments and transactions. The same can be said for self-employed people, for whom it is just as important to have a business account and easily track income and expenses in any currency, including USD or EUR, and manage money confidently and securely.

With Genome Account, you get a universal solution and fewer papers that need to be issued or confirmed. Use simple and clear tools, manage your finances in a convenient online format, get the most out of your online account, and meet your financial needs without a titanic effort. One online account has dozens of different features that help you free up time and space to solve operational tasks and focus on the vectors you like best. Register your online account today and be sure of tomorrow!

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