Business/Corporate account

A corporate account serves as a banking tool utilized by businesses and organizations to handle their financial dealings. With this account, companies can monitor expenses, administer employee salaries, receive payments, and manage funds for investors. This facilitates effective cash flow management for business owners, enabling them to segregate personal finances from business assets. Corporate accounts offer a broad spectrum of financial services, including electronic payments acceptance, large-scale purchases, and payroll management. Small and medium-sized businesses are encouraged to consider opening a corporate account for their banking needs due to its manifold advantages.

Benefits of corporate Account

So what exactly do you get with EPB’s business account?

Creating reliability

The credibility of a corporate account denotes the degree of trust and assurance it instills in stakeholders, including employees, suppliers, and customers. A credible corporate account enhances a company's appeal to prospective investors by showcasing its capacity to handle finances competently and ethically. This is achieved through the provision of precise financial data, essential for informed business judgments, budget formulation, and financial forecasting.

Liability Protection

A corporate account can provide liability protection for business owners and managers, shielding their personal assets from potential legal judgments or debts arising from the organization's activities. This protection is achieved through the incorporation of the business as a limited liability company (LLC) or a corporation, which effectively separates the company's financial assets from those of its owners. As a result, the personal liability of owners and managers for the company's debts or legal obligations is reduced.

Investment strategies

Corporate accounts can offer a number of investment opportunities for businesses and organizations, including: setting up stock portfolio, real estate investments, mutual funds, retirement plans.

Financial planning

Managing finances within a corporate account entails efficiently overseeing the financial resources of a business or organization. This encompasses activities like monitoring cash flow, generating financial statements, devising budgets, and determining investment strategies, all while maintaining precise records. Accurate record-keeping is paramount for ensuring effective financial management within a corporate account.

Simplified banking process

One of the primary advantages of utilizing a corporate account with a digital bank is the facilitation of easier financial transactions. Euro Profectus banks provide online banking platforms, enabling businesses to oversee their finances remotely, from any location with internet access. This seamless accessibility empowers companies to effortlessly retrieve account details, conduct transactions, and track their financial activities in real-time.

How to open a corporate account

It is important to note that the qualifications and documentation needed to establish a corporate account differ based on the type of business structure. The following are some of the crucial aspects to consider when opening a corporate account:

• For smaller businesses without a board of directors, the owner can open a new corporate account without seeking approval or a vote from anyone.
• Companies usually appoint a specific individual, usually the board's treasurer, to take care of opening and running their corporate bank accounts.
• The company that the owner intends to open a corporate account for must have a board of directors.
• Companies require authorisation from their board of directors to establish a corporate account. The normal process involves holding a meeting where a decision is made through a vote. The directors engage in an in-depth examination of the account's intended use, access methods, and capabilities.
• Only registered businesses, not individuals, are qualified to open corporate accounts.

Essential Documents for Corporate Account Establishment

The following documents are necessary for opening a corporate account: Completed application form:

• Articles of Association
• Memorandum of Association
• Board Resolution
• Incorporation Certificate
• Address Verification Evidence