#2 Business Bank Account Needed?
You've been hustling a while now and realize you a need a place to stash your cash away from your personal funds. You immediately think about a Business Bank Account, but not so fast, Business Bank Accounts do not come by easily. In order to open a Business Bank Account you must have a couple documents ready. I completed the process recently with a major bank in Trinidad and Tobago and these were the requirements for a sole trader:
- Business Registration Documents
- Business Description
- Official Company Stamp
- Cash Flow Projections
- Proof of Address for Company
- Two Forms of Identification
- Minimum $100.00 to start account with
Once you have a Business Bank Account you will enjoy benefits such as:
- Cheques in company name
- Online banking capabilities
- Personalized Banking advice from Banking Officer
- Interest returns on money
- Access to Credit Facilities
- Safety of money
- Night deposits
Now that you understand the requirements and benefits of a Business Banking Account you can now put things into perspective. As you will have noticed the first requirement is a registered business so stay tuned for my next blog entry, How to register a business.
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