As an entrepreneur you can open a business bank account with a bank. Because opening such an account entails costs, opening a company account may not be your preference. When you use your own bank account, you do not incur these costs. Therefore, you may decide not to open a special account for your business. But as an entrepreneur can you actually just use your own bank account or is this not allowed? We give you an answer to this question here.
Business account is not required
Some people think that opening a business account is mandatory when starting their own business. This is incorrect, because the Tax and Customs Administration does not require entrepreneurs to have a business account. At least, not if your company is a sole proprietorship, general partnership (vof) or partnership. A business account is mandatory for a private company (bv) and public limited company (nv). This is because the company is the legal entity in these legal forms. Because there is no person jointly and severally liable, it is logically not possible to use your own bank account for your company.
Banks do not want you to use a private account for business purposes
Is your company a sole proprietorship, general partnership or partnership? Then opening a business account is not mandatory. Therefore, you may decide to use your own bank account for your business. The bank you bank with probably does not welcome this. The conditions of most banks state that a private account may not be used for a company. You can bet on it, but there is a chance that you will run into the lamp. Many banks check randomly whether a private account is not being used for business purposes. If they catch you doing this, you still have to open a business account. That is why it is better to do this immediately if you start your own business.
Advantages of a business account
Because a business account costs money, many entrepreneurs see opening such an account as a disadvantage. Nevertheless, you should know that a business account also has the necessary benefits. First of all, separate personal and business payments. After all, you use two different accounts for this, so that transactions do not overlap. This makes it a lot easier to keep an overview. A business account also contributes to the professional appearance of your company. Your own bank account is linked to your name, while a business account is in the name of the company. A customer’s overview will show the company name instead of your own name. This can also help to avoid ambiguity.
Open a business account
Is it now clear to you that it is not convenient to use your own bank account as an entrepreneur? Then you probably want to open a business account. You can do this immediately, because most banks nowadays allow you to open an account for your company online. Because different packages are often offered, there is a suitable business account for every entrepreneur. If you have found a suitable package, you can immediately apply for a business account. A bank will then consider your application. Do they approve it? Then you can use the business account in no time.