Bank account for professionals

[Rob G]

I'm about to go self-employed (you're probably bored of hearing me say that), and need to know what the requirements are in terms of bank accounts. I've spent a while this afternoon looking at our own bank's website, and will probably have to make an appointement to go and see someone about it. Just wondered in the meantime whether anyone could throw any light on a couple of specific points:

- In the UK, although many self-employed people try to run their business through their personal bank account, this is almost always against the terms and conditions of the account and the banks look down on it. (I worked for a major high street bank for years.) I assume the same applies here?

- My needs will be very simple - a business current account with a cheque book. No cards, no overdrafts, no savings accounts, no loans etc. Is there a way I will be able to get this without (a) having to go through a whole business plan with my bank, and (b) having to pay a fortune each month for it?

Thanks,

Rob

[The Riff-Raff Element]

Hi Rob:

- I don't know about the banks, but accountants and the impôts are rather keen that everything is kept nice and neat;

- The business bank account we have is basically a normal personal

account with the name of the business under our names, a cheque book

and a bank card. I think the bank wanted to see the CdC paperwork to

confirm the name and SIRET of the business, but it was a very

low-stress happening. One of us had to be there in person to sign the

paperwork.

I think that the second account costs us about €35 per quarter plus any fees for oddities (international transfers, etc).

[Rob G]

Thanks, jond.

Guess I'm just going to have to go along to the bank and see what they see. From having a look at their site, monthly charges for a professional account seem to start from about 20 euros HT, and that doesn't even include the ability to access accounts online. I suppose I could look at another bank, but it would be much easier to keep everything under one roof.

Rob

[PossumGirl]

Rob,  your branch manager has a great deal of leeway when it comes to setting up your account, as far as the charges are concerned.  That's another good reason to keep your accounts under one roof. If he considers you a good client, he'll try to charge you as little as he can get away with, at least ours did.

For our business accounte, needed to provide the CCI registration documents and the Siret number.  There were some other documents that we needed, but that was because of the type of business we were setting up.

PG

[Rob G]

Thanks PG - good advice which I will certainly bear in mind when visiting the bank manager.

Rob

[Mpprh]

Hi

 

I have a business account. I was told it was essential if you had a business.

You know it is a business account because the visa card is red, not blue (true) ! Other than that, the only difference is that charges are higher.

 

Peter

 

[chris pp]

It does rather depend upon the type of business or self employment that you are in, there is not always a requirement to have a separate account, if for example all you did was cut grass and trim hedges it would be a complete waste of money in most instances to have an extra account or for that matter to employ an accountant, a simple receipt book would suffice.

Chris

 

[hastobe]

One of the main benefits of a separate account (from an accountant's

viewpoint) is that your business transactions are isolated from your

personal transactions.  There is nothing more time consuming,

frustrating...and expensive than having to go through loads of personal

expenses to fish out the business stuff (or vice versa).  Its just

cleaner and avoids potential problems with the tax authorities if you

keep two separate accounts.

Hastobe

[Katieb]

Rob, I'm not sure if this info comes a little too late but we have just opened a professional bank account with Credit Mutuel (we already 2 accounts with them) for my husband's recently registered web site/programming business (Enterprise Individuelle) and we have been advised that the charges will be 9 euros per trimestre (with cheque book and internet access). Not bad at all!!

Kate