Neat Business

€0
Monthly Fee
- Includes corporate cards
- You can manage budgets
- Transfers in seconds
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Neat Business
€0
Monthly Fee
Managing finances is an important part of any business, and to do that you need to find the right business bank account. We've covered everything you need to know about business bank accounts in Ireland below, including costs and important features.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Business bank accounts are simply current accounts that are used to access and manage business finances. You can open a business bank account as a large company, a small business or a freelancer. The idea is to keep your business finances separate to your personal finances.
Business current accounts have features that are designed for businesses. For example, they usually have the option to let you add multiple users to the account with their own card to be able to spend funds in the account. The person or people in charge of the account will usually be able to set permissions for each person that has access to the account. Business bank accounts also offer other features, such as the ability to make batch payments, to give accountants access to the account or to easily track and manage receipts for tax purposes.
Businesses all have different needs for bank accounts so make sure you compare business bank accounts before you open one to make sure it’s right for you.
Not sure why exactly you should open a business bank account? Here are some of the advantages:
Digital banks such as Revolut, bunq and N26 all offer business accounts. Whether or not they are suitable for your business is up to you. Make sure you weigh up the features of these digital business bank accounts against the features of more traditional business bank offerings to decide which is the better fit for your business.
There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:
Whether you turn to a traditional bank or a digital one, there will likely be fees and other charges associated with your business bank account. Here’s a list of some of the fees and charges you might come across:
To open a business bank account in Ireland, you will need to meet the following criteria:
You will also need to be aged 18 or over and be a resident of ROI.
The process of opening a business bank account will very much depend on the bank and your type of business.
If you are a sole trader, you can usually apply for a business bank account online, and we have a step-by-step guide for you to follow below.
For all other business types, such as limited companies or partnerships, you will need to contact the bank in order to set up a meeting with one of the bank’s business advisers.
Step 1: Once you’ve checked you’re eligible, simply click “Go to Site” in the comparison table above on your chosen digital business bank to apply online.
Step 2: If you are applying for a business account with an institution that you already personally bank with, the bank may be able to use the details it has for you. You’ll need to tick this option on the application form if this applies to you. You may also avoid having to provide proof of your identity and address.
Step 3: Complete the application form. This should take a few minutes to complete but you will need to provide both personal and business details in order to open your account. You’ll also need to verify your identity by uploading copies of your passport and driver’s licence along with proof of your address in the form of a bank statement or utility bill.
Step 4: Await your business bank account approval then start using your account.
Opening a business bank account online can take only minutes if you’re a sole trader. However, for all other business types, the process will need to be carried out by the bank’s business adviser and may take anywhere from one to seven days.
From allowing multiple users to enabling batch payments, business bank accounts offer many benefits. Businesses all have different needs, though, so use our guide to compare business bank accounts before you open one to make sure it’s right for you.
The big high street banks may also be more likely to offer a non-resident an international bank account, rather than a business account. As a minimum requirement, you’ll need a form of ID and proof of address for the country you reside in for this.
But if you’re happy to run your business account online or through your mobile phone, there are now many digital-only business accounts available in Ireland, thanks to the new digital challenger banks and other fintech providers entering this market. The advantage of this for foreign applicants is that some (not all) of these digital banking providers do not require a proof of address, so you can easily open the account from abroad.
Also, if your company is a startup or if you plan to change banks, you may be offered a free banking period.
If you’re the sole owner of a business, you can operate as a sole trader. Sole traders remain personally liable for their business debts and business lawsuits, even if their company goes bust. If you set up as a limited company, your business becomes a separate legal entity, which can give you a series of advantages, such as better tax conditions.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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