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If your business is set up as a partnership or a corporation, it is compulsory to make and receive business payments through a business bank account. This is so you can be taxed appropriately on your business profits.
If you are a sole trader, there is no such obligation because you are still taxed as an individual in this case. However, sole traders are still eligible to open a business bank account if they wish.
Most of the major high street banks offer business bank accounts, although a lot of these still insist on lengthy application procedures that require you to visit a local branch, present financial data and sign various documents.
If you want to avoid this, you may prefer to open a mobile-only business bank account. These can be opened within minutes without the need for any signatures or branch visits.
Here are some of the factors you’ll want to look for when choosing your business bank account:
Most banks will allow you to begin the application process online. However, some will require you to visit a local branch to complete the process.
Here are some of the details that your bank may ask for during the application process:
Some online-only bank accounts may not ask for any of this. It depends on your choice of bank account provider.
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