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Opening a business account is the first step in your journey as a business owner. Choosing a partner to manage your business’ money is an important decision that you have to make. Ensuring that you choose the right financial services provider is important for business growth and knowing what you sign up for is half the battle. Whether you’re a small start-up or franchise, it’s important that your business needs are taken care of.
To ensure that you make the right decision when choosing a business account, here are some tips to keep in mind:
Tip 1: Get CIPC out of the way and register your business
The Companies and Intellectual Property Commission (CIPC ) is the legal body where you have to formally register your business before you can start trading. This is the first step to getting a business account as you will need your CIPC documents to open one. Part of the CIPC process is to name your company – you can either reserve a name for your company when you register, or register without reserving a name. Having a name ready for your company will help make the process easier for you as you can do everything under the company name.
Tip 2: Understand your business’ financial means and needs
The first step to choosing the right business account to suit your business’ needs, is to have a complete and thorough understanding of your business’ current financial situation and what you need from a business account to run your business optimally. You’ll need to decide if you want all the bells and whistles a business account has to offer, or just a basic account that will help you manage your funds. Then you also need to consider whether you can afford this account or if something cheaper would work better.
Tip 3: Do your research on the available business accounts
There are many different types of business accounts out there, each with slightly better or slightly less service offerings. Before you choose an account, first look at the pros and cons of each and make an informed decision. Don’t just choose the cheapest, first have a look at what you get and how it will or won’t benefit your business.
Tip 4: Choose a financial institution that you see yourself having a long relationship with
In this day and age, it’s easy to switch from one bank to another, but it’s still a tedious process, so it is important to make sure that you open your business account with a financial institution that you trust and are ready to have a long relationship with. Your business is more than just an entity and it is important to find a financial partner who sees that.
Business Banking Annual turnover from R 10 million to R 750 million 086 055 5333 |
Small Business Banking Annual turnover less than R 10 million |
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This information is intended for general information purposes only and does not constitute legal advice.