Accountant
35 Points
Joined June 2017
It can be a hurdle to open a business bank account when you’re just starting out, especially if you’re an online business. Here’s what you can do:
- Check with your payment gateway provider: Some payment gateway providers, such as Paytm, allow you to use your existing bank account to settle payments. Check with your payment gateway provider to see if this is an option for you.
- Look for a business account with minimal requirements: Many banks offer business accounts with minimal requirements for new businesses. These accounts may have lower fees or waived fees for a certain amount of time. Do some research to see what banks in your area offer these types of accounts.
- Apply for a GST registration: While getting a GST registration may seem complex, it can actually benefit your business in the long run. A GST registration can help you appear more legitimate to customers and can also help you claim input tax credits on your purchases. You can find more information about GST registration on the GST website: https://www.gst.gov.in/.
Here are some of the documents you will typically need to open a business bank account:
- Proof of business registration (such as a certificate of incorporation or a business license)
- Your tax ID number
- Your business plan
- Financial statements (if you have them)
- Proof of identity for the business owners and authorized signatories
The specific requirements will vary depending on the bank, so be sure to check with the bank you are interested in opening an account with.