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Open a business bank account

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Open a business bank account

Open a business account when you're business is ready to start accepting or spending money. A business bank helps you to keep your business’s revenue and expenses separate from your personal expenses. 

Benefits of business bank accounts

Benefits of opening a business account in Cayman can include:

  • Professionalism. Customers will be able to pay you with credit cards and make online transfers to your business instead of directly to you. 
  • Easy to Track History. Keeping electronic records makes it easy to look up historic financial information. This can help you make better business decisions in the future.
  • Protection. If in the name of a limited liability company, business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also ensures your customers that their personal information is secure.

Find a business bank account with good benefits

Some business owners open a business account at the same bank they use for their personal accounts. Here are a few things to consider when you're opening a business account:

  • Introductory offers
  • Length of time it will take for the bank to open the account.
  • Interest rates for savings and checking
  • Interest rates for overdraft protection
  • Transaction fees
  • Minimum account balance fees

Required documents

Opening a business bank account is easy once you've picked your bank. Simply go online or to a local branch to begin the process. Here are some of the most common documents banks ask for when you open a business bank account. Some banks may ask for more.

  • Company formation documents (if you have a registered company)
  • Trade and Business License
  • Proof of identity
  • Due diligence
  • Business plan
  • Source of funds

Each bank will have its own specific requirements and criteria for opening a business bank account. Please contact the bank directly to inquire about their specific requirements to initiate the account opening process.

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