You do some small jobs as other activities, but you have not yet registered with the Chamber of Commerce. You are then not obliged to open a business account. In fact, banks do not accept requests without a Chamber of Commerce number. You are therefore required to have a Chamber of Commerce number to apply for a business account.
Without a Chamber of Commerce number you are not officially registered as a company. You cannot open a business account.
Moreover, it is not necessary to open a business account if you only perform small or incidental activities. Without a Chamber of Commerce number and few incoming or outgoing business transactions, it is no problem to receive and send payments via your personal account.
You also save bank costs. After all, for most business accounts you pay $ 5 to $ 15 per month, with the exception of the Space bank business account, where you bank for free.
If your business is growing, it may be wise to register with the Chamber of Commerce so that you can also open a business account. There are no hard conditions or rules when you have to register with the Chamber of Commerce. Practice shows that enrollment is usually necessary if you intend to spend more than 15 hours per week in your business and you intend to generate more than $ 10,000 per year in revenue. Here you can read more about the conditions for registering with the Chamber of Commerce .
Business account benefits
If you are registered with the Chamber of Commerce, it is wise (and mandatory) to close a business account.
- You keep your finances transparent by keeping your private and business money flows separate. This makes the administration a lot simpler in any case.
- you come across as more professional with a business account. You can state Your company name on invoices and quotations.
- Many banks offer more than just an account. They support the business climate and offer many extras. Consider, for example, discounts on accounting packages, ATMs or offering a business credit card.
By law there are no rules for using Your private account for business. However, you have agreed to the conditions of Your private account, which state that the account may not be used for business transactions. Banks therefore oblige you to open a separate business account.
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