Corporate account: why is it profitable?
Few new or even experienced entrepreneurs realize the benefits of a corporate account. Most often, it is opened simply out of necessity, because it is so prescribed by law. But a corporate account has a lot of features that can be used to great benefit for business.
Who needs a corporate current account?
The WestStein online account is suitable for everyone who carries out different types of financial transactions in their professional activities. It looks like letters and numbers separated by a line. It can belong to both legal entities and ordinary entrepreneurs.
Financial company WestStein offers an improved option for:
- storage of the company's fixed assets in a common place;
- carrying out various types of business operations.
The key difference between a business account and an individual account is in the payment purposes. To identify their clients, financial institutions assign them a “number”. It is unique and is considered an integral component of financial operations.
Such an account will help a private entrepreneur to effectively carry out their business activities. With its help, you can make transfers and pay for services/goods, including paying for the rental of equipment, premises, and making contributions to various funds.
Why can’t you use a regular account for this, for example, the owner or accountant of the company? Because the money received on it will be considered personal income, and not company profit, it will not be possible to fully report on it. And this already violates the norms provided for by law.
Online business account: purpose
An LLC or CJSC is an official legal entity, registered and having its own financial flows. All legal entities are required to keep records of income and report on this data to regulatory authorities. It is possible to clearly control the “movement” of funds exclusively with the help of a single account for the entire society. Therefore, the request “to open a corporate account for business” is quite popular in modern business activities.
And the WestStein online account for business has its own undeniable advantages.
First of all, you can use it to:
●avoid delays associated with exceeding the established limit when concluding contracts with partners. There is simply no limit for non-cash transactions;
●pay taxes on time;
●receive the required amounts from partners and transfer money to them;
●pay wages to hired employees;
●conduct key financial transactions online and more.
In addition to the main account, a prepaid WestStein Mastercard can be issued, as well as a virtual debit card for convenience.
Opening a current account: procedure
A corporate account is a type of bank account. The law does not necessarily provide for it. But some restrictions prescribed in the Civil Code may serve as specific prerequisites for its registration.
For example, there is a clearly established limit on cash payments – 900 euro. If we are talking about larger amounts, you need to divide them into several transfers, which means additional time and effort.
Difficulties may arise in paying employees' salaries. There are also nuances as for refunds.
That is, it is, in principle, possible to work without such an account, but opening one greatly simplifies the conduct of business.
The creation of an account is simple. You will need to:
- on the website go to the section with corporate accounts;
- follow the instructions for registration.
Prepare some documents in advance. First of all, you will need a charter, an extract from the register, passports (copies) of the management or authorized representatives, and other papers. It is impossible to provide an exact list for everyone, because there are nuances depending on the type of activity and jurisdiction.
Please note that WestStein carries out mandatory verification of the provided data and documents. Based on the results, either approval is issued and the account is opened, or additional information/documents are requested.
After the verification is successfully completed, the applicant is provided with several forms and a contract to sign. Then the required account is opened. It will provide for an unlimited volume of virtual format bank cards with limits of up to 100,000 euros.
Why is it best to open an account with WestStein? Because innovative proposals for current business are collected here, because the control/management mode is thought out to the smallest detail and is accessible from all over the world.
Of course, it is worth noting the conditions in terms of service, the size of commissions, competitive, completely transparent tariffs that help optimize costs for companies.
Security is another key aspect. WestStein offers security innovations, modern transaction monitoring, and many other benefits. A single company account is a surprisingly simple and uniquely optimized opportunity for those responsible to manage the financial affairs of a company, even from abroad.