5 Steps to Opening a Business Banking Account10 min read

5 Steps to Opening a Business Banking Account10 min read

Setting up a business banking account is one of the most critical things any entrepreneur should do when he starts his business. 

A separate account allows you to separate your personal and business finances, and you can conveniently manage your cash flow, receive payments, and pay invoices for the operations of your business. 

In this article, we will be exploring the 5 essential steps of opening a business bank account with The Kingdom Bank which is the leading online banking service provider that allows businesses of all sizes to easily bank online.

Can Small Businesses Open a Business Banking Account and Make Payments?

The simple answer is yes – small businesses absolutely can create separate business bank accounts and use them to receive payments, send and receive funds, and do any other business banking that is relevant to the operation. 

In fact, you should definitely have a business account if you own a legitimate business as you’ll need it to be able to accurately keep track of your accounts, send invoices, deposit slips, and pay suppliers or employees.

Small businesses can benefit from the core banking capabilities of check writing, debit cards, wire transfer, online bill payment, and mobile deposits with a business account at The Kingdom Bank. 

You will also be able to send and receive funds internationally through the bank’s worldwide payment system. This is a great benefit for businesses doing cross-border business or having international customers and suppliers. 

The Kingdom Bank even offers segmented accounts for different business verticals such as retail, consulting, real estate and more.

How to Open a Free Business Banking Account?

For opening a business account at The Kingdom Bank, the process is simple and can typically be completed completely online in a matter of seconds:

• Step 1) Open an account online – Visit The Kingdom Bank’s website and click “Open Account” to fill in a simple application with the basic business and owner information.
• Step 2) Check your identity– Your bank will need to electronically check your identity using a passport, driver’s licence or articles of incorporation.
• Step 3) Deposit your initial deposit – Most accounts need a minimum opening deposit of $500 or less via wire transfer or mobile check deposit in The Kingdom Bank app.
• Step 4) Configure account options – Select debit cards, check orders, wire transfer fees and other optional services you would like to use.
• Step 5) You can start using your account – After you’re approved, you’ll get online access to your account and routing/account numbers to start receiving deposits and payments.

It takes less than an hour to sign up. 

And best of all, The Kingdom Bank doesn’t charge monthly maintenance or transaction fees, so you can bank for free as your business expands.

What Documents are Required When Opening a Business Banking Account?

If you open a business bank account, the bank will request some basic proof of business in order to prove that the business is legitimate and meets know-your-customer (KYC) requirements. 

These are the common documents that The Kingdom Bank and most other banks request for:

• Articles of Incorporation or Organization – This is the document that identifies your business as a registered corporation and gives the business legal name.
• EIN/Tax ID Number – Your Employer Identification Number, issued by the IRS, for tax purposes and identification.
• License/Permit for Business (if any)- Some businesses and areas do require certain licenses in order to legally run a business.
• Owner Information – Personal information such as name, address, DOB, SSN will be collected for all owners and directors of businesses having 25% or more ownership.
• Signer Cards – Forms for approving signers of accounts and access/signature levels are required.

Depending on your legal organization, you may also have to submit simple operating documents such as bylaws, operating agreements or fake name registrations. 

The Kingdom Bank will be able to suggest the exact documents you require depending on your business details.

The Most Popular Digital Bank to Open a Business Banking Account

The Kingdom Bank is among the best banks for small and medium-sized businesses that want to go digital. 

Below are some of the major reasons that The Kingdom Bank is an excellent choice to open your business banking account:

• No monthly account charges or transaction minimums – pay only when you use wire transfers or specialty services.
• Comprehensive online and mobile banking with deposit, payment and cash management capabilities.
• World-wide payments for effortless international business banking.
• High-quality business customer support and account managers for support.
• Security and protection of data at the forefront of an online university.
• Easy account opening which can be opened in less than an hour entirely online.

The Kingdom Bank provides you with all the features of a bank without the hassle of a branch location and the overhead costs that come from passing on the expenses to customers. 

Our digital banking solution is ideal for global-oriented companies large and small.

The Easiest Way to Open an Online Business Banking Account

Here are the 5 easy steps to open an energised business banking account through The Kingdom Bank’s online and mobile banking portal:

• Apply online, by submitting a short application form.
• Verify your identity electronically
• Fund the initial deposit amount
• Create account capabilities such as cards and wires.
• Start using your new account

With its seamless signup, robust digital tools, and no monthly or transaction charges, The Kingdom Bank has really gone above and beyond to make it easy for any business regardless of its size to open an online business bank account. 

You’ll manage your finances, accept payments worldwide, and get support – without ever going inside a branch.

To start banking like a business, visit The Kingdom Bank to open your account today. An account manager can also take you through the basics on the phone. 

This is the first step towards opening a business bank account – don’t wait and start banking your business funds at the world’s largest digital bank account for businesses, The Kingdom Bank.