Introduction
One who likes to open a
small business banking account, needs to complete the
small business banking account application form and then drop that
application form to his nearest
small business banking center. After some days, the applicant will be contacted for a brief appointment. By opening a
small business banking account, one will be able to get the benefits like earning interest on idle funds, maintaining a low minimum balance, getting instant access to funds etc.
Procedure to open a small business banking account
In most of the cases, one needs to follow some basic steps to open any
small business banking account. These are:
- Firstly, one needs to complete the small business banking account application form.
- Secondly, he needs to drop that filled up application form at his nearest branch. To get the nearest branch address information one can browse the Internet.
- Thirdly, he needs to wait for a call from the banking representative, he will follow up the application and in most cases set up for a brief appointment session.
- Fourthly, after completion of the appointment session, the processing of application will be done. If all the relevant documentation submitted in order, then the applicant will be able to function his business transaction.
Necessary items required to open a
small business banking account are:
- Small business account application with the signatures of the applicant in proper places.
- Two copies of identification proof certificate
- Two copies of photograph (in normal cases)
- Original business name, registration certificate, if one is sole proprietor
- Original partnership registration certificate, if the business is a partnership
- Original articles or certificate, if the business is a corporation, and if the corporation is in existence for more than one year, then one needs to take one of the following relevant documents:
- The certificate which has a corporate status
- The Certificate of Existence
- The document showing company's last fiscal yr. annual report
- Notice of Assessment
- Present business license
- Present safety certificate(s)
- Present liquor license
Common features of the application form
Some common features of any
small business banking account form are as follows:
- Branch Information:This column will be filled up by the official authority
- Branch Location: Here one needs to write down the name of the address of the branch
- City: The name of the applicant's city should be given here
- Postal Code: Applicant needs to write his postal code here
About Your Business: Business details of the applicant needs to be given
- Business Legal Name: Legal name of the business will be put here
- Business Structure: One needs to specify his structure of the business here, like sole proprietor, corporation, etc.,
- Number of Owners/Partners: Total number of owners in his business
- Number of Employees: How many number of employees are working in his business
- Trade Name: If the name of the business is different from business legal name, he needs to specify that name here.
- Business Address: Address of the location of the business should be given here
- City Province Postal Code:
- Business Telephone Number: Official telephone number of the business should be given here
- Business Fax Number: Valid fax number of the business needs to given here
- Nature of Business: The applicant needs to specify the nature of his business type, like Pet, Food, Retailer etc.
- Business Start-up Date: Date should be given in MM-DD-YYYY format
- Fiscal Year End: same format like start up date need to be given here (mmm/dd)
- Annual Gross Sales/Revenue: Applicant needs to specify the annual gross sales value here
- Principal(s) of the Business: In this field, the applicant is required to provide the details of principals with 10% or more equity ownership.
- First Principal: Applicant needs to put his first principal amount here
- First Name ; First name of the applicant
- Last Name: Last name of the applicant
- Title: If the applicant bears any title, then he needs to specify his title here
- DOB: Here the applicant needs to give his date of birth here normally in MM-DD-YYYY format
- Owned business since: Here the applicant needs to specify the starting date of his business operation
- Percentage of Equity: He needs to give the percentage of the equity value
- Ownership Home Telephone Number: The owner needs to specify his home phone number here
- Home Address: Applicant's address of residence should be given here
The documents needs to kept are two copies of identification proof certificate like Driver's License, Passport,photo I.D. Etc.
Second Principal
- First Name: First name of the second principal should be given here
- Last Name : Last name of the second principal should be given here
- Title: Title of the second principal should be given, if applicable
- Date of Birth: DOB of the second principal normally in mm/dd/yyyy format
- Owned Business Since: Starting date of the business operation normally in mm/dd/yyyy format
- Percentage of Equity:
- Ownership Home Telephone Number: Telephone no. of the residence should be given here
- Home Address: Residential address of the second principal have to be given here
- City Province Postal Code: City province postal code should be put here
The type of the field will be same in case of third principal also.
For Partnerships
Here applicants needs to list the names of the authorized signatories, who will act as signing authority for the Business:
Three fields to be filled up for each partnership
- First Name: First name of the partner is to be given here
- Last Name :Last name of the partner is to be given here
- Title: It normally bears to be an optional field
The type and number of fields changes according to the needs of different banking authority.
Fields like: Account type, account number, Is the account to be used on behalf of or for another party, mailing address, estimated average, deposit frequency of deposits,weekly and monthly cash etc. may be included in the format of the
small business banking account application form.