Many self-employed and small business owners are unaware of the some of the options, or benefits, when setting up a corporate bank account. The hassle of juggling two separate accounts for business and personal purchases combined with the idea of having to pay setup and transactional costs for a business account deters most small business owners from doing so. While some believe that corporate bank accounts are reserved for large established companies, this is not the case. The advantages of setting up a corporate account for smaller businesses can help the company operate more efficiently. Regardless of size, companies should consider all options that could help facilitate their business operations, including bank account options.
One major draw about having a corporate bank account would be that it provides the appearance of business professionalism. Holding a corporate account can allow clients to be aware that they are dealing with a legitimate company. This boosts clients’ confidence when they transact with a company that is affiliated to prominent and trustworthy banks, such as Standard Chartered, HSBC, OCBC etc.
Another advantage of international banking is convenience. More information about international, or offshore banking, can be found on Healy Consultants Group website or send us an email with your specific questions.