When you decide to be an entrepreneur, whether self-employed as an auto-entrepreneur, building a "classic" company or via an association, managing your accounts is part of your day-to-day life. But is a professional account mandatory? In which types of establishments can you open one? And what are the advantages? Clarification follows.

1/ Features of a Professional Account

A) What Is the Purpose of a Professional Account and how Useful Is it?

First, having a professional account (or pro account) allows you to create a distinction between private and business transactions thus reducing the risk of confusion. It becomes easier to track business transactions such as invoice payments, customers collections, tax and social security payments, wages and salaries, etc. Having a professional account also makes it possible to appoint separate empowered and co-holders from those of a private account.

Secondly a professional account allows to benefit from additional banking services.

For example, the Olky Pro Account offers a wide range of services associated with your professional account: business credit cards, virtual and physical ETP terminals, instant transfers (Instant Payment), SEPA direct debits (SDD), money orders, electronic signatures, automatic collection of unpaid invoices, plus the option of Distance Selling , specially designed for e-commerce sites.

B) Is a Bank Account Dedicated to Professional Activity a Legal Obligation?

In France, the opening of a bank account dedicated to a professional activity depends on the legal status of your company.

Such an account is mandatory in France for all companies with share capital, in particular for Unipersonal Limited Liability Companies (ULLC), Public Limited Companies (PLC), Simplified Joint Stock Companies (SAS), and Limited Liability Companies (LLC). The latter requires a professional account to deposit their share capital at the time of their creation in order to obtain a certificate of deposit of funds issued by the bank and thus register with the Trade and Companies Register (RCS).

With the Olky Pro Account you can deposit your capital whenever you want (24/7). It's easy, fast and economical.

Four steps are enough:

1. Open an Olky Pro account online.
2. Receive the IBAN of your to-be-incorporated company.
3. Deposit your share capital by credit card or bank transfer.
4. Receive the Capital Deposit Certificate within 48 working hours after receipt of funds and draft of articles of association.

As soon as your company is registered, you will be able to use your Olky Pro Account for all your operations and add extra services (bank card, transfer, instant payment, direct debit, TPE, etc.).

Note that a limited company is a separate legal entity and as such, it needs to have its own business bank account. Therefore, a limited company shouldn’t be using a personal account for any business expenses.

However, not all types of businesses are required to open a professional account. For example, individual enterprises are not subject to since they do not have share capital.

In such a case, you can use one of your current accounts and dedicate it to your business activity. However, a professional account will obviously be more adapted, in particular to obtain dedicated services such as a payment terminal or a VAD contract.

Check this obligation if you carry out your activity in any other country.

2/ Open a Professional Account

A) Which Structure to Open a Professional Account In?

Depending on your activity and your needs, you can open an account in a traditional bank, an online bank or in a payment institution.

Business bank accounts are provided by banks, which are credit institutions. To open an account with a traditional bank, you must go to a branch. You can then be informed by a bank advisor.

On-line business accounts are also provided by neobanks (online credit institutions) or online payment institutions. Choosing one will allow you to open your account directly from home using your phone, tablet or computer, which is easier and faster!

The Olky Pro Account is available for self-employed entrepreneurs and to all companies and associations, regardless of their legal form or size, from microenterprises to multinationals. Olkypay’s webbanking allows all professionals to follow in- and out-payments from customers and suppliers with a lot of functionalities such as payment history, collections, follow-up of unpaid bills, management of paper and electronic mandates.

B) What Documents Must Be Provided?

In order to open a bank account in France, you will need two sets of documents: one to prove your identity and one to prove your address. This applies to both online and in-branch opening.

You may also need to give details about your business:

• business name and address;
• contact details;
• Companies House registration number (for limited companies and partnerships);
• estimated annual turnover;
• financial situation.

Auto-entrepreneurs, legal representatives of companies or associations, do not hesitate to visit our website at https://www.olkypay.com/EN/!

In 5 minutes flat you will have access to the IBAN we reserved for you.