Florida Startup Tips: Easy Ways to Set Up Companies and Bank Accounts

By  //  April 28, 2023

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With about 23 million residents, Florida has the third largest population in the United States. The state provides fantastic business opportunities and is conducive for new businesses.

It is one of the biggest trade goods exporters and is well-known for its industrial capabilities. Furthermore, there is no personal income tax or corporate franchise tax. Due to this, it is high time you consider starting your own business in the state!

However, one critical step in starting a business in Florida is opening a business bank account. Business bank accounts allow you to professionally manage your company’s finances while keeping them separate from your personal finances.

It takes more effort to open a business bank account than it does to open a personal account. Documents must be gathered, names must be determined, and licenses must be obtained. But what factors must you consider when creating your business bank account while forming your company in Florida? Check these out below! 

Factors to help you choose the right business bank account for your Florida company.

  1.  Fees.

Some commercial banks charge fees for services such as check writing or large cash deposits. Look for banks that keep these fees to a minimum.

  1. Interest.

Earning interest is similar to receiving free money for maintaining a bank account. Search for high-interest-rate banks.

  1. Location.

Consider the location of branches and ATMs if you want to work with a bank that is convenient for your business.

  1. Minimum Balance requirements that must be met.

Some banks will charge a monthly fee or only open an account if you maintain a minimum balance in the account, which can limit your access to cash. 

  1. Other perks and related services.

Some commercial banks provide integrations with payroll or accounting tools, making it easier to run your business. Banks that offer business loans or lines of credit may also be found. Working with these banks can make your life easier because you will not have to look elsewhere for these services. 

What are the requirements you must satisfy to open your business banking account?

  • Agreements concerning ownership
  • An EIN (Enterprise Identification Number) (EIN)
  • Any permits required to run your business
  • Documents outlining your company’s structure.
  • If you want a merchant services account, you will need financial statements such as sales figures and profit and loss statements.
  • Personal identification (you can’t usually create a business bank account with your EIN only).

So, what are easy ways to open a corporate or business banking account when forming a Company in Florida?

  1. Select from a host of account options.

The first step in creating your business banking account is determining the type of account you need. Various options are available, e.g., business checking accounts, merchant services accounts, business savings accounts, etc. Your decision will be influenced by what your company needs from a business account in the present, near future, and long term.

  1. Decide on your preferred banking method.

Are you comfortable logging in through an app? Or would you prefer to visit your local bank branch and build a physical relationship with them? Online banking reduces overhead incurred by banks. On the other hand, it may be more difficult to contact a live person when you want physical assistance. If you don’t mind doing all or most of your banking online, choose a bank with a strong digital offering. If you prefer banking in person, ensure your option is practical. Open a business banking account with a bank that has ATMs and branches nearby.

  1. Have the necessary paperwork.

Contact your preferred bank to find out what documents you must provide to create your business banking account.

Final Take Away

When creating a business banking account, don’t just go with your regular bank because it’s convenient. Even if it is the best option for you, there is no guarantee that it will be the best option for your business. Thorough research now means saving money later. Pay attention to the various perks, fee structures, and service options that the bank may provide.

You’ll want to know if you’re eligible for overdraft protection. Determine whether you want any credit cards, checks, or debit cards linked to your account.

Visit this recommended resource for the best practice on opening your business bank account and company formation experience in Florida.