Traditional banks, online banks, remote banks, neobanks, etc. There is something to get lost in the banking world when you are an entrepreneur and want to open a professional account.
So, to find the bank perfectly suited to your needs, we have prepared a professional bank account comparator that will allow you to integrate all the essential parameters to know before opening a professional account.
Before comparing professional banks
Before you start looking at bank rates and other specific information, you should select the professional banks that accept the legal structure of your business, whether it is an LLC (Limited Liability Company), EURL (Sole Proprietorship with Limited Liability), a SAS (Simplified Joint Stock Company), SASU (Single Person Simplified Joint Stock Company). Because, as we will see in this article, all professional banking establishments have specific features and can Singapore Phone Number List address companies that have a particular legal status.
This is the first selection you should make, before going into details.
It should be noted that microentrepreneurs (formerly self-employed) do not necessarily have the obligation to open a professional account. If you are a microentrepreneur, you can also have access to offers for individuals and professionals. You have to be careful, because some banks that do not offer a specific offer for microenterprises sometimes try to encourage customers to open a professional account, which costs more. We also see banks threatening their customers to close their main account if they do not open a business account with them.
What we see overall is that many independent entrepreneurs are strongly encouraged to open a professional account by their main bank, although this is not necessarily necessary.
The PACTE Law
The PACTE Law (Action Plan for Growth and Business Transformation), in force since May 22, 2019, indicates that autoentrepreneurs, microenterprises or self-employed people have the obligation to open a professional bank account dedicated to their business only. in the event that their turnover exceeds € 10,000 (excluding taxes) for 2 consecutive years.
This means that when starting a microenterprise, you can reasonably use your personal account, and save money, because opening a professional account always comes at a cost.
However, afterwards, it is preferable to have a professional bank account separate from your personal account, in order to avoid all kinds of trouble with the tax administration, and to clarify your accounting.
There are a growing number of professional banking offers on the market. As such, it is important to understand the typology of the banking players involved, and to determine the relevant selection criteria.
The different types of banks for professionals
In recent years, the banking landscape in France has evolved a lot, and we have seen a proliferation of players and banking services, mainly caused by the liberalization and digitization of the banking sector.
We now distinguish 3 types of banking players who share the professional market:
Traditional banks, which have physical branches, but which have modernized and adapted their services by offering online services.
Online banks, which do not have a physical presence, but which on the other hand offer the same guarantees as traditional banks, particularly in terms of bank guarantees. These online banks which have a banking license often belong to traditional banks. It is this legal difference that distinguishes online banks from neobanks.
The neobanks, for their part, have a legal qualification of “payment institution”, which is not equivalent to a banking license. This does not mean, however, that these establishments are unreliable or lack control, because a neobank, to exercise, must receive approval from the ACPR (Prudential Control and Resolution Authority).
On a practical level, there are other important differences between online banking and neobanks. Thus, the latter necessarily offer fewer services, and you will not be able to have a checkbook with a neobank, in theory.