Are you starting a business and wondering whether you need to open a business account? The short answer is: not always, but in most cases, it’s worth it. Why? Because separating personal and business finances will save you a lot of time and stress – and it also looks more professional to your clients and business partners.
Why have a business account
A business account brings several benefits. First and foremost, it helps you keep your finances organized. If both your business income and expenses go through your personal account, it’s easy to get lost. With a business account, you can clearly see how much you earn and spend on your business.
Another reason is accounting and taxes – for you or your accountant. Separate transactions mean less work when filing tax returns and reduce the risk of overlooking something.
An another advantage of a business account is when you accept payments via a card terminal. All sales from your store or business premises go directly into the account linked to your IČO. This makes it clear that the funds are business income, avoiding any confusion about whether the money on the account belongs to the business or personal expenses. It also helps you avoid unnecessary issues during tax audits.
Who Really Needs a Business Account
For sole traders (OSVČ), a business account is not mandatory. However, it makes things much easier – you won’t have to prove which transactions were personal and which were business-related during audits. For companies, especially s.r.o. (limited liability companies) and joint-stock companies, a business account is required. Without it, they cannot officially start operations, since the initial capital must be deposited into the company account.
Required Documents
You cannot open an account without documents. Banks always require an ID card and sole traders also need an extract from the Trade Register. If you’re opening an account for a company, you will need an extract from the Commercial Register and the founding document or articles of association. You will also need your IČO and tax ID (DIČ). Some banks may also request a lease agreement or other supporting documents, so it’s best to have them ready.
Choosing a Bank
The range of business accounts is wide and depends on what you expect from an account. Large banks like Česká spořitelna, Komerční banka, ČSOB, or Raiffeisenbank offer comprehensive services and are very popular. However, smaller banks like Fio or Air Bank are also available. Account fees vary depending on the bank, although most banks today offer the option to open an account for free.
If you operate internationally, online alternatives such as Revolut Business or Wise Business are worth considering. They offer favorable conditions for international payments and easy management of finances in multiple currencies.
How to Open an Account
The process is straightforward. In most banks, you start by submitting an application – either online or at a branch. Then you sign a contract, provide the necessary documents, and the bank assigns you an account number and access to online banking.
With more modern banks, everything can be completed online. At traditional banks, a personal visit to a branch is usually required at least once. Once the account is active, you can start receiving payments from customers – whether transfers or card terminal payments.
To make registering a card terminal easier, you can use Gokasa’s services. Gokasa offers free card terminal registration with favorable tariffs and works directly with major banks in the Czech Republic to ensure the best possible fees. When registering through Gokasa, you don’t have to worry about paperwork, as the team provides support from A to Z, even after registration. Additionally, if you use Gokasa’s POS software, the terminal integrates directly with the software, making it easier to manage sales and payments.
Summary
A business account saves you time, stress, and in many cases, is essential. Sole traders don’t have to have one, but in practice, it’s very useful – especially if you use a card terminal and want to keep track of your business revenue. Opening an account is quick and easy, often fully manageable online. With a business account, all your company finances are neatly in one place, making managing them significantly easier.