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Can I start a company without a business bank account?

Last updated: April 18, 2024

Yes, your company can operate without a business bank account for a maximum of 3 months.

If your business is registered with Xolo Leap, it’s acceptable to pay suppliers from your personal bank account or credit card in the meantime, as long as the costs are business related and the suppliers have issued invoices to your company. You need to collect the purchase invoices and submit these as company expenses. When you have the business bank account fully functional and sufficient cash available, you can reimburse the costs from the business account back to your personal one, with no additional tax. You cannot, however, withdraw cash.

You also cannot issue proper sales invoices without a business bank account, and if you need to register a payment processor/merchant account (e.g. Paypal, ​Stripe) to monetize your planned services, then a valid business bank account is also required.

Operating without a business bank account is a short-term solution during the starting phase only.

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