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Why do I need a business bank account for my company?

Last updated: May 05, 2022

You need a business bank account (IBAN) to conduct your daily business - collect customer payments, monetize balances from payment services providers (e.g. Paypal or Stripe), make business related purchases, and pay salaries or dividends. A business bank account is also required to meet regulatory requirements, e.g. prove payment of share capital.

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