What Is a Corporate Account? Benefits, Tips & How to Get One

Using a personal bank account for business payments may feel convenient at first, but as your company grows, it quickly leads to problems. Transactions become harder to track, tax reporting becomes more difficult, and some clients may question payments coming from a personal account.

A corporate account solves these issues by keeping business finances separate, structured, and compliant. It lets your company receive payments under its legal name, pay suppliers correctly, and manage daily operations in a more structured way.

In this guide, you’ll learn what a corporate account is, why it matters, the documents you’ll need, and what the account opening process typically looks like across different jurisdictions.

A corporate account, also referred to as a business account or a business bank account, is a bank account opened in a company’s legal name. It is the account a company uses to receive payments, pay suppliers, and run its financial operations as a registered business.

It also serves as the company’s formal financial record by keeping all transactions in one place under the company’s legal identity, thus allowing accountants, auditors, or regulators to review the company’s activity without personal transactions mixed in. 

Today, licensed fintech companies also offer corporate accounts with core transactional features, giving businesses alternatives to traditional banks.

While some people use terms like ‘corporate account’ and ‘business account’ interchangeably, all three account types—corporate, business, and personal—serve different purposes and are designed for different types of users.

• A corporate account is a bank account used by incorporated businesses that may need features such as multi-user access, formal authorisation processes, or other controls that support company-level financial management.
• A business account is a simpler account type used by sole proprietorship owners, freelancers, and small businesses, offering fewer features and fewer onboarding requirements than a corporate account while still supporting basic business income and expense management.
• A personal account is an individual bank account intended for everyday personal use, but not for business transactions.

Many business owners assume that using a personal bank account for business transactions is acceptable, but this quickly creates avoidable complications.

The more reliable and professional solution is to open a dedicated corporate account, which keeps business finances properly structured and provides a range of benefits designed specifically for company operations.

A corporate account keeps all company transactions in one place, which makes it much easier to track what the business is earning and spending. When payments, invoices, and expenses are not mixed with personal activity, you can easily see your business cash flow and prepare accurate records without sorting through unrelated transactions.

This separation also reduces errors during bookkeeping because every entry is recorded under the company rather than mixed with personal activity.

Using a corporate account allows your company to send and receive payments under its legal name, which shows that your business is formally established and professionally managed. It removes the uncertainty that can arise when clients or partners see personal accounts used for business transactions.

A dedicated company account also provides clearer documentation for counterparties, which can help streamline onboarding, invoicing, and supplier relationships because your business identity appears consistently on every invoice.

A common feature of corporate accounts is the ability to assign different access levels to team members. This lets you separate who can view transactions from who can initiate or approve them, prevent financial tasks from being concentrated under a single login, and make payment workflows clearer.

These controls help protect the account from internal misuse. Every action is tied to an individual user, which makes unauthorised activity easier to detect and creates a transparent audit trail for accountants or compliance checks.

Corporate accounts often include tools that help you manage day-to-day cash flow and financial operations more efficiently. These may include bulk payments, scheduled transfers, expense tracking, and accounting integrations that reduce manual work and give you a clearer view of your cash flow.

Many providers also offer functions that personal accounts lack, such as multi-currency balances, foreign currency payments, or the ability to issue company credit cards to employees. These features make it easier to manage more of your company’s financial operations within a single account.

Banks and financial institutions require certain documents to meet regulatory obligations, such as KYC and AML checks. These documents help verify your company’s identity and confirm that the account will be used for legitimate business activities.

Although the exact requirements vary by country and provider, the documents below are among the most commonly requested:

1. Company registration documents (e.g. Certificate of Incorporation, constitutional documents, business registration records)
2. Identity documents for directors, shareholders, beneficial owners, and authorised signatories (e.g. passport or government-issued ID)
3. Proof of address for individuals (e.g. recent utility bill or bank statement)
4. Proof of business address (e.g. office lease, utility bill, or official business correspondence)
5. Board resolution or authorisation document confirming who is allowed to operate the account
6. Ownership or shareholding structure chart, including all intermediate entities and ultimate beneficial owners (UBOs)
7. Tax residency information, such as jurisdiction of tax residence and Taxpayer Identification Number (TIN)
8. Tax compliance documents, such as CRS or FATCA self-certification forms
9. Financial documents showing business activity (e.g. contracts, invoices, or financial statements)

The account opening process for a corporate account can vary depending on the bank, your company’s profile, and where it is incorporated.

Below, we outline what businesses typically go through, what banks look for at each stage, and how you can prepare to keep the process moving smoothly.

Not every bank or financial institution accepts all types of companies, so the first step is to confirm whether your business is eligible before you spend time preparing documents. At the same time, it’s equally important to check whether the bank’s services match the way your company actually operates.

Reviewing both eligibility and practical fit early on helps you avoid wasted account-opening attempts.

So before you apply, check:

• Whether the bank accepts foreign-owned companies
• Whether they support your business model and industry
• Transaction limits and international payment capabilities, especially if you work with overseas clients or suppliers
• Availability of multi-currency or cross-border features

Once you know the general documents required for corporate accounts, take a closer look at the specific requirements of the bank you plan to apply with, as they can vary depending on your ownership structure, industry, and operating history.

Some banks require certified true copies of incorporation documents, translated records, or more detailed information about shareholders and UBOs. Others may ask for evidence that the business is active, such as a website, signed contracts, or audited financial statements.

Some providers allow the application form to be completed fully online or by email, especially those offering strong internet banking services, while others require directors or authorised signatories to join a video call or visit a branch for identity verification.

During this stage, you may be asked for additional details about your company, such as the types of clients or suppliers you work with, your expected monthly transaction volumes, and the countries you plan to transact with.

These questions help the bank determine whether your business fits within its risk policies.

If the initial documents do not give the bank a complete picture of your company’s activities or risk level, it is very common for them to ask follow-up questions or request additional documents.

This happens more often if:

• Your ownership structure is layered or involves offshore entities
• Your business is newly incorporated
• Your industry is regulated or high-risk
• Your company has no previous operating history

Because of this, it’s important to monitor any follow-up requests and respond promptly so the application can progress without delay.

Once your information is verified and approved, the provider will issue your corporate account details, and you can begin transacting.

While a corporate bank account can simplify your company’s financial operations, here are six key tips to help you manage it effectively and get the most value from it.

Start by reviewing the types of business accounts offered by each provider, both traditional banks and fintech companies. This includes current accounts for daily payments, merchant accounts for receiving electronic transactions, and multi-currency accounts for cross-border operations.

From there, compare core eligibility requirements, the quality of internet banking and mobile banking, and the level of customer support available.

If your business works with overseas clients or suppliers, prioritise providers that offer strong international capabilities, such as competitive FX services or the ability to send and receive foreign currency payments.

Banks and fintech providers often charge several types of fees, such as account service fees, transaction fees, foreign exchange margins, or early-closure charges. These costs may seem minor on their own, but they can add up quickly and affect your cash flow.

When comparing providers, focus on the fees that match how your business actually moves money. Check the cost of sending and receiving payments, especially cross-border transfers, and review card fees if employees make frequent purchases.

And if your business deals with cash, look at ATM withdrawal fees and limits as well, since these can influence day-to-day operating costs.

Many banks offer introductory perks to attract new business customers, such as bonus cash for first deposits, temporary fee waivers, or discounted account-opening fees. These can be useful if you are deciding between two providers with similar features.

That said, an introductory offer should never be the deciding factor on its own. Make sure you look at what happens after the promotion ends, especially the transaction fees and any balance or usage conditions attached to the offer.

But if the core account features and fee structure already suit your business, then choosing the provider with the better introductory offer can give you additional value at the start.

Check which authority regulates your provider and whether your deposits are covered by a formal protection scheme. 

For example, Hong Kong’s Deposit Protection Scheme insures eligible deposits up to HKD 800,000 per depositor, while Singapore’s Deposit Insurance Scheme protects up to SGD 100,000.

Limits vary significantly across jurisdictions, so review the rules that apply in your country, especially if your company maintains large reserves or uses multiple accounts for operational or payroll needs.

If you make frequent online payments, choose a provider that offers strong security features like encryption, two-factor authentication, and fraud monitoring to protect your financial data from cyber threats. These features help safeguard your financial data during daily operations.

Most traditional banks offer wealth management services or integrated investment platforms to corporate clients, allowing you to invest directly through your corporate account. 

If your business holds significant cash reserves, these tools give you structured ways to put a portion of those funds to work while keeping oversight within your main banking environment.

The common investment options include:

• Dividend Reinvesting (DRIP): Automatically uses dividends to purchase additional shares of the same stock or investment. 
• Portfolio Rebalancing: Periodically adjust your company’s investment portfolio to maintain your desired asset allocation and risk profile.

Some fintech providers also offer yield programmes that place idle corporate funds into low-risk money market instruments. These products function similarly to short-term investment vehicles, giving you a way to earn returns on surplus cash while keeping funds accessible for operational needs.

A dedicated corporate account supports smoother tax preparation by giving your accountant access to organised transaction data when it’s time to file.

Many providers offer practical tools for tax season, such as downloadable statements, transaction categorisation, and integrations with software like Xero or QuickBooks. These features help your accountant reconcile records faster and provide clearer documentation if the tax authority requests supporting evidence.

If you're just starting out and want a smarter way to manage your business finances, Statrys is a strong choice for businesses seeking a simpler and reliable alternative to traditional banks.

At Statrys, we support businesses incorporated in Hong Kong, Singapore, or the BVI with a multi-currency business account that makes it easier to receive, hold, and pay in different currencies. Our focus is on practical features, transparent pricing, and personalised support, so you always have clarity over your transactions and access to help when you need it.

Here’s why more than 5,000 entrepreneurs choose to work with us:

• No setup fees, minimum balances, or transaction limits
• Manage 11 currencies with a single account
• FX fees as low as 0.1%
• Advanced FX services, including spot contracts at competitive rates
• Direct integration with Xero for easy bookkeeping
• A dedicated account manager for personalised support and urgent assistance