A firm always needs a separate bank account to manage its finances. The HSBC Bank business account can be used to track net income, company money owed to creditors, and payroll paid to employees. Depending on the nature of their firm, different sorts of accounts are required. With this in mind, HSBC Bank provides a variety of business accounts that benefit all its customers. The accounts come with some benefits:
Contactless debit card. With your HSBC debit card, you may conduct secure and cashless transactions. Furthermore, there is no need for swiping. Tap your card at certified contactless payment terminals in the Philippines and overseas.
Monthly statement. You can receive a monthly account statement that consolidates all of your HSBC accounts.
24-hour access. Online banking and phone banking allow you to complete your banking and payment transactions from the comfort of your own office or home.
Express Banking centres. You can conduct business even after banking hours and on weekends.
Earn interest. On your deposits, you can earn interest and exchange rates. With HSBC advance/business banking, HSBC foreign currency business time deposit account, and HSBC premier account packages, there is no minimum maintenance balance requirement.
Types of HSBC Bank business accounts
Below are the types of business bank accounts offered by HSBC:
HSBC peso checking account. With the peso checking account, you can conduct cashless transactions. It includes a debit card for simple withdrawals and cashless payments for online and in-store transactions.
HSBC foreign currency business time deposit account. You can earn interest by locking up your savings for one month, two months, three months, four months, six months, or a year. This might be advantageous to your company because the money saved can be used for expansion. New Zealand dollars, Pound sterling, Renminbi, Australian dollars, Canadian dollars, and Hong Kong dollars are all recognized currencies.
How to apply?
You can apply for an HSBC business bank account by calling the account desk on (02) 8858-0000 or visiting a bank branch to apply in person.
Requirements for HSBC Bank business accounts
Below are the requirements to open a business account:
General requirements
At least one valid identification document (ID) with the applicant's photo and signature that has not expired
Affidavit of tax exemption notarized by the applicant/depositor
Tax exemption certification (RDO) from the revenue district office
Certificate of business registration
Business permit
Identification papers, for example:
Driver's licence
SSS/GSIS cards
Company ID cards
Passport, etc.
For OFW applicants:
At least one government-issued valid ID card
Consularized certificate of employment compensation, COEC with original six-month remittances
Consularized certificate of employment compensation, COEC with an original six-month payslip
For sole proprietorship
Registration of a business name with the Department of Trade and Industry (DTI)
Mayor'sMayor's permit for the city or municipality
A minimum of one genuine, original ID with a photo issued by a government agency
For partnership
Partnership articles
Registration certificate from the Securities and Exchange Commission (SEC)
Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank
For corporation
Constitutional documents
SEC certificate of registration or a similar document from another suitable agency
By-laws
The board resolution was properly notarized and included the following:
Permission to open an HSBC Bank account
Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation
Pros and cons
If you plan to open an HSBC business bank account, consider the following advantages and disadvantages.
Pros
You can access your funds easily through debit cards.
There aren't too many requirements before opening an account.
Cons
You can only apply for an account at a bank branch or through offline calls.
This bank's business account options are restricted. There aren't many different types to pick from.