HSBC business bank accounts for march 2023

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.