It is difficult to imagine running a business without having an account, but in theory it is possible. Such a possibility is offered to so-called micro-entrepreneurs (these are entrepreneurs who in at least one of the last two financial years employed less than 10 employees and achieved an annual net turnover not exceeding EUR 2 million). The regulations allow them to pay social security contributions and taxes, e.g. at the post office. They can also claim their tax refund in cash. Other entrepreneurs have to settle accounts with Social Insurance Institution and Tax Office via bank account (or e.g. in SKOK). The obligation to have an account also applies when an entrepreneur applies for a VAT refund.
In accordance with the regulations, your company must settle by means of an account if the party to the transaction resulting in the payment is another entrepreneur and the one-time value of the transaction, regardless of the number of resulting payments, exceeding the equivalent of PLN 15 000. Payments made below this threshold will not be deductible. See for more information.
Polish law requires (with the exceptions described above) that an entrepreneur pay his receivables through a bank account (payment account). There is no obligation to have a separate company account. However, banks often prohibit in their regulations the use of personal accounts for business purposes.
A personal or business account?
Many entrepreneurs, especially those who make few payments, do not hire employees and do not account for VAT, wonder whether they should use their personal account (used privately) to settle accounts with the company. It is possible - the regulations do not prohibit the use of a personal account, reported as one that is used in the course of business. Remember that this must be an account that has only one holder - for example, if the spouses have a joint account, it cannot be used for business purposes, because it cannot be attributed solely to the entrepreneur.
The use of a personal account is advantageous mainly due to lower fees and commissions. They are often higher for business accounts.
However, you should remember about the drawbacks of such a solution. These are, among others
- mix of private and business expenditure - all business expenditure should be documented, e.g. for control purposes (you must also separate business and private transactions for accounting and tax purposes)
- funds on personal accounts are subject to capital income tax (the so-called Belka tax).
Additionally, banks may stipulate in the regulations that personal accounts may not be used for settlements in business.
Opening and registration of a business account
Before you choose a bank where you would like to open a business account, remember that bank offers may vary considerably. This applies, among others, to all fees for maintaining an account, for transfers to the Social Insurance Institution (ZUS) and tax offices, and credit costs.
If you have already chosen the right account for your company, please contact your bank and open an account. Most often banks will require:
In the case of commercial law companies (registered partnership, partnership, limited partnership, limited joint-stock partnership, limited liability company and joint-stock company)the following are also required:
- deed of incorporation
- certificate of assignment of the REGON number and a current excerpt from the National Court Register
In some banks you can obtain a business account number before you register your activity (the account is activated after you set up your business).
Offices should know the account number you will use in your business. From this account you will pay social security contributions, taxes, receive payments.
How do I register my account with the office?
An entrepreneur registered with CEIDG
If your company is registered with CEIDG, you do not need to submit your bank account information separately to the Social Insurance Institution (ZUS) and the Tax Office. Simply enter your business account(s) when filling out the CEIDG registration/change form.
If you have an account number before you register your company, please enter it on the CEIDG registration form. If you create an account after you have registered your company, you can update this data for free by changing it in the CEIDG form.
Companies registered in the National Court Register
If your company is a company registered in the National Court Register, you should submit information on your account numbers to the Tax Office (competent for the registered office of the company) using the NIP-8 form.
If you run a civil law partnership, you should submit information on your account on NIP-2 form.
From 1 July 2018 to all company accounts, banks will automatically open a special VAT account. If you are a VAT payer, you use it to pay VAT to contractors and settle VAT with the tax office.