BANK ACCOUNT OF ENTREPRENEUR
Business activity is inseparably linked with the need to regulate liabilities and obtain receivables. The most convenient form of conducting such operations is a bank account. Cashless payments will be easier and safer than for example, payments of tax or social security contributions in cash at the post office.
How and where to open an account
Before you choose a bank in which you would like to open an account be aware that banks offers may vary considerably. This concerns all current account fees, bank transfers to ZUS and tax authorities, credit costs. If you want to know more, please see the article Where to open an account? Offers of bank accounts for new businesses.
If you have already selected a proper account for your company, please contact your bank and set up an account. Most banks will require from you a certificate (or copy and original for inspection) on entry in the Central Register of Economic Activity (find out how to obtain it) and:
- identity card
- submission of specimen signatures of persons who have the account
In the case of commercial companies (registered partnership, professional partnership, limited partnership, limited joint-stock partnership, limited liability company and joint-stock company) are required:
- memorandum of association,
- certificate of REGON number and up-to-date copy from the National Court Register.
In some banks you can obtain number of company account before registration of activity (account is activated once the company has been established)
Do I have to report account number at the office?
The authorities should know the account number which you use in business. This account will be used to pay ZUS contributions, taxes, receive payments.
How to notify an account to the office?
Entrepreneur registered in the CEIDG
If your business is registered in the CEIDG, you do not have to separately submit information on bank accounts to the Social Insurance Institution (ZUS) or tax authorities. It is sufficient that you enter your company account/ accounts when filling in the registration form in the CEIDG.
If you have an account number before company registration, enter it in the CEIDG registration form. If you set up an account after the registration of the company, you can update data free of charge by changing data in the CEIDG form (see how to notify changes)
Companies registered in the National Court Register
If your company is a company registered in the National Court Register (KRS), you should submit information on the account numbers to the competent Tax Office (on the basis of company's seat) on the NIP-8 form (interactive form).
If you conduct a civil-law partnership, you submit information on accounts on the NIP-2 form (interactive form)
Do I have to have a bank account to conduct a company?
It is difficult to imagine doing business without such an account, but in theory it is possible. Such possibility have so-called micro entrepreneurs ( entrepreneurs who in at least one of the last two financial years employed less than 10 workers and received an annual net turnover not exceeding EUR 2 million). Provisions allow them the payment of social security contributions and taxes, e.g. at the post office. They may also receive reimbursement of tax in cash. Others entreprenenurs must settle with ZUS and US through a bank account (or e.g. in SKOK). Account is also required if an entrepreneur applies for a refund of VAT.
In accordance with the rules, your company must settle using the account if:
- the party to the transaction, to which the payment is related, is another entrepreneur and the one-off value of the transaction, regardless of the number of the resulting payments, exceeds the equivalent of PLN 15 000. Read more on the obligation to keep accounts (making or receiving payments) by the bank account (or SKOK)
Polish law requires (with certain exceptions) that the entrepreneur settles his payments by a bank account (payment account). There is no obligation to hold a separate company account. However, banks often prohibit in their rules, the use of personal accounts for business purposes.
If you have a bank account, online accounts will be convenient for you as you can deal with the counterparties without visiting the bank. There are types of economic activities where such a form of accounts will be indispensable. Cashless payments have become standard in customer service. Read more in the article Handling of non-cash payments.
Importantly, using online banking you can handle many official matters from home and without electronic signature. Learn more about a trusted profile confirmed by banking.
Personal or business account?
Many entrepreneurs wonder, especially those who make a small number of accounts, do not have employees and do not account for VAT, whether to use their personal account (privately used) for settlements in the company. It is possible - provision do not prohibit the use of personal account, which is notified as the one used in the conduct of business. Please note that this must be the account which has only one holder - for example, if spouses have a joint account, it may not be used for business purposes, since it cannot be attributed exclusively to the entrepreneur.
Use of personal account is beneficial primarily due to lower fees and commissions. For business accounts they are often higher.
However, there are also disadvantages of this solution, such as:
- mixing private and business expenditure - any expenditure related to activity should be documented, e.g. for control purposes. You also need to separate the company transactions from the private for accounting purposes and calculating of tax (see how to calculate PIT)
- the account shall be subject to capital gains tax (so-called Belka tax)
In addition, banks may stipulate in their regulations that personal accounts cannot be used for settlements in business activity.
Change of bank account
If you changed your account, you should inform the office within 7 days. If you are registered in the CEIDG, it is sufficient that you update the data in your entry in the CEIDG (bearing in mind the RB Annex in case of multiple accounts). Find out more about the changes in business and information obligations connected with CEIDG.
Information from CEIDG are transferred to tax authorities.
If you updated your account number in the CEIDG, this information reaches also ZUS which automatically generates a ZUS ZBA document (concerning bank account numbers of the payer). You do not have to make a separate notification to ZUS.
If you conduct a civil-law partnership, you notify changes on NIP-2 form. (interactive form)
Entities registered in the National Court Register shall notify changes concerning business account on NIP-8 form (interactive form) within 7 days.