Maintaining a business bank account helps to keep your business accounts and personal account separate also. This makes filing your tax forms for both business and personal tax much easier when everything is kept separate.


Cryptocurrency is becoming an increasingly popular method of completing transactions with businesses. As crypto becomes a more accessible form of currency for both individuals and businesses to invest in and spend, ensuring your business is set up for cryptocurrency transactions is important.

Not being prepared for crypto payments could mean losing business and customers who wish to only complete transactions using cryptocurrency.

Setting up Your Business for Crypto Transactions

If you have not worked with crypto in the past or do not know how to get a business crypto account, we recommend that you discuss this with a professional financial advisor. As with all business accounts, you will need to evaluate which crypto account is best for your business and the type of payments you are planning to make.

You should also ensure that your digital assets are protected in the best possible way. In the same way, you would ensure appropriate security practices are in place for all of your business accounts.

Being set up for cryptocurrency exchanges, including bitcoin exchange and fiat currency in your business accounts, is a benefit to your business and customers.

Tax on Crypto

You ensure that you fully understand the tax implications of a business crypto account. Opening a coinbase business account will not stop you from having to pay corporation tax or capital gains tax on digital assets earned by your business.

Cryptocurrency has the same tax implications as fiat currency. Cryptocurrency is simply a change in how your business operates financially and gives your customer base the opportunity to pay your business in multiple currencies.

If you are unsure of your tax responsibilities for crypto exchanges or transactions, we advise you to check this. You can find information about different taxes, including corporation tax, online. Always check directly with government tax official websites.

The advice can be sought from tax helplines with no charge to ensure you comply with all legal requirements. Alternatively, you can seek financial advice from a professional financial advisor who can support you in making the right decisions for your business and taxes. It should be noted that if you are seeking advice from a financial advisor, there will be a cost involved with this.

Benefits of a Business Crypto Account

Setting up a crypto business account or coinpass business account can benefit your business as you are able to complete all cryptocurrency transactions through one account. Like a personal account, you can apply for a business crypto account directly with the bank you want to hold your account with.

A business crypto account also allows you to transfer funds from your business account to a brokerage account if you are planning to use one. It would be best if you looked at the different business crypto accounts available to see which offers the best benefits to your business.

A business account will also allow you to receive payments from the crypto exchange directly. Receiving these payments directly will reduce the chance of needing to pay fees, leaving more money being paid directly to your business.

How to Open a Business Crypto Account

In the same way, as you would open a personal account, you open a business crypto account directly with the bank. You can find information about which companies offer business crypto accounts by checking online or with banks directly.

When opening the account, you will have to have your business registration documents on hand. So, if your business registration has not yet come through, you can research which provider will suit you but cannot make the application yet.

What to Look for in Your Business Account

You should be looking for an account that will accept Bitcoin and other forms of cryptocurrency. Ensuring that the provider accepts the major cryptocurrencies but also other lesser-used currencies available via the cryptocurrency exchange ensures that you will not need to change providers if a company wishes to complete transactions with other cryptocurrencies.

You should ensure that the provider has a good level of security, so transactions completed via the crypto exchange are secure. Ensuring your funds are safe is the most important thing when choosing where to keep your money.

One of the ways to ensure that your finances are secure is to use a provider that has two-factor authentication in place. This means you must use a second security layer to access your funds. This is usually a code sent to the email address or telephone number you used when registering with the provider.  You may also wish to choose a company that deals with fiat currencies, as you can then keep all of your money with one provider.

This will make trading easier as all of your company finances will be held in one place with easier access to your financial information.

Having all your accounts in one place can also lead to increased limits on your company's spending and trading. If a provider has access to all of the financial information, liquidity, payments, and trading information for your company, they could increase your company's spending.

Any provider you choose to use should have extensive experience with institutional investors and institutional clients. This will mean that you will have the reassurance that the company you choose will have previously dealt with many of the queries you may have.

Finding the Right Provider

It would be best if to look for a provider that allows payments via international Swift and Euro Sepa so as not to alienate a huge area of the business trading market.

It is also important to research the providers' payment processors. This is especially important if you wish to buy Bitcoin or other cryptocurrencies. The speed of payments is also important to businesses when buying or selling goods in addition to currency exchanges. If your payment does not clear quickly, then the company that you are dealing with could cancel the trade.

You should ensure that the provider you choose will also allow you to send Bitcoin or other currencies. Other businesses you interact with may request or allow payments in Bitcoin or another cryptocurrency from your company. If the provider you choose does not allow this type of payment, you will lose access to some of the services available.

Some providers will also offer services that will allow you to trade with them directly to buy and sell cryptocurrencies such as Bitcoin. However, you should always check with other trading companies and the market average to check that other companies could not offer you a better exchange.

Fees are another important factor when choosing which provider should manage and hold your finances. If the cost of services with that provider is too high, it can erode the takings for your business.

This can be a difficult decision as, for example, you could find a provider that offers exactly what you need but at double the cost of another provider offering similar services. If this does happen, it is best to evaluate if the saving you are making with the other provider will open up the option of payment to another company for any missed services.

When trading in Bitcoin, you should find out before committing to a provider the level of interest you will receive on your investment or payment received. It is important to address the subject of interest early and ensure that it is in line with the market average for Bitcoin.

You should ensure that all financial regulations are followed and adhered to by all of the institutions that you have dealings with. Failure to comply with all regulations can lead to compliance investigations and fines.

Any company you plan to use should be able to provide information about how many users of their platform and the services they have. This will show you if they are a well-known and respected firm to use.

You can also check reviews for any company you plan to do business with, especially when investing or holding company finances for you. Some financial providers have accounts on social media or other platforms that will allow for customer reviews to be visible.

It is important to ensure that you are looking at the correct currency information when using an international provider. If, for example, the price is held in USD, a fluctuating exchange rate could impact the amounts you receive or the interest your business will earn.

Setting your business up on the right platform to ensure that it is visible and accessible is important. If your business platform is not right, you could lose income before you even begin trading.

Similarly, finding the right provider for your business accounts can help you to succeed or cause your business to fail when dealing with crypto. Experience is the key factor, in choosing a company that is experienced in working with crypto, you will open another opportunity for sensible advice and knowledge sharing. Choosing a provider with less experience could mean small issues for your business, which, if you do not have the knowledge to correct them, could lead to larger issues in the future.