Business

Freelance —  Is the professional bank account mandatory?

June 03, 2019 by Raffi Sarkissian
Compte bancaire pro pour freelances

This article has been published on Medium first on November the 27th of 2017.

Professional account: what are the requirements for freelancers?

Since the beginning of 2016, with the establishment of the Sapin 2 law, microentrepreneurs (micro-social regime for individual companies) must have a specific current account dedicated to the professional activity. There is no obligation to open a business bank account, since an account dedicated to the activity will do the trick, but it has to be separated from the personal account. On the other hand, there are many advantages to opening a business bank account, especially in a neobank such as Qonto. Moreover, not all freelancers are under the legal form of the Individual Company. Freelancers in the legal form of "limited company" (SASU and EURL, for example) will have to open a business bank account dedicated to their activity.

Freelance: should you open a business bank account or not?

This is the big question that often comes up. But there is no perfect answer, since everything depends on your legal form, and therefore on the regime under which your company operates. Here is a summary, according to the main types of schemes for freelancers.

Freelance in the legal form of Individual Company:

  • Microentrepreneurs (micro-social scheme, ex-entrepreneurs): you have no obligation to open a dedicated business bank account. You will simply need to open a current account (personal bank account) dedicated to your activity and separate from your personal account. You can still open a business account to manage your accounting more easily.
  • Individual Entrepreneur with Limited Liability (EIRL): you must open a business bank account dedicated to the activity and separate from personal bank accounts. This is mandatory, more particularly to separate the liability between personal and business property;
  • Liberal professions: you have no obligation to open a business bank account. However, the current account used for your activity must be separate from your personal bank account. You can still open a business account to manage your accounting more easily.

Freelance under the legal form of Companies with share capital (SASU, EURL):

All freelancers operating in the legal form of "Company with share capital" must open a business bank account in the company's name. This requirement is valid for:

  • Simplified Single-Person Joint Stock Companies (SASU);
  • One-person Limited Liability Companies (EURL);

Why do we advise all freelancers to open their business bank account?

We advise all freelancers to open a 100% online business account dedicated to their activity, although they may be micro-entrepreneurs or professionals. At Qonto, we offer you:

  • The opening of their online account in 5 minutes. No need to go to the bank to open a personal bank account dedicated to your activity;  
  • A Mastercard that can be configured online: change the PIN code, payment and withdrawal limits in a few clicks, on the web or on a mobile phone;
  • A French RIB to pay, be charged, and be paid easily in all circumstances.

These tools ease accounting and business management: "expense reports" unit with VAT calculation, dashboards, automated transaction classification will simplify the management of your business.

A business bank account allows freelancers to better anticipate their cash flow.

Having a dedicated business account for a freelance activity simplifies accounting and improves the anticipation of your forecasts (cash flow, current expenses, deductions). As a self-employed worker, the accounts of microenterprises are scrutinized by government agencies. To avoid a tax increase, we recommend that you open an online current account in a neobank dedicated to entrepreneurs, such as Qonto.

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