Whether you're a budding entrepreneur, a startup founder, or a seasoned business owner, opening a dedicated account for your business transactions offers numerous benefits. With a dedicated bank account, your business not only enjoys better financial organization and simplified tax filing, but it can also get enhanced credibility from its customers and partners as well.
For many new business owners, the process of opening an account may seem daunting. Thankfully, Maya Business makes business banking easy. Enjoying Maya’s online business banking services is a simple matter of submitting copies of a few key documents into your Maya account. If you’re not yet on Maya Business Manager, take a few minutes to set up an account. Once you have a Maya Business Manager account, you’ll be able to submit the necessary documents to open a Maya Business Deposit account.
Opening a Maya Business Deposit account
If you’re already a Maya Business merchant, you can get a Maya Business Deposit account in just a few days. All you need are the following:
- Updated business details and documents
- Valid proof of identity of Ultimate Beneficial Owner or authorized signatory
- A selfie for Know Your Customer (KYC) and Anti Money Laundering (AML) requirements
- Agreement to Maya’s Terms and Conditions
Documents
Please note that the required documents vary for each business type. See the following to find out which documents to upload to your Maya Business Manager account:
- Sole Proprietor
- DTI Certificate of Registration
- Authorized signatories require a Notarized Special Power of Attorney (NSPA)
- Partnership
- Latest General Information Sheet (GIS)
- For authorized signatories, a Notarized Partners’ Resolution duly certified by the partners' secretary with a dry seal, or other equivalent documents is required
- Corporation
- Latest General Information Sheet (GIS)
- Notarized Board resolution duly certified by the corporate secretary with a dry seal, or other equivalent documents, authorizing the signatory to sign on behalf of the entity
Selfie with Valid ID (Max File Size of 2MB)
The individuals who will be required to upload their selfie will vary based on business type:
- Sole Proprietor - Ultimate Beneficial Owner and Authorized Representative
- Partnership - Ultimate Beneficial Owner and Authorized Representative
- Corporations - Authorized Representative
Maya accepts the following ID types for verifying business deposit accounts:
- Driver’s License
- Unified Multi-Purpose Identification (UMID)
- Philippine National ID
- Philippine Passport
- Postal ID
- Professional Regulation Commission (PRC) ID
- Social Security System (SSS) ID (Digitized with Photo)
- Alien Certificate of Registration ID (ACR)
- National Bureau of Investigation (NBI) Clearance
- Government Office and Government-Owned and Controlled Corporation (GOCC) ID — Digitized, with photo
- Integrated Bar of the Philippines (IBP) ID
Agreement to Terms and Conditions
Finally, to open a Maya Business deposit account, Maya Business merchants need to agree to Maya’s Terms and Conditions (T&Cs). Once the T&Cs have been accepted, verification may take up to 3 business days, provided all the requirements and documents are complete. Once the Maya Business team verifies that everything is in order, you will receive a notification via email that your Maya Business Deposit account has been successfully created.
Reasons You Should Open a Maya Business Deposit Account
Keeping better tabs on your business’s finances can go a long way in ensuring its continued success. Here, we’ll look at why every Filipino entrepreneur should open a dedicated business deposit or savings account on Maya:
1) Opening a Business Account Keeps Your Finances Organized
Using your personal savings or checking account to run your business makes it tougher to maintain accurate financial records. By opening a dedicated bank account, you can easily track your business-related expenses, monitor cash flow, and separate personal funds from business earnings. This ultimately simplifies bookkeeping, eases tax preparation, and provides a clear overview of your business's financial health.
2) Wider Access to Business Financing
Many lenders exclusively cater to entities with business accounts. By maintaining a dedicated bank account, you increase your eligibility for loans, giving your enterprise the flexibility it needs to operate and expand.
3) Streamlined Tax Filing
A dedicated bank account can be a lifesaver when it’s time for your business to pay its taxes. Dedicated accounts simplify the process of identifying deductible expenses, calculating profits, and preparing financial statements. With separate accounts, you can immediately offer a record of your business transactions to tax authorities, reducing the risk of errors or auditing issues.
4) Simpler Financial Reporting
Financial reports are often required when applying for business loans, permits, and licenses. They’re also critical for giving investors and other key stakeholders a good idea of your business’s health. With a separate business account, you will not only have an easier time generating critical reports but you can also convey an image of professionalism to the parties receiving them.
Manage Your Business Finances Wisely with Maya
Maya Business has brought the benefits of commercial banking to a new generation of Filipino business owners. With its fast processing times, convenience, transparency, and easy-to-use solutions, Maya Business is the smartest choice for Filipino entrepreneurs who are serious about making their vision a reality.
If you're looking to maximize the benefits of Maya Business and achieve faster business growth, the Maya 1-2-3 Grow Bundle is the perfect solution. By subscribing to this offer, businesses can enjoy a reduced merchant discount rate (MDR) of 1% on all QR Ph sales (valid for 3 months upon onboarding) and earn 2.5% annual interest on their Maya Business Deposit account. Additionally, signing up grants access to a Maya Flexi Loan offer within 3 months. With 1-2-3 Grow, embracing a cashless approach has never been more advantageous. This all-in-one suite of solutions comprising payments, loans, and business deposit might be all you need to bring your business to the next level!
