Business Bank Account

It was still early in the day and I still had time to go to the bank. I intended to open an new bank account solely for the bakery.

I went to BPI because all my other bank accounts are with BPI. They told me that there was a Sole Proprietor Bank Account. It functioned the same way a normal savings account did but the difference was that the account name is my name as well as the business name which was Obiwan's Bakery.

These are the requirements:
1. Application Form
2. Business Name Registration from DTI
3. Barangay Business Clearance
4. Valid ID
5. Proof of Billing
6. ID pic

Minimum Initial Deposit: P3,000
Minimum Maintaining Balance (to earn interest): P5,000
Interest rate: 0.250%

The interest rate was really low but I intended to just have a separate bank account to ease tracking money for and from the bakery. Assuming that all rquirements are complete, the whole process takes around 30 mins.