Business Banking. Our business is banking, what s yours?

Transcription

1 Business Banking Our business is banking, what s yours?

2 You have picked up this brochure because you either have your own business or are planning on starting up on your own. At Bank of Ireland, we have been working with start-up businesses for a long time and have seen a lot, heard a lot and most of all, we ve helped a lot. So, whether you re on your own, just starting out, or running a small or medium sized business, we are ready to help you. 3

3 I m a new business customer of the bank. I have a few questions to begin with. Who will be dealing with my account? Our specially trained business advisers will be looking after your needs. We have business advisers in every Bank of Ireland branch in the country, dedicated to supporting our business customers needs. Our business advisers have access to a wealth of information and advice that is second to none. So, you can expect the very best advice and guidance in a range of areas, not just banking products and services. What makes the business advisers different? Our business advisers are experts in their field; they have undertaken continuous study and hold full financial advisers qualifications. They have spent on average 12 years working in the business banking sector. Most importantly, they have a genuine interest in business and their overriding goal is to help your business succeed. At Bank of Ireland, we are committed to having some of our best people as business advisers. Our business advisers are ready and waiting to help you. Will they have experience with my particular business? Business advisers continuously research their local market and understand what is happening in their local business community, equipping them with the best information to advise you appropriately. For certain specific sectors there are also central support teams that specialise in property investment and development, tax-based transactions, renewables, healthcare, retail, franchising and agriculture. Can you point me in the right direction? 4 5

4 I m starting my own business. I m not 100% sure about what I will need in terms of banking. We have a business start-up package that has been specially designed to support you during the start-up phase of your business. This package was put together after careful research, talking to people during each stage in their business and finding out what was most effective for them. What services will be available to me with the business start-up package? As a start-up, you will be able to avail of a range of free and discounted banking services. Our business start-up package 1 consists of five main elements: (1) Special offers on a range of Bank of Ireland products and services A range of current account banking services free of charge for 2 years 2 A Visa business card with no annual fee in the first year 3 (2) Finance for your business growth A developing business loan for amounts up to 50k with no security or requirements 4 Flexible leasing and hire purchase options with no annual set-up fee facility 3 Reduced administration fees on invoice finance facilities 4 (4) Training, mentoring and advice Business advisers in every branch Free access to our online management training course Free financial review with a Bank of Ireland Insurance & Investments Manager Free one hour consultation with a Bank of Ireland treasury specialist to discuss the currency risks which may affect your business Free copies of Bank of Ireland s Guide to Starting Your Business in Ireland and Franchising Guide (5) Special offers from a range of companies We ve used our buying power to get the best deals for our customers from a range of leading businesses including Golden Pages, Big Red Book, O2 and many more. 6 (3) Online banking with Business On Line Free monthly subscription fee to Business On Line Levels 1 & 2 for two years 5 24/7 access to your accounts 6 7

5 Banking can take up my valuable time. What would you recommend for someone in my position? Here are just some of the day-to-day banking activities that you can do on Business On Line once you are registered. It s important to keep on top of your everyday banking. We have designed a range of products and services to help make the job a bit easier, because we know at the end of the day, your business isn t banking. For the everyday business such as making and receiving payments, tracking your transactions and closely monitoring your business cashflow, you will be using your business current account. With this account there are lots of ways you can manage your finances; you can use one of our 270 branches or 3,000 ATM s, but you may find managing your finances online will suit best. Getting to a branch can be tricky when you are busy, so using our 24 hour phone service and award winning Business On Line service should be very convenient for you. View up-to-date balances on current accounts, deposit accounts and business credit cards Transfer funds between accounts and make third party transfers Make domestic and international payments Make several payments at once e.g. salary/creditor payments Make forward dated payments Stop cheque payments Export data to external systems 7 View/print statements with up to 90 days transaction history Business On Line We offer one of the most comprehensive online packages in the market. It s fast, secure, cost effective and takes the stress out of banking. Not only does it give you total control over your business finances 24 hours a day, seven days a week, it also offers a range of benefits including; Cost savings on branch/paper transactions Time savings with fewer trips to your branch required Increased peace of mind due to state-of-the-art security Increased efficiency due to less paperwork Support from a dedicated help desk Multiple user set-up facility with specific access rights and payment authorisation We understand there are some things that need to be carried out in person, such as making cash deposits. A range of cash handling facilities are available to ensure your business can lodge and withdraw cash as conveniently as possible. All of our branches offer commercial cash facilities and our larger branches offer a secure cash service for business customers in addition to night safes and express lodgement facilities. Business adviser tip: We believe all small business owners should have online banking, as this gives access to account information 24/7, making it easier to manage cash flow. For more information about banking online, just call and we ll talk you through it. 9

6 I need to manage cashflow accurately, yet still have spending power. What would you suggest? Business Laser Card Like a personal Laser card, this is a debit card that gives you access to your business account, whenever and wherever you need it. Features of our business Laser card include: Access to your business money, whenever you need it: This card allows you to withdraw up to 1,000 per day of your business money, 24 hours a day from over 3,000 ATMs nationwide. Buy supplies without cash: With a business Laser card, you can pay for purchases of up to 1,500 directly from your business account, hassle free. You can use your card abroad to get cash where you see the Cirrus sign or to pay for goods and services where you see the Maestro sign. 8 Picture the scenario: Having started your own business, you need to buy goods and services, and you pay for them in a variety of ways: cash, cheque, via the internet or by card. You diligently keep your receipts filed neatly in a shoebox or similar. Once every couple of months you empty the shoebox and spend a few hours in the evening piecing together your purchases. This probably leads to stress before bedtime as you realise a few are missing. With a Visa business card, your shoebox is replaced with 12 monthly statements, and night-time filing and stress becomes a thing of the past. What s more, you can get up to 37 days interest free credit. 4 Managing your business expenses using our Visa business cards simplifies the expense reconciliation process and can help you achieve significant cost savings. There are two different card types, so you have the freedom to choose what suits your business best. Visa Business Cards Visa Business Cards 4 Gold Visa Business Cards Both our Visa Business Card and Gold Visa Business Card have been designed to offer increased convenience, security and control when managing your day-to-day business expenses. Features of the Visa Business Card 9 include: Comprehensive travel insurance 10 for cardholders and up to three companions when you use your card to pay for 50% of your fare. Individual credit limits - set according to your business requirements. The Gold Visa Business Card 11 offers all of the above and the following additional features: Free access to Aer Lingus Gold Circle Lounges for cardholder and guest when flying on an Aer Lingus scheduled flight and priority check in services on long haul routes. 12 Gold Visa business online 12 provides the facility to view current and past transactions online and run online reports analysing spend

7 I have read a bit about leasing and hire purchase, are these options for my business? I know there are a lot of business financing products out there. What would suit my business? Your business can benefit from up to 100% finance by way of leasing or hire purchase to fund fixed assets or premises fit-outs. Repayments can be tailored to match income and cashflow and aid the seasonality of your business. Leasing gives you the use of an asset over a fixed period of time in exchange for regular payments. It lets you take full advantage of the most modern equipment - and the value of the repayments are directly tax-deductible (subject to current legislation). With hire purchase, the asset is bought on your behalf and hired to you for an agreed term - at the end of which, ownership passes to you for a nominal sum. Both leasing and hire purchase are cost effective, tax efficient and simple ways to acquire new and upgraded equipment, plant, vehicles and technology without tying up working capital. When I issue invoices to clients I am concerned about any delay in receiving payment. Is this a valid concern? Yes, however most businesses face this issue. As a start-up you can avail of a product called invoice finance. This is where you raise working capital by releasing the value of funds tied up in invoices outstanding and converting trade debts into cash. Your business can cash up to 85% of the value of approved business invoices, usually within 24 hours, allowing the business to expand and maximise the benefits of accelerated cashflow. I find the business insurance premium hard to cover in a lump sum, is there a way I can spread it out? Yes, we have insurance premium finance to help avoid large once-off payments and leave your working capital free to be used where it is needed most - in your business. It s important to use the most appropriate type of finance for your business, otherwise it can be unnecessarily expensive. We offer a range of short, medium and long-term finance options. They each serve a different purpose - our business advisers will be happy to advise you on the most appropriate one for your business. Business adviser tip: We believe the term of finance should be matched to the life of the asset e.g. if a new van is purchased with the intention of being replaced within 5 years, the term of the finance should not exceed 5 years. 4 Business overdraft An overdraft is the most flexible and convenient form of short-term finance available and is used in conjunction with your current account. It can be used to fund the operating requirements of your business, which can include working capital funding, seasonal fluctuations in business cashflow or dealing with late payments by debtors. An overdraft facility offers variable rates and can be renewed on an annual basis and gives you the benefit of only paying for what you use. How about a business loan to help cover costs? We understand that running a business takes time and money. So we won t waste your time, we endeavour to make fast lending decisions and you can even apply for a loan online at Our small business loan is suitable for investment and working capital requirements and we offer competitive rates and flexible repayment options. 4 Our developing business loan provides finance of up to 50,000 to businesses in the first five years of growth. No security is required, 4 finance is available from your first day of training and flexible repayment options are available. Warning: If you do not meet the repayments on Warning: Hire purchase You will not own these your loan, your account will go into arrears. This 12 goods until the final payment is made. may affect your credit rating. 13

8 What happens when I start making money? As a business owner, it s important to treat your profit as you would any business asset and assess how to make the most of its full potential. We have a range of business deposit and investment solutions designed to meet your specific short, medium or long-term needs. We are committed to working in partnership with you and will use our expertise to find the most flexible solution that will maximise earnings on your funds. You can choose from a wide range of short-term products, namely business demand deposit account, business surplus deposit account, business xtra account or our business term deposit accounts. If you have funds that you can tie-up for a specified period, our fixed rate bond account offers a secure, competitive return. You can choose a deposit period from three months up to 60 months. For cash that s not required over the short to medium-term, we recommend maximising its potential by investing in medium to longterm investment funds, so that your investment has the opportunity to potentially grow and recover from short-term stock market fluctuations. We have a wide range of products, including a business investment pack tailored to meet your needs. The aim is to help you protect and grow your investment, taking the worry from you and allowing you to concentrate on what you do best - running your business. We have a wide range of specialist investment funds for business investors, to suit most individuals and attitudes to risk, which include Bank of Ireland Life s Evergreen and Innovator funds. 13 From a simple deposit account to a longer-term investment, you can rely on us to provide the best solution for your business. Business adviser tip: When we meet owners of small businesses, they are invariably busy. Home and work life is often a blur. This is where a Visa business card can help. Warning: These products may be affected by changes in currency exchange rates. Warning: The value of your investment may go down as well as up. Warning: Past performance is not a reliable guide to future performance

9 I do business overseas, are there any special services that would make this easier? How will I protect my business? Trading abroad can be daunting and costly. Our overseas trading package is designed to make your life easier and business less costly. So, whether you re sourcing equipment or services abroad, are already trading overseas or even considering expanding your business internationally, we can offer expert advice to ensure you get the most out of the opportunities, for the least cost. The overseas trading package You have access to a nationwide network of treasury specialists. We offer: Competitive rates for buying and selling a range of world currencies Foreign currency accounts, with a range of services provided free of charge 14 A range of currency deposit accounts facilitating the holding of foreign currency Access to trade finance experts We are all human at the end of the day. Bank of Ireland Life s personal and business protection cover plans allow you to plan for the unpredictable, giving you the peace of mind that you and your business will be financially protected whatever the future holds. As a self-employed individual your income and the successful continuation of your business is primarily dependent on you. Critical illness cover 15 can ensure that should you suffer one of a number of specified critical illnesses you will still be able to meet your essential outgoings such as mortgage repayments and business loans, while still maintaining your current standard of living. Business protection plans 16 provide you and your business with financial protection when it s most needed. From protecting your business against the financial impact of losing a key member of staff through to ensuring minimum financial hardship and continued control of the business in the event of the death or critical illness of a business partner. So, ask yourself Do you import or export goods or services from non-eurozone countries? Do you make or receive overseas payments? Do you buy or sell equipment overseas? Are you an intermediary business acting for companies or individuals with overseas activity? If you answered yes to any of these questions, call in to your local Bank of Ireland branch today to talk about how our overseas trading package can help your business. Business adviser tip: We believe anyone who transfers money with non-euro countries should always know the amount in currency as it is usually cheaper to transfer money in currency rather than Euro

10 My business, as an employer, needs to provide for its employees. What should we offer? No matter what your company situation is, the Insurance & Investments Manager at your local Bank of Ireland branch has the experience and know how to advise you on the best Bank of Ireland Life pension option to suit your needs, while helping you to comply with your legal obligations. How can I pave the way for a smooth road ahead? PRSAs A Personal Retirement Savings Account (PRSA) is designed to help you save for retirement. It s a flexible option; if you are self-employed you can set one up to save for your own retirement, or if you are an employer, you can facilitate your employees in setting up a PRSA account to help them save for their retirement. Personal Pension If you re self-employed, a personal pension from Bank of Ireland Life gives you additional options not available with Personal Retirement Savings Accounts (PRSAs). It enables you to avail of protection options as part of your overall pension plan, such as life cover, disability cover and waiver of premium cover. Executive Pension This is an executive retirement plan that is independent of the company assets and its future profitability. It is designed to take full advantage of the generous tax relief that is granted to company pension arrangements. It also gives you more flexibility in how you take your benefits at retirement. Under employer pensions legislation, and with the increasing need to plan for your own income in retirement, it s important that you put retirement plans into action. A pension is one of the best ways to save for retirement, as it offers generous levels of tax relief 16. There are a number of pension options available, whether you are self-employed, running a small business or a large company with many employees. I would like my personal banking to be separate to my business banking. Is this possible? As a business customer you still have personal banking requirements. We provide a suite of personal banking products to cater for all of your personal needs including current accounts, loans, credit cards, insurance, assurance, pensions and savings and investment products. For more information, advice and support, talk to a business adviser in your branch today

11 1 The business start-up offer is available to new business start-up customers who open their business current account with Bank of Ireland between the period 1st January 2008 and 31st December Lending criteria and terms and conditions apply to the business current account. Offer is for a two-year period from the date of opening a business start-up current account with Bank of Ireland. Other charges may apply. Standard charges will apply at end of two-year period. Please refer to the Schedule of Fees and Charges for Business Customers brochure, which is available on request at any Bank of Ireland branch. 3 Offer is available any time over the two-year period from the date of opening a business start-up current account with Bank of Ireland. Government Duty and other charges still apply. 4 Lending terms and conditions apply to small business loans, developing business loans, Visa business cards, Gold Visa business cards, Laser cards, business overdrafts, individual credit limits and invoice finance facilities. Personal guarantees may be required in some instances for developing business loans. 5 Terms and conditions apply to Business On Line Levels 1 & 2. The offer is valid for accounts opened between 1st January 2008 and 31st December 2008 and is available any time over the two-year period from the date of opening a business start-up current account with Bank of Ireland. Other charges and additional e-banking services are not covered by this offer. Standard business current account transaction fees and charges will apply. Please refer to the Schedule of Fees and Charges for Business customers and Schedule of International transaction charges. For further information including details of Business On Line fees and charges, call Business On Line on The exclusive offers are available any time within a twelve-month period from the date of opening a business startup current account with Bank of Ireland. Bank of Ireland does not give any representations or warranties about the firms used in the scheme and does not accept any liability in respect of the advice or service provided in any circumstances. These offers are provided entirely at the discretion of the offering companies and will, where provided, be provided in accordance with the offering companies then current terms and conditions. 7 Only applicable to Level 3. 8 Full details of fees and charges can be found in our Schedule of Fees and Charges for Business Customers and Schedule of International Banking Charges. Both are available online or from any Bank of Ireland branch. 9 The annual fee for the Visa Business Card is currently 25 per card. Other fees and charges apply to this card, including Government duty. Please see the brochure Expenses made easy with Visa business cards for details. 10 Insurance is arranged by Bank of Ireland Insurance Services Limited through Bank of Ireland Card Services and underwritten by AIG Europe (Ireland) Limited. Bank of Ireland Insurance Services Limited is a member of the Bank of Ireland Group. Bank of Ireland Insurance Services Limited is regulated by the Financial Regulator. AIG Europe (Ireland) Limited is regulated by the Irish Financial Regulator. 11 The annual fee for the Gold Visa Business Card is currently 120 per card. Other fees and charges apply to this card, please see the brochure Expenses made easy with Visa business cards for details. 12 Terms and conditions apply. Bank of Ireland does not accept any liability in respect to the products or services rendered in connection with Aer Lingus or the provider of Gold Visa Business Online (Deecal International). 13 Policy terms and conditions apply. Where relevant, life assurance exit tax applies. While great care has been taken in its preparation, this article is of a general nature and should not be relied on in relation to a specific issue without taking appropriate financial, insurance, investment or other professional advice. The content of this article is for information purposes only and does not constitute an offer or recommendation to buy or sell any investment or to subscribe to any investment management or advisory service. If there is any conflict between this Article and the relevant Policy Conditions, the Policy Conditions will apply. New Ireland Assurance Company plc. trading as Bank of Ireland Life is regulated by the Financial Regulator. Bank of Ireland Insurance & Investments Limited and Bank of Ireland are regulated by the Financial Regulator and are tied agents of New Ireland Assurance Company plc. A member of Bank of Ireland Group. KBC Asset Management Limited is regulated by the Financial Regulator. 14 Please refer to the Schedule of fees and charges for foreign currency accounts for the complete list of fees and charges. 15 Terms and conditions apply. Benefits are subject to underwriting requirements and acceptance by Bank of Ireland Life. 16 Revenue limits and terms and conditions apply. It should be noted that tax relief is not automatically granted you must satisfy Revenue requirements. Your benefits at retirement may be subject to tax. Terms and conditions apply to Global Markets products. Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. New Ireland Assurance Company plc. trading as Bank of Ireland Life is regulated by the Financial Regulator. Bank of Ireland Insurance & Investments Limited and Bank of Ireland are regulated by the Financial Regulator and are tied agents of New Ireland Assurance Company plc., a member of the Bank of Ireland Group. Lending criteria and terms and conditions apply. Bank of Ireland Finance is a registered business name of Bank of Ireland. Bank of Ireland is regulated by the Financial Regulator

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13 R(07/2008)