First of all you need to know the type of business that you are setting up. This can be a sole proprietorship or a partnership. For a sole partnership you should consider opening a separate checking account for your business from the other finances. For limited companies this is a must. While opening the bank account approach the banking institution which specializes in your business type as most will give better services to you. This might not always be an option, but it should be investigated.

Next you need to consider the location of your business and the proximity of the bank. This will give you a chance to open a business checking account and business savings account which is within your reach. In case you needed to deposit, withdraw or seek for information it will be simple to get all these services. If the bank is far you need to consider a bank that has ATM services near you business. You can also decide to open an online bank account which you can manage from wherever you are.

Thirdly you need to consider the amount of cash flow within a given period of time depending on the size of your business. Here you might have to hire the services of a financial adviser, but the best decision is to open the account in a bank that offers these services for free.

At one point in time you might require to take a loan from your bank. Thus, while deciding on the account seek for information about how these are given and the eligibility. Consider turning to small banks which give loans with less security and they give less consideration to your previous account records.

Finally while opening the account choose the account which has the least cost while opening and maintenance. This will save you money on such costs as interests and ledger fees. Ultimately this will result in large profits and growth of your bank balance.