Opening a licensed business account is one of the most significant steps in starting a business journey.
Many fear that this is a long and complicated process, but in reality, most of the process can be quick and simple. It requires familiarity with the steps and bodies involved, which will allow you to complete the registration in a short time and start working legally and properly.
At CPA.DIGITAL we are happy to streamline the process for you with just one click, and we invite you to experience the service here.
How long does it take to open a VAT account?
In most cases, opening a VAT account is a quick process that can be completed in a short time.
When you submit all required documents, including an application form, ID card, and business details, you can receive approval as a licensed business even on the same day. Those who complete the process at the VAT office usually leave with approval after a brief meeting.
Online registration on the Tax Authority website also allows for quick registration, but sometimes there may be a request to upload additional documents or complete details by phone. In such cases, the timeframe varies, but it usually takes only a few days.
How long does it take to open an income tax account?
Opening an income tax account can be completed on the same day, especially when the application is submitted online.
After filling out the account opening form and initial income declaration, the income tax authority determines the reporting method and advance payment amounts. When all materials are submitted properly, the process is quick and does not require prolonged waiting.
In situations where further investigation is needed, such as businesses with complex activities or missing information, there may be a delay of several days. However, in most cases, it is a simple registration that is closed within a short time.
How long does it take to open a National Insurance account?
The process at the National Insurance is also relatively quick.
After filling out a report on starting work as a self-employed person and attaching the required documents, the registration is usually opened within a few days. Those who complete the process at a regional branch can receive approval on the same day.
What varies is determining the status of the self-employed person and assessing insurance premiums. This is a step that can take several more days, but it does not prevent the business from starting to operate in practice. From the moment of reporting, the business is considered registered.
So how long does it actually take to open a licensed business account?
When properly prepared and documents are submitted in an organized manner, you can open a licensed business account with all three bodies within just one day. Many businesses complete the process with the VAT, income tax, and National Insurance during the same business day. Those who choose to submit everything online may occasionally encounter minor delays, but even then it usually takes between one to three days.
The main variable affecting the timeframe is preparation. Self-employed individuals who arrive with missing documents are forced to make corrections, which can add more days to the process. But in most cases, with good preparation, it is a quick, simple, and efficient process that allows you to start working legally with almost no delay.
We would be happy to provide you with fast and efficient service. You are welcome to consult with us on any questions, or to order the account opening.