Opening an Account in the PayPal Payment System

PayPal allows both individuals and legal entities to open accounts — personal and corporate, respectively. In both cases, account holders can perform various international financial transactions:

• send and receive payments;
• purchase goods, for example, in online stores;
• carry out other types of international payment operations.

Which PayPal Account to Open: Differences Between Personal and Corporate Accounts

Personal accounts are optimal for individuals who buy goods online or send money to relatives and friends. The payment system also allows the use of a personal account to receive funds for goods and services, but only if the account holder is not engaged in entrepreneurial or commercial activity.

Otherwise, the account may be closed, and the owner’s personal data blacklisted, meaning future registration attempts will be denied.

A corporate PayPal account is recommended for legal entities and sole proprietors registered in accordance with current legislation. This account type is suitable not only for commercial activities but also for receiving donations.

Corporate clients of the payment system also gain additional advantages and opportunities:

• the account is opened in the name of the company;
• employees can be granted access to certain features of the corporate PayPal account;
• you can subscribe to PayPal products tailored to your business needs.

What Is Required to Create a PayPal Account

PayPal opens accounts and provides access only to clients who complete the identification procedure. This requires several steps: submitting personal data of the account owner and properly preparing and submitting documents.

The minimum required list includes:

• company name, legal address, and registration date;
• full name, date of birth, citizenship, and contact details of directors, shareholders, and beneficiaries;
• company’s bank account details;
• personal details of directors and beneficiaries, along with the relevant supporting documents.

Each case is reviewed individually, which is why opening a PayPal account on your own can be a difficult task. PayPal may request additional information and documents to be submitted within tight deadlines.

To quickly register a PayPal account with minimal risk of rejection, contact our specialists. We will handle all necessary procedures and open a personal or corporate account for you. Our managers will provide a detailed consultation.