Opening an Account in the PayPal Payment System
How to open a PayPal account
PayPal is the world's largest debit-based electronic payment system. Account holders use it to pay for services, shop online, and send and receive money transfers. Both personal and corporate accounts are available, and the identification procedure decides whether yours gets opened.
PayPal opens accounts for individuals and legal entities: personal and corporate, respectively. In both cases the account holder can run international transactions:
- send and receive payments;
- pay for goods, for example in online stores;
- run other cross-border payment operations.
Which PayPal account to open: personal versus corporate
A personal account fits individuals who shop online or send money to family and friends. The payment system also allows receiving funds for goods and services into a personal account, but only if the holder is not running a business or commercial activity.
Otherwise the account can be closed and the owner's personal data blacklisted, which means future registration attempts will be denied.
A corporate PayPal account is meant for legal entities and sole proprietors registered under applicable law. It suits commercial activity and also works for receiving donations.
Corporate clients get additional options:
- the account is opened in the name of the company;
- employees can be granted access to selected features of the corporate account;
- you can subscribe to PayPal products tailored to your business.
What PayPal asks for at registration
PayPal opens accounts only for clients who complete identification. That means submitting the owner's personal data and preparing the documents correctly.
The minimum list includes:
- company name, legal address, and registration date;
- full name, date of birth, citizenship, and contact details of directors, shareholders, and beneficiaries;
- the company's bank account details;
- personal details of directors and beneficiaries with supporting documents.
Every case is reviewed individually, which is why opening a PayPal account on your own can turn into a difficult task: PayPal may request additional information and documents on tight deadlines.
To register a PayPal account quickly and with minimal risk of rejection, contact our specialists. We handle the full procedure and open a personal or corporate account for you. Our managers will walk you through the details.
Free initial consultation on legal issues related to the daily activities of the business
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learn moreFrequently Asked Questions
To successfully open a PayPal account, the company must be registered in one of the countries supported by PayPal and have a positive reputation. Its participants must not appear on sanctions lists. The company’s field of activity must not contradict PayPal’s policies.
The final cost of opening a PayPal account depends on the company’s residency, its participants, the nature of its business, and other factors. To find out the exact cost for your company, please contact our specialists.
If the application is submitted correctly, a PayPal account can be opened within 1-2 weeks.
Yes. Both the review and the account opening in PayPal happen online.
