To build my business credit, do I really need to have a commercial address

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Dear Friends,
Growing you business credit is very important part of any business. Usually businesses do not need investment in the starting stages of the business.Good business credit score can increase the value of the business.
Business credit is track history of business/ company/ investor financial responsibility. The business credit score is used to calculate whether a company is in good financial reputation to give financial assistance to, it can also allow a lower interest rates or lower insurance premiums.
The need for Virtual office Commercial business Address to take Business Credit. For new small businesses or startups, commercial address give and maintains business credibility. But we need to understand that , banks and investor generally do not accept home address or PO Box addresses as business addresses.
Home addresses can bring up security/safety & privacy issues. Sometime homeowners’ association don’t permit for businesses to be operated from residential areas.
Taking a virtual office commercial business address also helps put your business on the google digital map. For this a company need to have local landline phone number to be listed in the telephone directory, so that company can open a bank account on business name, all this is possible through a virtual office commercial business address, which can be verified.

Business Credit

  • Put your business on digital map: have a google listed virtual office commercial business address, have a local landline phone number, the number should be listed in a directory, set up a bank account for the company, use that account to pay office bills, and make sure that all business bills etc. are registered with your virtual office business address.
  • Credit relationship with vendors: If vendors report your payments to business credit reporting agencies, this will help in building positive business/company credit track record.
  • Company should always pay in time: this is the best point the company should keep in mind to build a good credit history. Paying bills on the right time is measured as a reliable company, which has the ability to pay off its debt.
  • Company should have business credit card: credit card payment history is connected or reported to credit reporting agencies, so getting a credit card is an effective way to build good business credit history.
  • Monitor your credit: Any business should purchase its credit score them at least once a year.

Business Credit Card With no Personal Guarantee 

Credit cards with no personal guarantee also require that the credit card is paid full every month. This is why for new small businesses, small business credit cards are the best solution, as these often offer low-interest rates and several rewards.
At the end - Whether you’re a startup/new small business owner, freelancer/entrepreneur, or thinking of starting a business,it is very important to build companies business credit and maintain a good credit score. The best way to start is by taking Virtual office commercial business address, it gives credibility to the business and this Virtual office address can be used to take GST/Business registration, and for bank account and credit card etc.

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