Business Bank Account Question

I don't have any issues with my credit but when I started my company I used a formation company who created the company for me but also created the bank account aswell, there were no questions I just got the details through about a week later.

I found that when I went to bank branches to open an account it wasn't that simple they wanted business plans, projections etc, etc. at that point I just wanted an account to pay cheques into ASAP.

I think it was about 7 days I had to wait to get the account details and cards etc.

Thanks
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Lee Edge
Business IT Support Ltd.
BITS
www.bits-solutions.co.uk


IT Support Wiltshire
Computer Support Wiltshire
IT Support Bristol
Computer Support Bristol

May i ask which Formation Company did you use for this and what bank it was

Many Thanks
Chris

They were called EAC business services, and the bank account is with Barclays.

Thanks
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Lee Edge
Business IT Support Ltd.
BITS
www.bits-solutions.co.uk


IT Support Wiltshire
Computer Support Wiltshire
IT Support Bristol
Computer Support Bristol

How about joining the FSB? They have great deals with Streamline and the Co-op Bank. I'm not sure about the debt issues but they are very helpful and understand the difficulties faced in starting a business from scratch. I found they were one of the few organisations that took a web based business seriously when I was looking for a payment provider solution.

Good luck!
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Aurelie & Rose
gorgeous jewellery online
www.aurelieandrose.co.uk

banks will look at personal finances if you're looking for credit (including an overdraft facility - although they may not tell you that they have performed a credit check)
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month

I tend to just want a bank account to put cheques in for now and a bank card, I dont need any kind of Credit or Overdraft. Do banks do accounts with these.

Do you suggest i talk to a bank first before i go any futher with the setup of my LTD company.

CHris

you need a bank account to set up a company so yes but a standard bank account should not be problem.

Unlike personal banking every transaction has a cost but they vary between tariffs (each bank account will have several tarrifs). There are some good deals out there with good periods of free business banking but look at the rates schedules that you want when the free period ends too so that you can pick a tariff that most suits your type of transactions. i.e. consider where you expect your business to be in one or two years, and base it on those type of transactions

Moving banks isn't in itself difficult but it can be a nightmare when clients have stored your bank details in their accounting software and don't change them even after you have informed them, so it's best not to move your business bank account around, pick one that suits you from the off.

Good luck
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month

See i am worried that i payout for starting my LTD company formation and setting up mail boxes etc and then i come to get a bank account and i cant.

Chris

Get a bank account sorted first, once you have incorporated a business you must inform HMRC and you must have a bank account for that.
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month

Hi,

I think you are getting some dodgy advice here.

You need to form the company first BEFORE you can set up a business bank account!

The bank will need to see a company certificate and also do a company search. We could form the company for you and also set up a business bank account for you. We have some good contacts and I cannot see a problem getting an account if there are no lending requirements.

We may even find you a good period of free banking or unlimited if with certain banks.

See our Company Formations page or alternatively please drop me an email – nick at yorkshireaccountancy.co.uk.
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Nick Robinson
Director
Yorkshire Accountancy Limited

Online Accountant
Cash Book Pro – free excel bookkeeping spreadsheet
Cheap accountant!

My mistake but that's my only error, which equally could be argued that a bank will agree in principle.

And with respect, as you have reiterated the rest of my advice i can only assume that 'dodgy' was perhaps unnecessary and frankly a little rude.
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month

Harriet,

Many apologies. Just re read the comment and yes it was out of order. I certainly did not mean to offend.

Regards
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Nick Robinson
Director
Yorkshire Accountancy Limited

Online Accountant
Cash Book Pro – free excel bookkeeping spreadsheet
Cheap accountant!

none taken, thanks
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month

Glad you two made up LOL, Ok so i understand now that i need first to get myself registerd as a LTD company etc and get the correct paperwork needed to approach the banks,

Hi Chris,

Me too!!

Yes that’s correct. They’ll generally want to see an original certificate. As I said if you need any help we'd be delighted to assist.
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Nick Robinson
Director
Yorkshire Accountancy Limited

Online Accountant
Cash Book Pro – free excel bookkeeping spreadsheet
Cheap accountant!

(see i know my place... i don't argue with accountants... they have special powers and deal in voodoo)
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www.mistore.co.uk - Great business websites and online shops that you control from only £9.99 a month