Opening business bank account for Limited Company

Discussion in 'Askaboutbusiness' started by MeathCommute, Nov 24, 2016.

  1. MeathCommute

    MeathCommute Frequent Poster

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    149
    Hi. I have set up a limited company for the purpose of IT contracting. I have an accountant who will handle my tax returns. I have registered for VAT as well. Just wondering if anyone has any advice regarding opening a bank account. This is a very simple arrangement. I am sole director and my wife is secretary, and that's it. I have the Cert of Incorporation and Memos and Articles, but are they liable to ask me for a Business Plan or letters on Company Headed notepaper. Neither exist...and I am not using the company yet, as I haven't signed a contract yet with a specific company. I am currently employed on a fixed term contract elsewhere. Any advice would be much appreciated. If I open a current account, I won't need much, just access to see my account online. I am planning on opening an account away from my normal bank account as that is who will be employing me, and I don't want the staff being able to see my business. Should the account be titled just say COMPANY LIMITED or with my personal name trading as Company Limited?

    Any advice would be much appreciated
     
  2. T McGibney

    T McGibney Frequent Poster

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    2,619
    You need to ask your accountant these questions.

    The bank won't want a business plan from you unless you're applying to borrow from them. Otherwise your plans are none of their business.

    You will probably need to get headed notepaper or a digital version thereof, once you start trading, if only to impress on Revenue and others that the company is a genuine bona fide business.

    The company bank account will need to be in the name of the company. It should not be in your name, as your company is a separate legal entity.
     
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  3. MeathCommute

    MeathCommute Frequent Poster

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    149
    Thanks very much for that advice
     
    T McGibney likes this.