Anybody know which bank is best for a new small business?

This comes up regularly. Have a trawl though the older AskAboutBusiness posts and you'll find some info.
 
Yea I agree w/ Purple,

There is very little difference them really - it's all down to relationship.

We generally bring our clients to BOI - College Green, why?

In many cases they can give you an account number on the day you bring the Company Formation Documents [Certificate of Incorporate and Memorandum/Articles] and fill in the account opening form.

The reason this is good for us is when we apply for a VAT number for a client you need to have the account details, so it speeds up the process -

We can have a company formed in 3-5 days, Bank account opened on day or day after company is formed, and VAT registration 10-15 days from that date.

But I have to say we've had problems getting the Online Banking setup with Bank of Ireland.

they have great online software for banking online, but have centralised the whole process for getting setup online. It can take up to a month to get set up on their online system (Which is a real bottleneck for many people).

Paul.
 


I am quite surprised at the speed of this process from BOI College Green and would be interested in this for my clients. Have they opened accounts on the day for clients who have not been previous Bank of Ireland customers? What is their procedure re anti money laundering legislation?

It has been my experience with Banks since they have tightened up their anti money laundering requirments, that unless a client is a previous customer of that branch that they will not issue a client's company with an active account number upon seeing a Certificate of Incorporation and Memorandum & Articles of Association. They require ID documentation for the Directors and Secretary (Photo Identification and 2 x utility bills to Directors residential addresses within the past six month certified ) and also the mandates/resolutions require signature by both Director and Secretary.
 
Hi MandaC -

That's pretty much it,

the money laundering regulations are passport/driving licence, and (I think it's only 1 copy for proof of address per director and that it doesn't need to be certified) - but I couldn't swear if it's 1 proof of address or 2 per director/secretary.

The bank staff will also do their own company search and probably check an internal database as well.

Everything else is spot on - the mandates are just part of the BOI account opening form - It looks complicated but it isn't [part of the account opening pack is in the form of a Directors resolution - needing to be signed by the company secretary, very similar to something that would go to the CRO.

When I bring clients as part of a bank introduction, I make sure to bring both directors (usually the secretary is one of the directors as well) and anything that needs arises to be dealt with - gets resolved at the meeting.

I should say that I have a good relationship with a number of staff at that branch and have been sending business that way for a number of years -perhaps that is part of the reason for the quicker than average turn around.

It is a beautiful building - great high ceilings and an impressive place to bring international clients setting up in Ireland.
 
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