Business Bank Accounts:
The Company Warehouse have dedicated account opening teams with some of the leading high street banks[1] . Our teams can save you time and money by streamlining your account application and we can also offer some guidance on the best banking deals on the High Street!
Business Bank Account FAQ?
- Why do I need a separate bank account for my Limited Company?
- How long does it take to open a bank account for a limited company?
- Do I need to show any ID?
- Do I need to go to a bank branch?
- Can I open a bank account if for a limited company if I live abroad?
- I have been turned down for a bank account. What should I do?
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Why do I need a separate bank account for my Limited Company?
You will not be able to pay a cheque[2] made payable to your limited company into any other bank account (such as a sole trader or personal bank account). You will therefore be unable to cash any cheques issued to the company!
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How long does it take to open a bank account for a limited company?
This varies from bank to bank and even from branch to branch with the same bank. The Company Warehouse however have "dedicated" account opening teams with some banks that can speed the process up by taking a lot of information over the telephone.
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Do I need to show any ID?
Yes, all banks are required to identify new clients before they open a business bank account for you. The precise procedures for this will vary form bank to bank but are designed to meet the requirements of the Money Laundering Regulations[3]
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Do I need to go to a bank branch?
No. The Company Warehouse banking partners have schemes where by you can open you account via the post.
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Can I open a bank account if for a limited company if I live abroad?
This can be more difficult due to identification requirements. The Company Warehouse can put you in touch with banks that specialise in dealing with overseas clients.
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I have been turned down for a bank account. What should I do?
You will not be offered a guaranteed bank business bank account with your company formation. However, banks are businesses and it may be that The Company Warehouse can help you to obtain a business bank account even if you have been refused by another bank. Please contact us for further details.
