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A lot of new business owners who register a company mistakenly believe that they will be able to use their personal bank account to keep track of the company’s money. Regardless of how much your new company formation is earning, or the number of transactions going through the account, it is vital that your company has a bank account in its own name. A primary characteristic of a private limited company is that it has a separate legal identity from its owner and so by sharing a bank account for business and personal purposes this distinction is unclear. It is a legal requirement In the UK for the business finances of a limited company to be kept separate from any personal finances. Wisteria recommend that all of those who register a company by using us as company formation agents open a bank account as soon as possible, so that finances and accounts are clear from day one. In order to open a business bank account when you register a company, the bank you select will require certain pieces of information and potentially certain documents. Wisteria Formations can offer an introduction to the business banking teams at a range of banks including Barclays, Santander and Metro Bank in order to reduce the hassle for you of arranging an appointment and passing over the initial incorporation documents. After initial contact has been made, the bank is likely to ask you a number of questions before the account can be opened. Besides some personal information and company contact details, there are a few incorporation documents that the bank is likely to request. The incorporation certificate is proof of the company’s existence, including the registration number. It is not unusual for the bank to want to see an official printed original copy of this certificate before they will open a bank account registered to the company. Furthermore, occasionally the bank will require you to provide them with share certificates and so purchasing a printed certificate will often be necessary to present to the bank at your meeting. If you have any questions in relation to setting up a business bank account or on anything else about how to register a company, please contact our customer support team on 0844 893 0808 or send an email to [email protected]. Please note that Wisteria has no say as to whether your company will be granted an account. Wisteria can act to introduce you to Barclays, Santander or Metro Bank amongst others, but cannot guarantee an account will be opened. The final decision lies with the bank.
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