Choosing a business current account is an important decision –
particularly if you are a new start-up. You’ll need to take into
consideration factors such as the bank or building society’s reputation
for dealing with business customers (this can be quite different to that
experienced by private customers), as well as fees, overdraft facility
and whether online and/or telephone banking is offered. For a more
detailed guide on the things to look out for when choosing a business
current account, click here.
The provider you choose will have different opening requirements; but generally, when you open a business current account, you may need to provide the following documentation:
The provider you choose will have different opening requirements; but generally, when you open a business current account, you may need to provide the following documentation:
- You’ll need to provide personal ID, usually one form of address ID such as a utility bill, and one piece of identification that proves you are who you say you are such as a passport or driving licence.
- Depending on your business structure you may need to provide a partnership agreement, certificate of incorporation, trust deed or constitution (for clubs, charities, etc.).
- If you’re a new start-up you’ll have to show your business plans and cashflow forecasts. Businesses already running will have to provide two or three years’ audited accounts.
- For a new start-up you may have to show your personal bank statements for a set period or, if you’re an existing business switching over, bank statements from your existing business current account.