Opening a business bank account
What financial, personal and business information you'll need to give to a bank to set up a new business account.
Once you have decided which bank to use and which type of account you need, you may need to set up a meeting with the bank to open the account. Alternatively the bank may allow you to open a business bank account online. In each case, the bank will require certain information from you to open a business account, including:
- details of your business and business activities
- where the start-up finance for the business has come from - eg from you or other investors
- a business plan - see write a business plan: step-by-step and tailor your business plan to secure funding
- information on your credit history
- bank statements for the business if you already have a business account
- if you are a limited company - a certificate of incorporation
You will also have to provide the following information and documents:
- a driving licence, passport or other acceptable form of ID
- proof of address, such as a recent utility bill for you and for any other person involved in the management of the business - if you are a limited company, this information will have to be provided for any directors and company secretaries so that the bank can check your identity as required under money laundering laws
- an account opening mandate - the bank will give you this
- a list of the persons who can sign on the bank account and a sample of their signature - the bank will ask you to specify in what combination people will sign on the account eg cheques may require two signatures
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