Yes, your Limited company is a separate legal entity to you, it has a unique company number and is listed on Companies House (the regulatory body for all limited companies incorporated in England and Wales).

Do I need to open a business bank account for my limited company

Yes, your Limited company is a separate legal entity to you, it has a unique company number and is listed on Companies House (the regulatory body for all limited companies incorporated in England and Wales).

You therefore will need to make an appointment with a bank of your choice to open a business bank account with them. This is always the first step after incorporating your limited company, as no business can trade without a business bank account.

Most banks offer an account with no bank charges for the first 18 months, so do check this when you enquire about the business bank account. Another really good thing to check with your bank would be to ask how far back you can download business bank statements. It will make your life a lot easier if you can access all your business bank transactions from start to finish. This is particular useful on BeanBalance as it means that if you didn’t get round to upload your bank statements for a few months, they will still be available for you to download from you internet banking. If you don’t have this option you will have to manually enter the bank transactions on BeanBalance, and this would be wasting valuable time that you could have used to focus on your business instead.

Always check with the bank what information/documentation they will need from you before you go for the appointment. Most of the time they will need things like the company’s certificate of incorporation, registered address, etc.

Posted by: BeanBalance
Last revised: 23 Jul, 2013 05:19 AM

Comments

11 Sep, 2017 05:51 PM

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Beatrice Fernandes
Beatrice Fernandes
26 Sep, 2017 05:51 AM

I was setting up a limited company and its means that you are maintaining your own business and will have total power. You will be the organization chief, work the organization financial balance, and be in charge of the undertakings of the organization. Running your own constrained organization is the most assessment productive method for filling in as you keep a greater amount of your salary. Keeping complete budgetary and authoritative control guarantees your cash is not gambled with any outsider head. There are obviously more obligations as far as printed material and due dates, yet a decent accountant will have the capacity to help with dissertation reduce this load.

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