Creating your business bank account
Before trading, you must prepare properly. Once your limited company has been set up, it’s extremely tempting to begin trading immediately but it’s essential to have all appropriate financial preparations in place beforehand.
With regard to a limited company, you’re legally obliged to create a company-owned bank account. Whether you’re both the sole director and shareholder, you still have to create a business bank account with no exceptions.
Once registered, your limited company exists as an entirely separate legal entity from yourself. Because of this, it has its own legal obligations with any profits or losses solely belonging to the company as opposed to you personally.
It’s important to remember that a company bank account should not be treated like a personal account. Keep your personal and business finances separate and make sure to keep up-to-date records of everything.
We have partnered up with the following Banks who can assist with setting up a Current Business Account: