When can I set up the company bank account?

Because your company has a separate legal entity of its own, it must have its own bank account. The bank account can be opened as soon as a the company has been incorporated.

You will be able to open the company bank account as soon as your company has been incorporated, and we will prompt you to take this step at this stage in the process. We suggest that for a corporate bank account you use a traditional bank, rather than one of the ‘new’ banks, as the traditional bankers’ systems are generally more robust. You are also advised to check that the bank of your choice is a member of the ‘fast payments’ scheme.

The process is sometimes slow and so you would be advised to obtain the relevant documentation from the bank of your choice as soon as possible and to submit this to the bank as soon as the company has been incorporated. The bank will need to know the company number and the date of incorporation and may need to see the certificate of incorporation. The bank’s documentation includes a board resolution officially appointing them as your bankers, and we would ask you please to send us a copy of the completed documentation together with account details for the company file.

Most banks will require their documentation to be signed by two officers of the company so, if you are the sole director, the bank may require us to countersign the mandate. Please be aware that we would not ever become a cheque signatory on your company account.

You should pay the share capital into your new company bank account, but do not pay any other funds into the company bank account until you start your first assignment and pay in your first fee income. This enables your company to remain dormant, saving you unnecessary costs in the possible event that you decide to go back to full-time employment and therefore no longer need the company.