A company is a separate legal entity from shareholders and directors and therefore it needs a separate bank account in order to keep its own monies. It is the obligation of the directors to safeguard the assets of the company – and opening a company bank account is one way of doing this.

When opening a company bank account, you will often need to provide:

• details of how the business is going to be run, the business activities and a business plan (if funding or an overdraft is required)
• how you are planning to finance the business
• an official certificate of incorporation
• proof of identity such as a passport or driving license along with a utility bill or personal bank statement (required under the Money Laundering Regulations 2007), which will be needed from all persons involved in the business, which in the case of a limited company will be the directors and shareholders.

Some banks, such as Barclays and HSBC, offer free business banking for an extended period (often exceeding 12 months) in addition to opening the account free of charge. Wisteria Formations offer direct referrals to Barclays and HSBC free of charge, who will then get in contact with you directly. Setting up an account soon after incorporation can be beneficial as many banks will only offer free business banking for new start-ups.  If you wait to set up an account you may not be deemed as being a new start-up and may miss out on the offer.

Some company formation agents make the opening of a bank account compulsory in their package services, however at Wisteria Formations we provide a more customised service whereby you have the option to open a bank account, buy an official bound company register, printed incorporation certificate, share certificates, memorandum and articles of association as well as other secretarial, VAT/Accounting consultancy and business planning advice. Therefore you only pay for what you want or need.

To form your company and buy a customised package suited to your needs, complete an online company formation with Wisteria Formations and let them refer you directly to Wisteria Chartered Accountants who provide high quality business planning and strategy advice.

To complete your company registration begin here: http://www.wisteriaformations.co.uk