An important part of starting a new business is opening a bank account so that you can carry out transactions as quickly as possible after forming your limited company.  This bank account will be separate from any personal accounts you may have.  The company funds must be kept separate to your personal funds as it is a separate legal entity.

Following your company formation, some formation agents will offer you the option of setting up a bank account for you with one of the high-street banks.  This can make the process easier as the bank should then contact you and send you the relevant paperwork, rather than you trying to contact the bank yourself.   It can often be quicker to open an account this way as a result.

Company formation agents have a legal obligation to undertake Anti-Money Laundering checks for anyone with a major role in the new company.  Similar checks are required when a company wishes to open a bank account.  This makes opening a bank account easier as the formation agent can forward the information directly to the bank on your behalf.

Your formation agent may also be able to recommend banks which offer free business banking for a certain period after the company has been incorporated.  Setting up your bank account early is important if you wish to maximise the value of these benefits.

Wisteria Formations can help you to set up a bank account as part of the basic package, meaning that there are no extra costs.  To form your company with us start here: www.wisteriaformations.co.uk