Business Account - can I get one??

myright

Hi
I need to open a business acount.

a) I have an ok credit file, except for 1 Satisfied CCJ and satisfied default.
b) I am going to start the small business , so I'm new. (never been in business)
c) no debts and currently unemployed with JSA.

Questions are:

1) wheres the best place to open the account? Cheap one with my above criteria
2) Is it best to over estimate turnover to the Business advisor who is going to open the account?
3) whats the likelyhood of being rejected an account?


I apreciate any input. I am very new to this!

jonesMUFCforever

Believe it or not it is easier to be accepted for a sole trader business account than a bank account if you have a fair/poor credit rating.

Most banks have 12/18 free banking for new business accounts - which is most convenient for you? Which bank is likely to have a business advisor in branch?
Basically take your pick and go and see one.

myright

thanks for that, is it better to overestimate my turnover to improve my chances of getting an account?

Secondly, what other things do i need to take with me? or do they need from me?

knightfox

I would go to your own bank. Otherwise Natwest have good business accounts.

Incyder

myright wrote: »

thanks for that, is it better to overestimate my turnover to improve my chances of getting an account?

You can, be optimistic with your figures but don't be unrealistic.

When I opened an account with lloyds I said I expected to be turning over 60k a year.
Its been more like 6k but they don't remember.

You probably won't get an overdraught so don't even ask for it.

myright

Incyder wrote: »

You can, be optimistic with your figures but don't be unrealistic.

When I opened an account with lloyds I said I expected to be turning over 60k a year.
Its been more like 6k but they don't remember.

You probably won't get an overdraught so don't even ask for it.

lol same here, I'm actually expecting something like 6k ( i wanna do it on the side),

If i'm optomistic I might get around 10k? Would this figure be okay to say? is it not too less to say?

Also what info would they need? i.e supplier info etc??

myright

Bumping this up

Incyder

They dont require much info, just the usual I.D checks. If you don't want any loans or finance off them to start then they are not interested in seeing your business plan. They may ask you a few questions about you business idea though, just to make sure you have a clear idea about it all.

Lloyds gave me a nice start-up pack folder and a really good book about business.

I was in and out in 15 minutes with no hassle.

jonesMUFCforever

Incyder wrote: »

They dont require much info, just the usual I.D checks. If you don't want any loans or finance off them to start then they are not interested in seeing your business plan. They may ask you a few questions about you business idea though, just to make sure you have a clear idea about it all.

Lloyds gave me a nice start-up pack folder and a really good book about business.

I was in and out in 15 minutes with no hassle.

Sorry but they do require a lot more information such as turnover - this is due to money laundering - so saying you will only turn over £6k but in fact turning over £60k will lead to someone checking your account (the banks have software for this) but doing it the other way will not.

myright

Okay thanks for that.

I'm importing good from China such as clothing etc.

I will be selling on ebay. Would they need supplier info.?

I will tell them i will make about 10k a year. Hope that does it.

jonesMUFCforever

They would need basic information such as how you would finance your first order etc.