Trying to open a business bank account

Scottishbod

Hi, i'm trying to open a business bank account, but the bank is wanting the following.

A letter from my solicitor
A letter from my accountant
At least two months accounts
A copy of the Health & Safety cert for my premises

I don't have any of these as i've just started and i work from home. Are there any accounts for start up businesses, or is it possible to get a standard personal account but in my business name ?

Thanks

paddyrg

Blimey, things are different in Scotland? Try a different bank, perhaps the one you've had a currennt account with. I expect they're just doing their 'Know Your Customer' checks (anti-money-laundering), but an H&S certificate is none of their business??

Scottishbod

It's the bank I have my personal account with, Santander.
I was surprised myself, i've been with Alliance & Leicester (which they took over) for almost 20 years.

COOLTRIKERCHICK

it sounds as though they dont want your business, so instead of saying no, they are trying to put you off...

you dont need a solicitor to start your own business, unless you are going into a lease on premises etc.. not all businsess have accountants...etc...

Is this with the bank you have your personal account with?

Try another bank...

when i started my business i didnt have a business account for 2 months... and then when i approached my bank the business manager that seen me was a total twonk... he wasnt going to open a business account for me until he heard i had a contract with a well know business.... and then he was a total pain, so i asked to have another business manager, as i did not want to deal with him.... best thing i ever done....

paddyrg

Ahhh Santander do seem to be as anti-customer as they can be, so this is probably a blessing in disguise.

FWIW the last 2 business accounts I opened with LloydsTSB (although I am a personal customer) just wanted a certificate of incorporation and proof of ID. Maybe things have changed, but they seem to take business more seriously.

Scottishbod

I'm going to try elsewhere. Obviously they aren't interested in the little guy.
As far as my personal account goes i've had no trouble with them (yet).

Scottishbod

I've been looking at other accounts, the Co-op only offers free banking if the account is above £1000 a month, which i doubt it will be for a while at least.

This is barmy, how do other small businesses start from scratch with banks ?

COOLTRIKERCHICK

even though lloyds piddled me off in the begining.... ( due to the business manager) they have been really good since..

I would make an appointment to go and see a business manager at your local branch of lloyds...

Explain to them exactly what type of business you are going to do, if possible do a business plan with potential profits etc

Lloyds also offer 18 months free banking for new business accounts, so if they accept you, ask them about the free banking, as it might just slip their mind;):D

If you have no joy with lloyds.... then barclays and HSBC are supposed to be good for business banking..


Do you need a business account? as if you are getting problems with getting a business account, why not just open another personal account... Yes i know technically its wrong... but it is an option for you, plus in the long run.... it would be the banks loss, for not opening one for you in the first place.... ( they will lose out on the charges later on ..lol...)

They might open an account for you if you say you dont want a business overdraft option...

Scottishbod

Thanks for the info.
The only reason i'm opening one is in case a customer sends a cheque addressed to my business name instead of me. It look bad if you ask a customer to make the cheque out to "Joe Bloggs" instead of "Global Comp" or whatever

I'd actually prefer just to do it with my personal account, at least for the first year or so, if i can do that and still avoid the above problem that would be great

paddyrg

From a tax and accounting position, you are right to keep your personal and business banking segregated - all of it, not just cheques, that is.

Scottishbod

Aggghh :wall: i'm looking at different application forms and they are asking about business premises and ownership, leases, etc, its a required field with no option for home working.

This is impossible