Business account, which director can open it?

jeystone

I am actually thinking of the Cashplus prepaid card business account

If a limited company has 3 directors, can any one of these people open the business account?

MrSilk

Any out of the three directors, however all directors would be credit checked.

jeystone

MrSilk wrote: »

Any out of the three directors, however all directors would be credit checked.

I believe cashplus does no credit check..thats how they advertise it anyway

InsideInsurance

It is less an issue of directors as it is shareholders.

In most banks any one director can open it however any shareholder with a 20% or more stake must sanction it too

jonesMUFCforever

I have only skim read their website so I might have missed some things but 2 things spring to my mind - 1 it does not say how you would pay in cheques to the account (cash at Post offices and free faster payments in and out) 2 It mentions business a lot but nowhere can I read that you can set it up for a limited company.

This needs to be clarified before proceeding IMO.

jeystone

jonesMUFCforever wrote: »

I have only skim read their website so I might have missed some things but 2 things spring to my mind - 1 it does not say how you would pay in cheques to the account (cash at Post offices and free faster payments in and out) 2 It mentions business a lot but nowhere can I read that you can set it up for a limited company.

This needs to be clarified before proceeding IMO.

you can, they have a cashplus business card...I am sending my docs now

thenudeone

A director or two can't simply make decisions on a whim

To open a bank account there must have been a properly constituted directors' meeting (however informal) at which it was agreed to open a specific account, and a record should be kept of that agreement.

For example, in a company with five directors, two directors can't simply agree between themselves to open a company bank account without discussing it with the other directors.

When a director/s sign an application form for a company bank account, they usually have to confirm that a meeting has been held (and sometimes give the date) giving authority to open and operate the account

jonesMUFCforever

jeystone wrote: »

you can, they have a cashplus business card...I am sending my docs now

Well good luck - keep us informed of your progress.