Opening a business bank account

peacetrustlove

Hi all,

I've recently registered a company with me, my missus and 3 children (20, 17, 14). I and my missus have voting rights with 35% & 20% respectively. Our children have been allocated 15% alphabet shares each with no voting rights. 

I'm struggling to open a bank account for this business. Can anyone suggest a bank that can take us on? Starling have rejected our application outright and Lloyds are happy to take us on as long as the minors are removed from the shareholding at companies house. 

Thanks in advance  
Tushar 

lr1277

Any bank will want to credit check the owners and under 18’s can’t have credit, so this aspect of the application will fail.

This is not a recommendation but a possibility.

Cater Allen offer business accounts. Their fees aren’t too bad.
The downside is that you need an introduction by a professional accountant, IFA or lawyer. I assume this is because the professional has done AML checks on all applicants so Cater Allen don’t. Their application form was long and required many details. 

To be clear, I don’t know if Cater Allen offer business accounts to companies with minors as part owners, but could be worth asking.

maxsteam

I saw the title and was ready to suggest Starling. Other banks are likely to be stricter. When everyone is 18+, it will be easier.

mika_dm

I would take the under 18 kids out of the company, wait until they get to 18 and re add them to the company. In this way you can get whatever bank account you  need or want.

peacetrustlove

maxsteam said:

I saw the title and was ready to suggest Starling. Other banks are likely to be stricter. When everyone is 18+, it will be easier.

Starling have already denied us  

peacetrustlove

I've had a word with Counting Up and they said they will consider our application. Fingers crossed.