Company Formation With Bank Account

So you want to form your own limited company, and setup a business bank account?

Getting a company formed with a bank account is a relatively simple process, but firstly you need to understand the process.

There are a few different ways to trade and be in business – such as sole trader, partnership, limited by guarantee – but the company structure that most choose is the formation of a limited company.

Let’s look at the process to get a company formation with business bank account.

The first step is for you to incorporate a company – which basically means you register a “limited company”.

Limited companies have one main benefit – which is that they are separate to the people who found the company. They have their own legal identity.

This means, when you go through with your company formation, the limited company will have its own assets and liabilities.

As such, the personal assets of the company shareholders are protected should the company experience financial difficultiies.

There are a number of company formation agents out there – some of which offer various bonuses for forming your new limited company with them.

You can also register your limited company direct with the Government organisation, Companies House.

However, this has several drawbacks – such as slower response times, and no memorandum or articles of association (documents which you may have to purchase separately from a legal stationer down the line).

Aside from all these issues, though, one of the most important extras you need with your new company formation is a business bank account.

In fact, a company formation without a bank account will make it hard for you to trade with the company – since the bank account allows you to receive and make payments, pay staff, etc.

Every high street bank has services for small business of some kind – some offer 18 month free banking, others only 6 months. Some offer banking via the post office – others have a network of high street branches alone.

But no matter how you look at it, a company formation requires a business bank account for you to get the full use of your new limited company.