Open a business bank account

Once you have decided which bank to use, set up a meeting to open the account. The bank will require information from you to open an account for your business.

You will need to provide:
Details of the business you are running and your business activities.
Details of where the finance to start the business has come from. This may be from you or other investors, or from a loan.
A business plan
A certificate of incorporation for limited companies and they may ask for a copy of the memorandum & articles.
Information concerning your credit history and bank statements for the business if you already have a business account.

You will also have to provide the following information and documents:
A driving licence or passport
A recent utility bill
Both these documents will be for you and for any other person involved in the management of the business.
In the case of a limited company this information will have to be provided for directors and company secretaries.
Banks need this information to check your identity, which they are obliged to do under money laundering laws.
An account opening mandate. The bank will give you this.
A list of the persons who can sign on the bank account and a sample of their signature. The bank will ask you to specify in what combination people will sign on the account. For example, cheques may require two signatures.

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