Opening a Business Account

audiboy

HI
Just looking for advice on procedure for opening a business account. I'm registering as a sole trader and need to know what info the banks need before they will open the account for me and is it straight forward or do the banks make it difficult . Also any recomendations on the best bank to have a business account with.

Thanks
Audiboy

mneylon

I'm not sure what they require for a sole trader, but at a minimum I suspect they'd want photo ID and a recent utility bill

dbran

Hi

As well as the items blackknight said, if you are trading as a business which has a different name to your own you will also need to produce the certificate of business names registration from the CRO which shows that you are the owner of that name.

Regards


dbran

MrFrisp

audiboy wrote: »

HI
Just looking for advice on procedure for opening a business account. I'm registering as a sole trader and need to know what info the banks need before they will open the account for me and is it straight forward or do the banks make it difficult . Also any recomendations on the best bank to have a business account with.

Thanks
Audiboy

Hi audiboy...

My wife opened her business bank account just last month..

She had to have the following...

Your RBN Cert..
Passport/Driving licence..
And a recent household bill (esb/gas/phone) with your name on it...

That's providing that you already have an account with that bank...They told My wife that if she hadn't,,it would have been much harder.

Hope that helps.

Kinetic^

I was asked for a business plan by both BOI and UB. I didn't give it to either and got accounts setup with both.

MrFrisp

Kinetic^ wrote: »

I was asked for a business plan by both BOI and UB. I didn't give it to either and got accounts setup with both.

My wife is with AIB,,and she was Not asked for a business plan. As long as she had her RBN,(They'll want a copy),they were happy with that.

I think it's just down to certain banks....Some ask,some don't.

rainbowdash

AIB and bank of ireland tend to have most branches - handy for lodging payments etc.

Employer

AIB have a free banking for 2 years at the minute for opening up a business a/c
I`d also like to ask...
I recently finished free banking (3yrs) at Ulster Bank and looking to move, anyone know of any permanent free banking, maybe 4/5 yrs??

Kinetic^

I've just moved to Ulster Bank. The reasons behind leaving BOI:

(a) Debit Card - didn't want a credit card.

and

(b) Online Banking - you have to use it on windows and Internet Explorer. Doesn't work on mac/linux/mobile.

barura

'ang on, Online banking from BOI works in linux. I run Linux mint and it works fine on Firefox/Iceweasel.

And the BOI card is a Debit Card, not credit. It just has VISA functionality. At least that's my understanding.

Though is it different for business accounts? I haven't read too much into the differences of online banking in that case.

Kinetic^

Business banking doesn't work in anything other than IE.

smcgiff

Don't us boi online banking myself, but have heard it is a disaster to work with - have heard boi are looking at an upgrade in over a year's time :eek:

Have heard lots of people raving about nib online banking and their app - keep in mind nib are a cashless bank (can use an post with them though).

simonsez

audiboy wrote: »

HI
Just looking for advice on procedure for opening a business account. I'm registering as a sole trader and need to know what info the banks need before they will open the account for me and is it straight forward or do the banks make it difficult . Also any recomendations on the best bank to have a business account with.

Thanks
Audiboy

Hi,

Is really necessary to open a business account i know a number of folk who don't and they have been in business for years. Especially if you are starting off and operating as a sole trader. The reason being that the charges are very expensive. The banks charge for counting money and crap like that. Legalised extortion!!
I myself will be using my own personal account and seeing how it goes. Besides the banks are being very hard about opening business accounts at the moment.

See how you go initially then consider opening a business account cut down on unnecessary charges.


SS

JD Dublin

Open a personal account and keep it that way for as long as possible, save yourself a fortune in charges. The bank will eventually spot that you are using it to run a business and will ask you to open a business account ( and pay a nice few quid in charges ).

The one that gets my goat is the charge for handling cash ( .05% for me ) so every time I have to take cash out of the business account, I transfer it to my personal account and then take out cash, with a smile to the bank clerk.

The banks are putting in the boot where they can get away with it because the senior staff are bullies and snivelling cowards. Anyone with seniority will invariably get a lowly counter clerk to pass on any bad news if they can get away with it. This applies whether it relates to charges, loan applications or opening a bank account.

Rant over.

jjll

why should they charge its a flipping bank they make enough money on interest from the money they move about

simonsez

jjll wrote: »

why should they charge its a flipping bank they make enough money on interest from the money they move about

why is a crooked letter that was never fixed................:)