Do dormant companies require bank accounts?


Good afternoon to you. I’m setting up a company as dormant, meaning it has never been active. Normally, it’s recommended that a limited company should open up a bank account. As a dormant limited company, should I open a bank account? Is it necessary, or a waste of time?



You do not need a business bank account for a dormant company, so it’s best not to open one. If you do end up opening an account, please make sure that it is a non-interest bearing account because earning interest will immediately invalidate your company’s dormant status.

Any incidental business costs you may have should be paid from your own bank account.

2 years ago

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