Can I open a business bank account before my company is incorporated?

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Hi guys, just to be proactive, I would like to open a business bank account while I am waiting for my incorporation application to come through. Is it possible to open an account before my company actually exists?

Answers

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You will not be able to get a business bank account in your company name until your company has been incorporated. Your limited company will not exist until it has been registered at Companies House, so it is not possible to open an account in the name of a business that does not legally exist.

If you are currently operating your business as a sole trader, you can open a business bank account in your sole trader name and then change the account name to the name of your company once it has been set up. However, you can simply use your personal bank account for incidental business costs and expenses until you register your company. These will be tax deductible if you keep receipts and enter the transactions in your company accounts.

a year ago
 

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