Choose and manage a business bank account

Opening a business bank account


Once you have decided which bank to use and which type of account you need, you may need to set up a meeting with the bank to open the account. Alternatively the bank may allow you to open a business bank account online. In each case, the bank will require certain information from you to open a business account, including:

  • details of your business and business activities
  • where the start-up finance for the business has come from - eg from you or other investors
  • a business plan - see write a business plan: step-by-step and tailor your business plan to secure funding
  • information on your credit history
  • bank statements for the business if you already have a business account
  • if you are a limited company - a certificate of incorporation

You will also have to provide the following information and documents:

  • a driving licence, passport or other acceptable form of ID
  • proof of address, such as a recent utility bill for you and for any other person involved in the management of the business - if you are a limited company, this information will have to be provided for any directors and company secretaries so that the bank can check your identity as required 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 eg cheques may require two signatures