I've been going through a firm of accountants to setup a limited company, and as well as being my accountants they're acting as my Company Secretary.
Unfortunately, opening a bank account with a well known private bank is currently taking up to 3 weeks. I understand why with the rush of applications, etc - but I need to start working through my own Ltd co ASAP. I also have other contracts/work I'm winning that I need to start being able to pay.
The bank that I have my own personal account with are able to open an account for me within a few short days. No ID checks as I have my personal account with them, and just a signature, certificate of incorporation and stamp from my Comapany Secretary as they are a limited company themselves.
Unfortunately my accountants have said that I must use their recommended private bank. I'm waiting for a phonecall back but unless they change their stance I will ask them to resign and appoint a new Company Secretary and new accountants.
This scenario has worried me for several reasons:
1) As an officer of my company they have to operate in the best interests of my company. The best interests of my company is to be able to start receiving funds and therefore a turnover and profit ASAP.
2) Surely this falls under one of the IR35 considerations of Hector - the removal of control, eg making them look like an MSC as they are Company Secretary and accountant to lots of limited companies?
3) Does it really matter which bank account my limited company uses? As long it's able to take and make payments from?
Anyway, better wait for the phonecall...
Unfortunately, opening a bank account with a well known private bank is currently taking up to 3 weeks. I understand why with the rush of applications, etc - but I need to start working through my own Ltd co ASAP. I also have other contracts/work I'm winning that I need to start being able to pay.
The bank that I have my own personal account with are able to open an account for me within a few short days. No ID checks as I have my personal account with them, and just a signature, certificate of incorporation and stamp from my Comapany Secretary as they are a limited company themselves.
Unfortunately my accountants have said that I must use their recommended private bank. I'm waiting for a phonecall back but unless they change their stance I will ask them to resign and appoint a new Company Secretary and new accountants.
This scenario has worried me for several reasons:
1) As an officer of my company they have to operate in the best interests of my company. The best interests of my company is to be able to start receiving funds and therefore a turnover and profit ASAP.
2) Surely this falls under one of the IR35 considerations of Hector - the removal of control, eg making them look like an MSC as they are Company Secretary and accountant to lots of limited companies?
3) Does it really matter which bank account my limited company uses? As long it's able to take and make payments from?
Anyway, better wait for the phonecall...
Comment