Reply to: Business Bank Account Issue

[catboy]

thanks LOM, i've sent you a pm

[Little'Old Me]

If you are interested I have a client who has a Ltd company (as a Contractor) but stopped trading at the end of last year as he was offered full-time employment which he accepted. The company has a "nondescript" name, but that is easy to change if required.

He has asked me to bring the company up to date and close it. But there is nothing to stop it from being "sold" instead. It has its own bank account and payroll already set up.

An option - if you are interested, but you will have to be quick.

[catboy]

ok thanks sue ellen, looks interesting! will give it a go!

[SueEllen]

Could try this:
http://www.halifax.co.uk/savings/treasurersaccount.asp

BTW Halifax staff members don't seem to know they do this account so you best take a print out or something to a branch.

[Platypus]

That looks to me like they're charging you just to tell you who you can open the account with. I suggest having a look on one of the moneysavingexpert forums, you might find it helpful to post on there,

http://forums.moneysavingexpert.com/index.html

Or why not try your local Business Link ?

[EchoSierra]

I wonder if you had somebody own the shares and get the account opened for you, then transferred the shares (value at startup = nil) to your name and appoint you as director. They would still be signatory to the account though.

This sounds a bit iffy as you'd be pulling the wool over the bank's eyes, so best to check before you consider doing this.

Given the posts below I think the above is the best approach to it.
Get somebody to be director and 100% shareholder of the company to open a business bank account for you.
Then get yourself added as director (make the bank happy) and then the 100% shares transferred to you (keep HMRC happy). Or in the meantime just get the 100% shares transferred to you so you can legally pay yourself. The director/bank stuff can come later as long as you have a friend you trust. You don't really need signatory to anything since everything's electronic now.

Now that I think about it this is what your umbrella company is doing; they're director and you're 100% shareholder.

But yeah, def on the dodgy side - you have been warned .

[catboy]

hello,

i still really want to start a ltd company... i found these, anyone know anything about them (i'd probably go for number 2), are they dodgy?

http://www.creditsolveuk.com/business.htm

[pmeswani]

that prob. won't be until about 5 years time!

If that is how long it takes, then that's how long it takes. You may find it beneficial to go back to Perm or use an Umbrella for contracting until your credit score clears up. You could always approach your bank on an annual basis to see if they will reconsider, based on your circumstances at the time.

[catboy]

that prob. won't be until about 5 years time!

[pmeswani]

i was refused, even the guy in the bank was like 'you have a personal account with us and all you want is a no-credit account as a place to get paid into, it is a bit ridiculous'.

hmmm. someone out there MUST know how i can have a limited company despite having bad credit (the company opening part doesn't matter, it is JUST the opening of the business bank account that is the prob. )

anyone with a solution to this, or even a bank that'd let me pay to have an account (as long as it is cheap) gets free beer!

i've have faith in ye!

Serious suggestion? Go via the umbrella route until your credit rating improves. When it improves, then go back to your bank and ask to open a business bank account.

[catboy]

i was refused, even the guy in the bank was like 'you have a personal account with us and all you want is a no-credit account as a place to get paid into, it is a bit ridiculous'.

hmmm. someone out there MUST know how i can have a limited company despite having bad credit (the company opening part doesn't matter, it is JUST the opening of the business bank account that is the prob. )

anyone with a solution to this, or even a bank that'd let me pay to have an account (as long as it is cheap) gets free beer!

i've have faith in ye!

[blacjac]

I wonder if you had somebody own the shares and get the account opened for you, then transferred the shares (value at startup = nil) to your name and appoint you as director. They would still be signatory to the account though.

This sounds a bit iffy as you'd be pulling the wool over the bank's eyes, so best to check before you consider doing this.

I would imagine the bank would still refuse to add you as a signatory to the account, so your company would end up with a bank account you don't have access to...

[Platypus]

I wonder if you had somebody own the shares and get the account opened for you, then transferred the shares (value at startup = nil) to your name and appoint you as director. They would still be signatory to the account though.

This sounds a bit iffy as you'd be pulling the wool over the bank's eyes, so best to check before you consider doing this.

[bledubd]

bad news catboy, here is my accountant's response verbatim
--------------
NO business transactions should go through a personal account.

[Archangel]

They can probably pay you by cheque then you go to the cheque cashing fellas who will charge you an arm and a leg.

Even the cheque cash guys will not cash a cheque made out to someone else. You need ID.