Reply to: Fastest route to new Limited Company with an operational current account.

[Clare@InTouch]

Interesting... last Wednesday on the phone Companies House stated they wanted an additional £1,500 in late filing penalty charges paid upfront before they would commence the Restoration. Would an accountant know how to side-step this?

Ah, didn't realise you had late accounts. You'd have to pay any penalties and file the outstanding accounts in that case, even with this type of restoration.

[struckOff]

.... Administrative Restoration route then getting the company restored, and thus the bank account open again, shouldn't be expensive or too long of a process. Companies House charge £100, and any decent accountant should be able to offer advice for a reasonable fee.[/url]

Interesting... last Wednesday on the phone Companies House stated they wanted an additional £1,500 in late filing penalty charges paid upfront before they would commence the Restoration. Would an accountant know how to side-step this?

[Rabotnik]

Started my application to Cater Allen through Nixon Williams nearly a month ago and still haven't got my account opened. Should have just gone to my local branch, but thought it was easier to let the accountant handle it. Haven't been able to invoice now for 2 weeks

[Clare@InTouch]

Good point, just checked my credit score online, 999 @ Experian :-)

I should have used the username "dissolution". I forgot to file accounts in my first non trading year, ignored the letters, now I have £15k frozen and out of reach for a month or two due to an involuntary dissolution that will be tedious and expensive to reverse.

Just to pick up on this point, if you are able to go for the Administrative Restoration route then getting the company restored, and thus the bank account open again, shouldn't be expensive or too long of a process. Companies House charge £100, and any decent accountant should be able to offer advice for a reasonable fee.

Administrative Restoration

[Old Greg]

When I started 5 years ago, I used SJD. Phoned them on the Friday to start trading on the Monday. They set up the company and a bank account with Cater Allen. It wasn't the cheapest way to do it, but I had 20 minutes free, to sit in the car park sneaking out of my permie job.

Nor are they the cheapest accountant but they are good.

[SueEllen]

Good point, just checked my credit score online, 999 @ Experian :-)

Doesn't mean as much as you think it does as banks have their own internal way of rating customers.

Though in theory if you can get a credit card with ease you shouldn't have a problem opening a bank account. However someone did complain their local HSBC refused to open an account for them as they didn't want another contracting business.

[struckOff]

Is your name a clue? If you have bad credit history then you may have an issue with most banks.

Good point, just checked my credit score online, 999 @ Experian :-)

I should have used the username "dissolution". I forgot to file accounts in my first non trading year, ignored the letters, now I have £15k frozen and out of reach for a month or two due to an involuntary dissolution that will be tedious and expensive to reverse.

[SueEllen]

As others have said hsbc is a good choice. Might be best to make an appointment first with a business advisor/manager to avoid disappointment as bog standard cust services don't always know how it's done though. Should get account number same day though which should help.

If you know which branch is a business branch then you can get a same day appointment i.e. in a couple of hours. However it's best to contact them up in the morning to check. Though you don't get through to the branches on the phone.

[ddaft]

As others have said hsbc is a good choice. Might be best to make an appointment first with a business advisor/manager to avoid disappointment as bog standard cust services don't always know how it's done though. Should get account number same day though which should help.

[Waldorf]

I need to setup a new Ltd Company with a working Uk current bank account a.s.a.p.

Could anyone advise of the fastest route to do this? I assume the Bank will be the biggest delay unless they are happy to work off Co House computer record?

My agency will remit funds electronically via CHAPS as soon as I can provide the bank details.

Is your name a clue? If you have bad credit history then you may have an issue with most banks.

[Greg@CapitalCity]

Yes, HSBC are the fastest bank in our experience (and our clients use all sorts of banks). Get the company formed online (should take a maximum of 24hrs) and then head down to HSBC with your incorporation documents printed off, photo ID, and proof of address. They should be able to sort you out with an account number and sort code on the same working day.

There are lots of online formation agents - here's one you can try Company Formation & Registration Services | UK Company Formation and UK Company Incorporation Agents - go for the Bronze package, and avoid the option to get a Barclays account set-up.

[northernladuk]

Is your nickname something you are not telling us about? I presume you are wanting to know how long to do all this with no complications?

[predo]

HSBC - had sortcode and account at the end of the meeting.
I've arranged company on Sat, documents in email came through on Monday, appoint accountant Tuesday, Wednesday meeting at HSBC to open account and I'm all set.

(just another 20 different insurances, pension bla bla bla to sort out but that's all extras)

[malvolio]

PCG Startup f rthe whole package, - PCG Startup | PCG - or most of the bigger accountants on here will help.

[thunderlizard]

A couple of years ago, I formed a company via the link from the ContractorUK website in the morning; printed out the incorporation certificate; took it down the HSBC (where I also had my personal account and my proper business bank account) and had an account set up within the afternoon.