Changing a bank account from my name to a company name?

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  • Changing a bank account from my name to a company name?
  • dingabell
    Member

    Hi folks. I have normal bank accounts in my name but I’m now going self employed and was wondering if I can change my name on one of the bank accounts to my company name? This is just to keep my business and personal finances separate. Does anyone know if I can do this? Many thanks.

    seba560
    Member

    How are you self employed?
    If sole trader, there is no need and it could be an added expense that you don’t really want.
    If incorporated, You’ll need a seperate business account that the bank will happily open for you.
    There are some good deals on 1 year free banking out there.
    I believe this is so, but I might be wrong.

    IHN
    Member

    You’re right.

    Premier Icon HB47
    Subscriber

    The Bank will require proof that the Company is a separate legal entity – this is called KYC ( Know Your Customer )and is a legal requirement – as they already know you this should be fairly straight forward. They will require the Certificate of Incorporation, a list of the directors and normally the ID docs ( passport/DL) for at least two directors , plus addresses and utility bills – all part of the anti-terrorisium act. If the company is listed on a public exchance then they may rely on that as evidence.

    Note HSBC have just been fined USD 1bn for failing to due appropriate due diligence on companies and ended up banking some very nasty people

    I work in banking, rather not say which one as you will all hate me.

    bikebouy
    Member

    it’s a PITA to change Bank Account Names..

    Best off opening another seperate Account in the Company Name be it Sole Trader or not. That way you can keep everything seperate from “home” expenses etc.

    Only IMO of course.

    samuri
    Member

    Is the money ‘just resting there’?

    Premier Icon HB47
    Subscriber

    Seba560 is correct . If you are simple “trading as” , for example dingabell trading as “Joe the Butcher” then you can simple change the name of the account – there is no legal difference – if instead you have a seperate legally incorporated company , for example ” Joe the Butcher Ltd ” then you will need the full KYC check. The key is if you have a seperately incorporated company which gives you limited liability ( case Solomon vs Solomon 1897, http://en.wikipedia.org/wiki/Salomon_v_A._Salomon_%26_Co_Ltd )

    konabunny
    Member

    Best off opening another seperate Account in the Company Name be it Sole Trader or not.

    There is no company name if the OP is a sole trader.

    IHN
    Member

    There is no company name if the OP is a sole trader.

    No, but there might be a trading name, and you can have a bank account in the name of “Joe Bloggs t/a JB Trading” or somesuch.

    Whatever, it’s probably a good idea, even if only for budgeting purposes, to have the ‘business’ money and transactions separate from your ‘personal’ money and transactions.

    konabunny
    Member

    No, but there might be a trading name

    Yes, quite possibly.

    dingabell
    Member

    You are all a fountain of knowledge and thanks for the help. When I registered as a sole trader the form asked me for my company name if I had one, so I gave them the name I was going to trade under. Maybe I should have just given them my name? Haven’t heard anything back from them yet.

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