Opening A Business Bank Account
Mark S. Elliott has spent 25 years working in various management roles within the tenanted and leased divisions of the UK's largest breweries and pub companies. His extensive knowledge and day-to-day involvement with pubs and publicans make him well qualified to know what is required to run a successful pub. He shares his knowledge and many 'insider tips' with you in this book. Mark is based in Cockermouth, Cumbria.
OPENING A BUSINESS BANK ACCOUNT
Once you have chosen your bank, you will have to complete an application form and provide details of your business and personal identification. You will need to open your business account prior to trading. This can sometimes cause difficulties where the bank needs to verify details of your new pub, which you haven’t yet taken on or even signed for. In this case, you will have to support your application with letters of offer, solicitors’ confirmations or correspondence from the brewery or pub company.
When opening your account, banks are likely to want to see the following:
- Letters confirming that you have been offered the tenancy or lease, or that you are buying the freehold of the pub.
- Copies of any tenancy or lease agreements.
- Your business plan.
- Certificate of corporation in the case of limited companies.
- A copy of any partnership agreement.
- Your driving licence or passport.
- Recent utility bills.
You will find it useful to open 2 types of account: a current account to deal with your day-to-day transactions, and an easy access savings account that you can use to set aside money to meet your VAT payments. You may also find it useful to open a second savings account where you can accrue money for longer-term developments or as a contingency fund.
