Bank account

From the first board meeting minutes you will see that I had already decided to use Nat West as the company’s bankers.  I have a good personal banking relationship with Nat West and my manager put me in touch with a business banking manager.

My company banking requirements are fairly simple.  Being able to add the company’s bank account into the same mobile app that I use for personal banking was very helpful.

I was surprised that the bank needed proof of identity for all shareholders owning at least 20% of the company (especially as both shareholders had banked with Nat West for over 20 years each) and this slightly delayed getting the account opened, which in turn delayed the application for VAT registration.