If you have recently set up an Irish company you may need to think about your post incorporation checklist. There are a number of obligations and tasks to be completed in order to finish setting up your company. One of those is setting up your business bank account. We will provide a comprehensive checklist below of everything you need to open a business bank account.
Prior To Your Bank Account Set Up
Before actually delving in to setting up your business bank account you first need to have an incorporated company.
Setting Up An Irish Company
At Irish Formations, we specialize in company setup and guarantee top-notch quality, precision, and efficiency when assisting you with registering your company. Upon contacting us, your first step will involve an initial consultation call with our Managing Director to comprehensively discuss your unique business requirements. Once all the necessary details have been covered, you can proceed with online company setup and purchase. Throughout the entire process, one of our team members will maintain constant communication with you. Below is a handy checklist to help you kick start the process:
At least 1 Director:
Your company must have at least one director who is a resident within the EEA. If the director is not an Irish resident, you can obtain a non-resident or section 137 bond. During the incorporation process, all company directors must provide their Personal Public Service (PPS) number. If a director does not have a PPS number, they can use an RBO (Received Beneficial Owner) or a VIN (Verification Identity Number) for all communication with the CRO (Companies Registration Office).
Appoint a Company Secretary:
If you have only one director, you must appoint a separate company secretary. If you have more than one director, any of them can also act as the company secretary. The company secretary is responsible for ensuring compliance and meeting annual deadlines. You may use a nominee secretary service, where a third party acts as the secretary, but note that they won’t perform any secretarial duties.
Have at Least One Shareholder and Determine Share Allocation:
Your company must have at least one shareholder who holds ownership of the business. Directors or the secretary often become shareholders. The allocation and issuance of shares must be done correctly.
Choose a Unique Company Name:
The company name must be unique and not similar to any existing names. It’s important to choose the name carefully to avoid rejection by the CRO. Consider using a third-party service to perform name checks before submission.
Provide Registered Address and Trading Address:
Your company needs a registered address, which must be a physical location within Ireland. This address is publicly accessible through the CRO website. While a separate trading address is not mandatory, it’s necessary to inform Revenue of the address from which the business operates for tax purposes.
Prepare and Sign Incorporation Documents:
Once all the necessary information is gathered, you can fill out the incorporation documents. A team member will assist you with this process and keep you updated. The documents can be submitted remotely through email to simplify the process.
At Irish Formations, we aim to make the incorporation process as simple and easy as possible for you.
Everything You Will Need To Open A Business Bank Account In Ireland
Each bank has its own unique set of requirements for opening a business bank account account, which is why we always advise reaching out to them directly to inquire about their specific criteria. However, when applying for a business bank account, many banks typically request the following:
- Photo ID and proof of address from the account holder(s): Acceptable forms of ID may include a current passport or driver’s license, while proof of address documents can include utility bills, certain tax documents, and mortgage papers.
- Certificate of Incorporation and a copy of your company’s constitution (applicable for Limited Companies): If your company is a Limited Company, you will need to provide the Certificate of Incorporation and a copy of your company’s constitution.
- Proof of registration with the Registration of Beneficial Ownership (RBO): You will need to show evidence that your company is registered with the Registration of Beneficial Ownership (RBO).
To ensure a smooth account opening process, it’s best to get in touch with your chosen bank directly and gather all the necessary documents they require for your specific business account application.
Considerations before opening A Bank Account In Ireland
- Remote Account Opening: Determine whether the bank allows remote account opening or requires physical presence, especially important for non-resident directors.
- Fee Structure: Investigate the bank’s fee schedule to compare charges. Some banks may offer lower fees, which can be beneficial for new companies aiming to minimize costs.
- Online Banking App: Check if the bank provides an online banking app. As digital banking gains popularity, having an app could offer convenience for your new business.
- Restrictions and Limits: Be aware of any restrictions on transactions or transfers. Know the daily transfer limits and other limitations that might affect your business’s operations.
- Scalability: Consider how the bank’s services and features adapt as your business grows. Ensure the bank can support your future banking needs.
- By considering these factors, you can make an informed decision about the best bank for your new business venture.
Is Setting Up A Business Bank Account Mandatory?
If you have recently incorporated a company, setting up a business bank account may be necessary. Thankfully, in Ireland, there are various bank providers to choose from, and the account setup process is typically quick and straightforward. It’s advisable to have a separate bank account for managing your company’s finances, and at Irish Formations, we can offer you a free referral to an Irish Bank Provider.
In this comprehensive guide, you will find all the essential information you need before opening a business bank account. Additionally, we will provide insights into the main banking providers in Ireland and the requirements for setting up an account with them. This guide aims to make the process of getting your business bank account up and running as smooth as possible.
How We Can Help?
Here at Irish Formations we are dedicated to helping you every step of the way. We are company set up experts but we also like to ensure all our clients understand their obligations and are properly guided afterward. We do not get involved as a medium between the client and the bank but we do give free referrals to those who need them. Our team can talk you through the different bank providers in Ireland and talk you through what some of them offer. The two ,main Irish Bank providers are AIB and Bank of Ireland. Clients who seek remote and quick bank may go with our other two recommendations Revolut or Fire also. Each bank has their own different criteria for opening a bank account and it is important that you choose carefully depending on what it is you actually need from your Bank Provider. To get your free referral or to take the first steps by incorporating contact us now! A member of our team would love to get you started!
