Do I need a business bank account before registering my company?

[denjoshep]

I’ve heard mixed opinions on when to open a business bank account. Should it be done before or after registration, and what documents are usually required?

 

[riya]

You will not need a business bank account prior to registering your firm. But when your company is registered and you possess the papers then it is important you open a business bank account. It assists in the separation of personal and business finances, eases the accounting and creates credibility of your company.

 

[charlie]

You don’t need a business bank account before registering your company. However, once your business is officially registered and you have the required documents, opening a business account becomes essential. It helps keep personal and business finances separate, simplifies accounting, and boosts your company’s credibility.

 

[Grayson]

No, you do not always need a business bank account before registering your company, but it is a mandatory requirement for limited companies and is highly recommended for all business structures to separate finances