Banking options for Limited company - Traditional vs New

theMAC

Hi all,

I am in the process of setting up a small limited company. I will be the only employee for some time and costs are a consideration at the start. Are any of the Irish banks worth considering for a business bank account? Do I have to have one or would a separate account in my (director's) name suffice.
Are N26 or revolut worth considering.

Thanks
MAC

HcksawJimDuggan

You're better of having a bank account in the name of the limited company to avoid having an argument with Revenue over who the profits should be assessed on. If it is in the name of a director, Revenue could argue that it is a sole trade and assess the profits at personal tax rates rather than corporate.

The pillar Irish banks will offer 1 or 2 years fee free banking for business start up accounts.

theMAC

HcksawJimDuggan wrote: »

You're better of having a bank account in the name of the limited company to avoid having an argument with Revenue over who the profits should be assessed on. If it is in the name of a director, Revenue could argue that it is a sole trade and assess the profits at personal tax rates rather than corporate.

The pillar Irish banks will offer 1 or 2 years fee free banking for business start up accounts.

Thanks for the info.i see that 2 year free seems to be the standard. Will go with that for now.

eusap

pay attention to the Online banking charges, BOI charges 15€ per month after the free two years for not a lot of benefit to a small company

theMAC

Charges is the reason I put the question forward. I am going to be a small Limited company and it's going to take a while to get cash flow into the business. The last thing I want is very high charges..... I see some of the Irish banks are offering free banking for 2 years... This should help, but I'm still considering the options here. Anyone used fire? zero costs and maintenance fee, but there charges look high to me.
While researching I found an excellent link - https://accountantonline.ie/guides/best-business-bank-account-for-startups-in-ireland/

retalivity

I went with aib, got 2 years no-fee business banking, which is due to end in january next year. At that point, i am looking at moving to n26.

Director of a ltd co, 2 employees.

rd1izb7lvpuksx

It's definitely a good idea to open an account in the name of the business - I chose Ulster Bank because they had the best online and mobile business banking.


Note that while N26 have a "business" option, they do not allow companies to open accounts. They're business option is a separate personal account intended for freelancers/self-employed people.

theMAC

N26 looks interesting, as mentioned by Donny above, it seems to be aimed at sole traders, I'm not sure if it would work for a limited company. I would be really interested to hear from anyone who has gone this route.