Bank Account for a Company Limited by Guarantee

[Deleted member 314291]

Hello everyone.

We established a Company Limited by Guarantee for our club few months ago. Now we are planing to open a bank account for it to accept membership fees and donations. We have two simple questions:

1. It's been 2-3 months since we established the company (we did not have any operations during this time). Is it a problem that we are opening bank account after 2-3 months from the establishment?

2. For a membership club which formed as limited by guarantee; can we open a bank account in another EU country. We are non-UK residents, EU citizens.

Thanks a lot for the answers.

 

[Blaby Loyal]

1. - No

2. - that's a question for banks in the other EU country where you want to open one.

 

[Deleted member 314291]

1. - No

2. - that's a question for banks in the other EU country where you want to open one.

Thank you for your answer Blaby Loyal.

So basically, there are no regulation or something for a company limited by guarantee to open its bank account in the UK by UK government?

 

[Blaby Loyal]

I didn't say that at all.

(1) - There is no time limit (as far as I'm aware) by which time you have to open a bank account for the 'CLG'.

(2) - Whether or not the directors of the CLG or other persons to be included on the bank mandate will be accepted (i.e. pass anti-Money-Laundering checks, identity verification, credit checks) by a UK bank or a bank anywhere else is an entirely different matter.

 

[Deleted member 314291]

Perfect. Thank you again.