Hi. I am going to open my own business very soon. This will be a consultancy type business in the ecological field. My question is about the bank account I think I have to open. Which account to choose and with which bank? Actually, is it obligatory to have a business bank account? Any tips are much appreciated. I am hoping you guys can point me in the right direction.
Hi. If you are the sole owner of the business and you are not VAT registered, you are not obliged to open a business account. That doesn't mean that having a business account will not make things easier for you and your company - I think it is a good idea to have one. I bank with the Bank of Scotland, and I am happy. But I advise you to research the pros and cons well. Your bank is very important to your business.
