Hi. My new client just opened limited company and will applying for O-License, but he still waiting for company bank

[grantex]

Hi. My new client just opened limited company and will applying for O-License, but he still waiting for company bank account.
Can he use director private account to prove his finance? Is TC will accept that or finance need to be on company account?
Thanks

[Admin5]

Only on the company's account, not director's private account. Use Section 4 in this guide for more details:
viewtopic.php?t=97 To open a bank account quicker than at most high-street banks, see the "Banks" section at the top of the guide.

[CJipper]

Nope needs to be in the Ltd company name. Also if it’s loaned to the company via a directors loan they could ask how the business will be paying that back and could request a loan agreement.

[grantex]

What about annex 1?

[Admin5]

What about annex 1?

What about it? Whatever it says, applies to the limited company's account.

[Jelloom]

One of my friend selling his company with O Licences

[Admin5]

One of my friend selling his company with O Licences

Advertise it this forum for free:
viewforum.php?f=11

[KCassm]

One of my friend selling his company with O Licences

Cool. How much?

[Admin5]

Also, when you transfer money from the director's personal account to your limited company's account, don't say on the transfer that it's a "loan". Don't say anything or just say something useless like "transfer" if the bank forces you to. That way you won't have to explain a director's "loan". If they ask, just say it was the director's investment into his company from his personal savings (not a loan) and it doesn't have to be paid back any time soon. Otherwise, they will ask you for a loan contract between yourself and your ltd company. Don't transfer money to your ltd company from other people (non-directors) or companies, that will raise even more questions.

[grantex]

Can he apply for O-License now and transfer money to company account later on when account will open? Or have to transfer money first, wait 28 days and then apply?

[Admin5]

Can he apply for O-License now and transfer money to company account later on when account will open? Or have to transfer money first, wait 28 days and then apply?

At least show that the money is already on the company's account, even through for less than 28 days. So: 1) put money on the account, 2) apply with a bank statement for less than 28 days, 3) send another statement later with 28 days.

[grantex]

Can he apply for O-License now and transfer money to company account later on when account will open? Or have to transfer money first, wait 28 days and then apply?

At least show that the money is already on the company's account, even through for less than 28 days. So: 1) put money on the account, 2) apply with a bank statement for less than 28 days, 3) send another statement later with 28 days.

thanks