Business Bank Account for under 18s?

[Shyam]

Hi,

I'm under 18 and will be director of a limited company, and was wondering what I should do about a bank account?

My accountant told me I need a business one and every business one I can find is only for over 18s?

I don't even want any credit/overdraft, but need the business account!

Can anyone advise me?

Thanks

[HuggyBear]

Being under 18 and in business - you will struggle to do anything TBH as you need to be 18+ to enter intro contracts with suppliers etc

You may require a parent to do this type of stuff for you...

EDIT: You may also get a better response if you post a short introduction in the introductions forum

[IP2]

I opened a Business account with Barclays when under 18, that however was quite a few years back.

Without directly asking your age, bare in mind that in October all Directors will need to be over 16 (This is already the case in Scotland).

As you are not looking for credit, dealing with suppliers should be less of a problem.

However one way to resolve the whole problem may be to appoint another Director/ Company Secretary that is over 18.

Good luck.

[Shyam]

Thanks for the replies.

I'm 16

[Beneddie1112]

I'm in the same boat as you Shyam, just 1 year younger.

Out of interest, what are you going to be doing?

Take care mate,
Ben

[Shyam]

I'm in the same boat as you Shyam, just 1 year younger.

Out of interest, what are you going to be doing?

Take care mate,
Ben

I'll be running an incentive site where I reward users for completing offers (such as signing up to Company X,who then pay me commission) and referring friends/family to do the same.

I ran some sites like that a couple of years ago and it went well but had to close due to concentrating on my education, but going to give it another go now that I have more experience.

I think I'll just get my Dad to open it, then I have full access anyway.

[Beneddie1112]

Cool, sounds interesting, good luck with it ,

Take care mate,
Ben

[James Smith]

Asking the obvious question - are you really sure you actually need a limited company?

If this just a website business this could well fall flat - often this type of business either does really well or does nothing. Often not much between. Generic business structure advice is to get the business model working first and then incorporate unless there are specific business reasons to incorporate from the off.

hope that helps.

Regards,

[Jon Hills]

Sounds like you have a great idea going there. I'm sure if you talk to your bank they can advise you ion what's best. Shouldn't be a problem really. Hope that helps. Good luck!

[Jon Hills]

Oh and how profitable are these sign up referal sites? How's it going for you?