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Monday, October 12, 2009

How do I set up a UK business account at 17?

I can't find any UK bank that will provide me with a business account because I'm only 17, but there are loads of business start ups with owners who are 16 and 17. Has anyone under 18 managed to get a business account and with who?
How do I set up a UK business account at 17?
Some of those business owners will have asked their parents to open the accounts for them.





Speak to your local Business Link. They have more information on starting in business and can guide you on this one. Their help is free.





Good luck with your business!
Reply:Business Link or the Local Chamber of Commerce maybe the best places to start.





I have worked in business banking and I seem to remember that you do need really to be 18 to have a business account on your own; however, if you do have a willing guardian who can act as a guarantor there may be a way round it.





There isn't really anyway you will be able to gain credit of any form (loans overdrafts credit cards etc) until you are 18 or over.





Goodluck!
Reply:You should be able to set yourself up as a sole trader if you go to your local bank while you not be able to set the business up as a limited company yet and you would have trouble getting credit or loans.
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