Accountants wanting to use only a specific bank...

[IDB]

I've been going through a firm of accountants to setup a limited company, and as well as being my accountants they're acting as my Company Secretary.

Unfortunately, opening a bank account with a well known private bank is currently taking up to 3 weeks. I understand why with the rush of applications, etc - but I need to start working through my own Ltd co ASAP. I also have other contracts/work I'm winning that I need to start being able to pay.

The bank that I have my own personal account with are able to open an account for me within a few short days. No ID checks as I have my personal account with them, and just a signature, certificate of incorporation and stamp from my Comapany Secretary as they are a limited company themselves.

Unfortunately my accountants have said that I must use their recommended private bank. I'm waiting for a phonecall back but unless they change their stance I will ask them to resign and appoint a new Company Secretary and new accountants.

This scenario has worried me for several reasons:

1) As an officer of my company they have to operate in the best interests of my company. The best interests of my company is to be able to start receiving funds and therefore a turnover and profit ASAP.

2) Surely this falls under one of the IR35 considerations of Hector - the removal of control, eg making them look like an MSC as they are Company Secretary and accountant to lots of limited companies?

3) Does it really matter which bank account my limited company uses? As long it's able to take and make payments from?

Anyway, better wait for the phonecall...

[Captain Dispensable]

I'd be wanting some damn good reasons for their stance. It's your company after all not theirs!

If there's no benefit from an accountancy point of view they must be making referral commission or something, which is dodgy as I'd expect impartial advice that's like you say in the best interests of your company.

Plenty more out there if they want to control more than you're happy with.

[Kyajae]

I'd be wanting some damn good reasons for their stance. It's your company after all not theirs!

If there's no benefit from an accountancy point of view they must be making referral commission or something, which is dodgy as I'd expect impartial advice that's like you say in the best interests of your company.

Plenty more out there if they want to control more than you're happy with.

The accountants are making commision out of the refeerral / set-up.

CP's absolutely right. It's your comapny and you decide who to bank with. YOU employ accountants - they don't tell you what to do.

[ASB]

The accountants are perfectly entitled to dictate whatever terms of business they want. So are you. It does rather look as though you can't agree between you.

Certainly I could never agree to those terms.

Plenty of accountant referrals on here.