How do I open a business account?
Opening a business account in the UK involves several steps and requires specific documentation.
- Determine the type of business account: standard business account, business savings account, business credit account.
- Choose a provider: high street banks, online banks, specialist business banks.
- Prepare Required Documentation
- for sole traders:
- Proof of Identity: Passport, driving license, or national ID card.
- Proof of Address: Utility bill, bank statement, or council tax bill.
- Proof of Business Address: Lease agreement or utility bill in the business name.
- Business Details: Description of business activities and trading history.
- for partnerships:
- Proof of Identity: ID for each partner.
- Proof of Address: Utility bill, bank statement, or council tax bill for each partner.
- Partnership Agreement: Document outlining the partnership terms and roles.
- Business Details: Description of business activities and trading history.
- for limited companies:
- Company Registration Number: Provided by Companies House.
- Proof of Identity: ID for company directors and major shareholders.
- Proof of Address: Utility bill, bank statement, or council tax bill for company directors.
- Company Details: Company registration documents, Certificate of Incorporation, and Memorandum and Articles of Association.
- Proof of Business Address: Lease agreement or utility bill in the company name.
- for limited liability partnerships (LLPs):
- Company Registration Number: Provided by Companies House.
- Proof of Identity: ID for LLP members.
- Proof of Address: Utility bill, bank statement, or council tax bill for LLP members.
- Partnership Agreement: Document outlining the LLP terms and roles.
- Business Details: Description of business activities and trading historyю
Most banks offer online applications. Visit the bank’s website, select the business account type, and follow the instructions. You may need to upload electronic copies of your documents.
Or visit a branch of your chosen bank to apply in person. Bring all required documents for verification.
Some banks allow you to start the application process over the phone. Contact their business banking department for details. Some banks may require a minimum deposit to open the account. Transfer the required amount to your new business account.
Most banks provide online banking services. Set up online or mobile banking to manage your account, make transactions, and monitor finances. You will receive details of your new account. Receive business debit cards for transactions and cash withdrawals.