How to Open Business Bank Accounts in the UK

Managing your business finances in the U.K. starts with a business bank account.

Business banking in the United Kingdom takes many forms. Major banks offer options for money management to help both small and large business owners keep their finances in order. Banking regulations in the U.K. require banks to obtain information about both the business and the key business players who have access to a business bank account. Be prepared to provide these details when opening an account.

Things You'll Need

• Account application
• Details of business
• Details of business finances
• Business plan
• Certificate of incorporation
• Credit history and bank statements for any existing business accounts
• Driver's license or passport and current utility bill for any principals of the business
• List of employees authorized to access account

Instructions

1. Choose a bank and type of business bank account. There is heavy competition for your business among major and minor U.K. banks. Schedule an appointment with a financial adviser at your chosen bank to discuss the business banking options open to you and to your small business. Obtain an application for the type of account you are considering.

2. Fill out the application for a business bank account. Many banks allow you to complete this step using the bank's website. If this is not an option, obtain an application from the bank. The banking application requests details of your business and your personal information.

3. Gather your supporting documents. U.K. banking regulations require banks to have certain documents on file for their business banking customers. While each bank's policy varies, be prepared to provide a passport or driver's license and a current utility bill for all owners of the business. This verifies the identity of the owners. Other documents frequently requested include a business plan, details of any other business bank accounts, details of your credit, details of your business such as address and purpose, a certificate of incorporation and a list of employees authorized to access the bank account.

4. Submit your application. Sometimes this can be done online and the documents mailed to your bank. Other times a hard copy of the application and the documents must be brought to the bank branch for processing. Once the application and documents have been accepted, you will be given access to your business bank account.

References

• Business Link: Choose and run a business account Open a business bank account
• NatWest: Open Your Account