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By antonio-ingles
- In Uncategorized
Revolut has become one of the most popular options for businesses looking for a digital alternative to traditional banking.
With its user-friendly platform, no physical paperwork requirements, and competitive fees, it is an excellent choice for startups and established businesses in the United Kingdom.
If you have a registered company in the United Kingdom and want to open a Revolut Business account, here is a detailed guide to the process.
Check if your business qualifies
In the first place, it is important to ensure that your business first meets Revolut Business’ eligibility criteria, which include:
- The company must be registered in the United Kingdom, either as a Limited Company, Sole Trader, or Partnership.
- The business must not operate in restricted sectors, such as cryptocurrencies, charities, gambling, or complex financial services.
- The applicant and company directors must reside in a country accepted by Revolut.
Required documentation
To speed up the account opening process, it is recommended to first gather the following documents in advance:
- Certificate of Incorporation
- Company Registration Number (CRN)
- Proof of identity of the legal representative
- Proof of business address
- Details of the ownership structure
Registering on Revolut Business
The account opening process is completely online and takes only a few minutes. Follow these steps:
- First, access the Revolut Business platform.
- Second, select the type of business (Sole Trader, Ltd, etc.).
- Then enter the basic business information such as:
- Company name
- Registered office address
- Company Registration Number (CRN)
- Nature of business activity
- Afterward, proceed with the identity verification: Upload a photo of the passport or identity document of the director or legal representative.
- And finally, submit the information about shareholders.
Review and approval process for Revolut
Once the application is submitted, Revolut will review the provided information. This process can take a few hours to several days, depending on the complexity of the business and whether additional documents are required.
In some cases, Revolut may request extra information to complete the verification, such as business activity details, client contracts, or recent invoices. It is important to respond quickly to avoid delays in account approval.
Account setup and usage
Finally, once the account is approved, you will gain access to the platform and can start using its features. Some key functions include:
- IBAN and account number: Revolut provides local and multi-currency banking details.
- International payments: Send and receive transfers in multiple currencies with reduced fees.
- Business debit cards: Available in both physical and virtual versions for expense management.
- Employee management: Assign spending limits and permissions to team members.
- Integration with accounting tools: Connect to platforms like Xero and QuickBooks to simplify bookkeeping.
Plans and fees
Revolut Business offers various plans depending on the size and needs of the company. Therefore, the current options Revolut offers are:
- Free (£0/month): Basic plan with limited transactions and currency exchange limits.
- Grow (£19/month): Includes more free transactions and advanced invoicing tools.
- Scale (£79/month): Designed for growing businesses, with unlimited international payments and better exchange rates.
- Enterprise (custom pricing): Exclusive plan for large businesses with specific needs.
It is important to review which of these plans best suits your business, based on the number of transactions and required features.
Benefits of using Revolut Business
Opening a Revolut Business account offers multiple advantages, especially for digital businesses, freelancers, and startups with international operations.
Some key benefits, for instance, include:
- Fast and 100% online account setup: No need to visit a bank branch or submit physical documents.
- Low fees on international payments: Offers competitive exchange rates compared to traditional banks.
- Integration with financial management tools: Connects to accounting software and simplifies business expense tracking.
- Access to virtual and physical cards: Helps manage team expenses while reducing fraud risks.
- Intuitive and user-friendly platform: Designed to simplify financial management for businesses.