How to open a bank account for a company in the UK

If you have decided to start a business in the UK, opening a bank account for your company is essential. Having a separate account for your company not only allows you to manage your finances professionally, but also makes it easier to comply with tax obligations. Here are the steps you need to take to complete this process successfully and open a bank account for a company in the UK.

1. Choosing the right bank

The first step is to do your research and then select a bank that suits your business needs. Some traditional banks such as Barclays, HSBC or Lloyds offer business accounts with additional services, while fintechs such as Revolut or Tide simplify the process with 100% digital options.

When evaluating your options, consider:

• Monthly fees and transaction fees.
• Financial management tools.
• Integration with accounting software.
• Non-resident requirements (if applicable)

2. Gathering the necessary documentation to open a bank account

To open a bank account in the UK, banks usually require the following documents:

• Certificate of incorporation: document confirming the creation of your company.
• Memorandum and Articles of Association: internal rules governing your company.
• Proof of identity of directors and major shareholders: passport or ID card.
• Proof of address: utility bill or recent bank statement.
• Company Registration Number (CRN): issued by Companies House.

For this reason, having these documents up to date will not only speed up the process, but also avoid unnecessary delays.

3. Make an appointment or complete the process online in order to open a bank account

Depending on the bank, you may need to make an appointment in person or complete the application online. Digital banks allow you to open accounts without visiting a branch, which is ideal if you are not based in the UK.

During the application, you will need to complete forms with detailed information about different aspects of your business. Firstly, you will need to provide details of your company’s business activity. In addition, you will be asked to indicate the estimated amount of transactions. On the other hand, it is also important to include information about your main suppliers and customers. Finally, you should specify the ownership structure.

It is essential to be transparent and provide accurate information to avoid verification problems.

4. Surpassing compliance checks

Banks, as part of their process, conduct identity and anti-money laundering compliance checks. As a result, this may include checking your financial background, as well as the source of the company’s funds.

To speed up this process:

• Make sure all documentation is clear and legible.
• Answer quickly to any requests for additional information.

5. Activate the account and configure the services

Once your application has been approved, you will receive your bank account details (sort code and account number). From here, you can:

• Set up automatic payments to suppliers.
• Activate business debit cards.
• Connect the account with accounting tools.

Take advantage of the bank’s digital resources to further optimise the management of your business and facilitate its administration.

Last tips in order to open a bank account in the UK

Opening a bank account for your UK company is an essential step in order to operate professionally and comply with local regulations. Therefore, it is essential that you do your research, prepare the documentation and, finally, choose the option that best suits your needs.

If you’re looking to simplify the process, consider digital options that cut through the red tape – with your bank account in place, your business will be one step closer to success in the UK market!