Opening a UK business bank account
The process of opening a business bank account in the UK is very straightforward and is similar to opening a personal current account. The directors will have to complete an application form and provide the bank with your incorporation details to prove that your limited company exists. The account signatories (the individuals who will be authorised to access and use the bank account), and any beneficial owners, must provide identification to be verified, in compliance with the UK anti-money laundering requirements.
The bank will also carry out routine credit checks on all account signatories to ensure they are suitable candidates to access and manage business funds.
We have partnered with Barclays and others business bank accounts to suit your new company
Business Tax Centre provides our clients with the option of a business bank account from Lloyds, Barclays or Royal Bank of Scotland when completing a new company formation online. Depending on the structure of your company, the offerings may vary. For example; the Lloyds account and Royal Bank of Scotland account are available to any those who register a company limited by shares with UK-resident directors and shareholders, or a Limited Liability Partnership (LLPs) with UK-resident LLP members. The Barclays account is available to any company formation structure who registers a company limited by shares with UK-resident directors and shareholders.
These bank accounts will not be available to any company who has any non-UK officers or beneficial owners. You may be required to provide the bank with your certificate of incorporation, the memorandum and articles of association, and copies all share certificates. Company directors subject to the banks normal account opening processes, including identity and verification requirements may be asked to provide photographic ID and proof-of-address documentation and/or be subject to electronic verification.
How do I apply for one of these business bank accounts?
After Companies House has accepted your new company formation, the details of your new company will be forwarded to the bank of your choice automatically. It's that simple!
Within the next few days, you will be contacted by your chosen bank and will be invited to attend a meeting with a business manager at your nearest branch. Depending on the bank, your new business bank account may be activated during that initial welcome meeting. For example; Lloyds Bank and Royal Bank of Scotland bank accounts are usually activated during the initial meeting whereas Barclays bank accounts will be activated within 72 hours of the initial meeting.
As soon as your bank account becomes active, we receive a notification from them and at that point you will be eligible to claim your cashback reward (if applicable) via your account .
What are the benefits of these bank accounts?
For full details on the bank accounts we offer, please visit the links below for full details and benefits of our banking partners:
Card Processing Services
Most businesses now require the ability to accept card payments either direct from the internet, face to face or over the phone. Whatever your requirements ‘World Pay’ can help improve you customer experience and cash flow.
Invoice Finance and other finance options -
For any new business one thing is for certain - you’ll need a constant stream of cash to support your ambitions. If you’re looking for a single cash injection, or help with your cash flow to drive your longer term plans, then Finance options from Reach Commercial can help.
SmartSearch, (we are a certified partner of SmartSearch) is the most powerful anti-money laundering verification service available in the market today.
Unique features include alerts when Sanction, PEP or SIP matches are encountered; also included is ongoing monitoring of all client records against future alerts.
Identity Verification reports, Pay-As-You-Go, no contracts,
Open an account and invoiced on a monthly basis for actual usage with 21 days payment terms.