How to open a Business Bank Account in the UK?
How to Open a Business Bank Account in the UK?
Many people have this question of How to Open a Business Bank Account in the UK?
Business bank accounts in the UK offer you numerous advantages and benefits that help your businesses grow. These accounts also keep your business operations smooth and effective.
- It may be difficult for you to tell HMRC how much money your firm has made if your personal costs get mixed up with your business charges. Therefore, to avoid any confusion and complications, you should have separate business accounts for your companies.
- Finally, having a dedicated bank account will give your company a more professional appearance to clients and partners.
It’s critical to understand the account opening procedure; otherwise, you risk wasting time by selecting the incorrect account for your purposes.
What documents are needed to set up a business account in the UK?
Setting up a bank account in the United Kingdom for a business is quite simple if you meet the qualifying requirements.
While you open your bank account, kindly ensure that you have the necessary paperwork on hand. Following personal details are compulsory for opening a business account:
Identification: This is necessary for all identified corporate directors. You may also use a passport, national ID card, or picture driver’s license.
Address proof: This might be a recent bank statement or an energy bill. Alternatively, you may use a council tax statement
- The Business address in its entirety (including postcode)
- Information about how to contact us
- Companies Number assigned to a residence (for limited companies and partnerships)
- Annual Turnover Estimate
- In certain circumstances, you can be required to substantiate your own personal financial condition with documentation demonstrating a clean credit and banking history
Steps for opening a Business Account:
It would be convenient to look for the options available before opening a business account in the UK. Also, you may search your options online. Some of the more common names available in the banking industry are:
- Metro Bank
- Lloyds/Bank of Scotland
After deciding on your preferred bank, you need to contact the banking officials and apply for your business account. Different banks follow different traditions, but almost all the details are available online.
Afterward, you need to submit your details and confirm your application. Following that, your business bank account is opened.
How much time does it generally take to open a business bank account in the UK?
Generally, it takes about 1 to 4 weeks to open a business bank account in the UK.
You may seek the help of company formation agents like Liscard Business Centre. They can help you in opening Business Bank Accounts along with Company Formation.
Liscard Business Centre
Liscard Business Centre is a company formation service that offers different packages for company formation in the UK. If you want to register your businesses anywhere in the UK (that includes England, Scotland, Wales, and Northern Ireland), Liscard Business Centre would love to help.
Moreover, we can help you in forming your companies in much shorter periods of time while also saving you considerable sums of money.
Registration, Documents Verification, Banking Details, Statements of Association, and Official Addresses are all managed by Liscard Business Centre.