5 Important Points About UK Business Bank Account (you must know)

Business finances should be managed through a dedicated business account because as your business grows, you may find difficulties in managing business transactions in your personal bank account. When a huge number of business transactions occur through the account, this can give raise a red flag. Thus, you must have a business bank account to avoid red flags and keep proper records.

A UK business bank account will give your business a credible and professional image and allow you to send and receive payments from any part of the world. 

1. Do I need UK Nominee Director?

Most of the Reputed Banks in the UK do not accept applications from non-UK residents.

So hiring a UK Nominee Director will enable the possibility to get a Bank account with reputed and top-notch Banks for your UK Company.

2. What documents should I submit?

You have to submit the following documents:

  • ID proof - Passport/ national identity card/ driving license. It must be provided by all appointed company directors and shareholders. 
  • Address proof - Electricity bill/tax bill/a recent credit card or bank statement.

Also read: The Best Business Bank accounts for a Limited Company

You must also provide the following details about your business:

  • Business address (including postcode),
  • Contact details,
  • The registration number, 
  • Annual turnover,
  • In some situations, you may need to provide your financial condition with records to prove that you have a clean credit and banking background.

3. Why should I go for a UK High Street Bank Account for my business?

Please watch the video given below to get more details:

4. Is it illegal to have a UK offshore bank account?

If you use your UK offshore bank account for lawful purposes, it is completely legal, and it will serve as a powerful tool for business success.

There are a number of legal reasons to keep your money outside of your domestic country. For example, taxation, moving your money to tax-free countries is a smart way to secure your investment because you can save money on taxes.

It's only illegal if you use your UK offshore bank account for criminal activities, money laundering, or hiding your money from the tax department.

5. Who is the best agency?

Choose RTRSupports Limited, the highest-rated company formation agent in the UK for UK company formation and UK business bank account. Every year, more than 50,000 business owners use RTRSupports Limited to register their businesses in the UK. It has a huge number of positive customer reviews on the most popular review sites on the internet. It has partnered with a number of popular UK banks to provide non-UK residents with UK business banking solutions. 


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