All you need to know about UK Business Bank Account

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If you are setting up a new UK business, one of the first things you should do is get a UK business bank account

Can I open a UK business bank account as a non-resident?

There are no laws or restrictions in the UK that prevent non-residents from opening a UK business bank account. However, it may not be as simple as it would be for UK residents.
Most banks require company directors who live in the UK when applying for a bank account. This is due to the UK's anti-money laundering laws, which make it difficult for banks to accept applications from foreign business owners.
To open a UK business bank account, you must have a UK company registered with Companies House. Thus, to be qualified, you do not need to live in the UK.

Also read: Do I need a UK Business Bank Account for my UK Company?

What are the benefits of setting up a UK business bank account?

  • You can save time by automating the process when it comes to submitting Self Assessment tax returns to HMRC, 
  • It helps you build a credit rating for your company,
  • It gives you access to business tools, resources, finance & credit,
  • It makes your business more professional.

Please watch the video given below to get more details:

Can you open a business bank account in the UK with a bad credit history?

With a bad credit history, opening a UK business bank account can be challenging, but not impossible. By arranging a meeting with your selected banks, you may be able to make a convincing case for your suitability as an application if you have a clear business plan.
Credit checks are performed by most banks, but not all of them. To comply with UK anti-money laundering laws, some digital banks only conduct soft credit and identity checks. This indicates that your application has a higher chance of being approved even if you have a bad credit history.
Alternatively, some UK high street banks provide 'basic' bank accounts, which are targeted at people with bad credit.

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

What information do I need to provide to apply for a UK business bank account?

UK high street banks require you or your director to visit the branch in person to verify ID proof or provide further information such as: 

  • Details (including residential address) of all partners, members or directors,
  • Details (including contact and UK registered addresses) of your business, 
  • Company’s cash flow or forecasts,
  • Your registered company number with Companies House.

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