Can I open a business bank account in the UK?

To open a business bank account in the UK, you need to hire a Nominee Director in your company who must be a citizen of the UK. 

What documents and information do you need to provide to open a UK business bank account?

The procedure for setting up a business bank account in the UK is easy once you fulfil the requirements. Provide the following documents: 

  • ID proof - Passport/a national identity card/a 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.

You must also provide the following details about your business:

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

It is a good idea for most companies to have a business bank account.

You must open a business bank account for the following reasons: 

  1. Your bank may state that a personal account is for personal uses only, and may suggest you close your account if there are a large number of transactions relevant to the company.
  2. It might be difficult for you to tell HMRC about your earnings if your personal costs get combined with your business costs. Also, having a dedicated business bank account would make your company look more professional to consumers and business partners.

Now the below video has some more details:

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