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

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You can open a UK business bank account for your UK company from any part of the world. There are a few things to consider when opening a UK business bank account. First, you must choose which type of bank account is best for your company.

There are three types of UK business bank accounts:

  1. Sole trader
  2. Partnership
  3. Limited company. 

Once you chose a reputable bank, you will be able to open a UK business bank account and grow your company.

How to choose a bank for your company?

Choosing a bank for your business is an important decision. Thus, at the time of making this decision, you must consider numerous aspects including the size of your company, your business model, and your banking requirements.

Please watch the video given below to get more details:

First, you should research about the various banks in the UK. Ask other business owners and see what UK business bank account they use and why. Once you have come up with a few ideas, you can start looking into the different features that each bank offers.

You must Consider the Following:

  • The rates of interest
  • Fees associated with business accounts
  • Products and services offered
  • The reputation of the bank
  • Customer service record

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

What services does a UK Business Bank Account offer?

Here are a few services that your UK business bank account should offer, these are:

  • Online and mobile banking: It is essential for every business to be able to bank online or via a mobile app. It helps to check your balance, make instant payments and transfers, and keep track of your spending with this app.
  • Business management tools: Many business bank accounts have useful features like invoicing and expense tracking to manage your finances.
  • Dedicated support: Having a dedicated business support team, especially when starting out, can be extremely beneficial. It can assist you with everything from account setup to tax and accounting questions.
  • Financial advice: As your company expands, you may need assistance in financing, investment, and cash flow management. Most business bank accounts include this feature as a part of their service.

Also read: How to open a UK business bank account for Non-UK residents?

What do I need to open a UK Business Bank Account?

First, you should decide whether you prefer a physical branch or a digital account.

The process of opening a UK business account online can take 15 to 20 days as the bank undertakes a number of checks. To get started, you will only need a few personal details and business documents. 

  • Proof of ID
  • Proof of address
  • Details of UK nominee director (for non-residents)
  • Business name and address
  • Contact details
  • Companies house registration number 
  • Estimated annual turnover
  • Financial situation

RTRSupports Limited provide UK business bank accounts, UK company formation, UK nominee director service, etc. Place an order, fill up a company information form, and send them those documents, and they will take care of the rest.

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