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:
- 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.
- 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: