How do I apply for a business bank account?

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Good morning

I need to set up a business bank account, but from what I can tell, you have got to apply for one. How do I apply? More important still, what is the process like? Thank you in advance for your help.

Answers

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You can apply for most business bank accounts online, by telephone, or in person at your preferred bank - whichever way suits you best. Your business will need to be in existence before an account can be set up so you will need to be registered as a sole trader or have set up a company or partnership.

The application form for a business bank account is usually extensive so you will have to set aside a few hours to complete it. You will need to provide information about yourself and your business, including:

  • Your name, date of birth, home address and contact details
  • Legal structure of business
  • Business or company name
  • Company registration number (if applicable)
  • Business contact address (sole trader) or registered office address (limited company/LLP)
  • Business telephone and email address
  • Date you registered your business
  • Date you started, or plan to start, trading
  • Nature of the business
  • How and where you plan to sell
  • Where you plan to operate from
  • Details of manufacturers and suppliers (if known)
  • Details of other people involved in the business
  • Amount of capital you will be depositing in the account
  • Persons to be authorised as account signatories

If your business is set up as a company or LLP, you may also be asked to provide copies of your company formation documents. All business owners will be required to provide photographic ID and proof of current address. A credit check will be carried out on all signatories before the account is approved.

Regardless of how you apply for an account, you will have to sign the application and banking mandates. You can do this before your application is submitted if you complete it in a branch. If you apply by telephone, you will be sent the relevant paperwork by post and you will have to return it to the bank once signed. If you apply online, you may be able to download the necessary paperwork or it may be sent to you by post.

Once everything has been signed and submitted, your application will be processed within a few days, but the timeframe varies from bank to bank. Sometimes it can take longer if certain information or documents are missing.

a year ago
 

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