Best Business Bank Account UK [UK Business Banking]

sssnk In this article, we’ll share how to find the best business bank account UK style.

This will be particularly relevant for UK LLP and UK Ltd companies, including those that are owned by non-UK residents.

This article is part of our free series on how to open a European business bank account online, which you can access by clicking here.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Best Business Bank Account UK
  2. Who Should Open a UK Business Bank Account?
  3. Benefits of Opening a Business Bank Account in the UK
  4. How Do I Open a Business Bank Account in the UK?
  5. Frequently Asked Questions
  6. Ready to Explore Your Options?

Best Business Bank Account UK

The best business bank account in the UK for your business depends on several key factors. These factors include annual turnover, transaction volume, the industry of operation, where your customers are based, citizenship and residency of the shareholders, available deposit amount, required services, and more.

In other words, selecting the best business bank account in the UK is an involved process that should be taken seriously. Otherwise, you could end up with the wrong bank that does not meet your banking requirements, asks questions about every transaction, and charges extremely high fees.

In fact, if you don’t carefully select where you apply for accounts, you could end up applying to multiple banks that can’t even accept your business as a client. This would involve completing pointless applications and result in lost time, money, and lots of frustration.

So, instead, you should focus on finding and opening accounts with the best bank for your specific business and your business requirements. We’ll help you navigate through this process below.

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Who Should Open a UK Business Bank Account?

You should open a UK business bank account if you have a UK LLP or UK Ltd. That said, it’s important to note that many non-resident UK companies struggle to open bank accounts. This is because UK banks almost exclusively cater to domestic (resident) companies. As a result, it can be very difficult to open a UK bank account for non-resident companies, even though they should technically bank in the UK.

Fortunately, if you have a non-resident UK company, there are alternative account opening options available. These options include a range of international banking options in reputable jurisdictions, including the EU. Of course, in certain instances, exceptions can apply and non-resident companies can open accounts. However, it is challenging.

With this in mind, let’s take a look at the client groups that can open in the UK.

Client Groups that Can Open a Business Bank Account in the UK

  • UK LLPs with local business activities
  • UK Ltds with local business activities
  • Certain non-resident UK LLPs with international activities
  • Certain non-resident UK Ltds with international activities

Benefits of Opening a Business Bank Account in the UK

If you have a UK company, there is a wide range of benefits that you can access from opening a business bank account. These benefits range from basic account activities to corporate credit cards, payment processing, merchant services, and much more.

Benefits of Opening a UK Business Bank Account

  • Domestic current and savings accounts
  • Online payment processing
  • Company credit cards for management
  • Merchant services
  • Corporate treasury services
  • Financing solutions for business
  • And more

How Do I Open a Business Bank Account in the UK?

To open a business bank account, the first step is to determine where you want to apply. Then you will need to confirm the exact account opening requirements, which vary from bank to bank.

Non-residents will also need to overcome a number of unique account opening requirements, which include everything from a local address, local phone number, and possibly local management for the company. These challenges are “unique” for non-residents because in most cases, they are unable to meet them when trying to open accounts.

Additionally, it’s important to share that most UK banks will not accept mail forwarding or corporate service provider addresses. So, if you do not have a real local address for your business, opening in the UK can be challenging.

Requirements for Opening a Business Bank Account in the UK

  • Government-issued ID for shareholders
  • Proof of address for shareholders
  • Government-issued ID for directors
  • Proof of address for directors
  • Company documents
  • Proof of address for the business
  • UK phone number
  • In-person meeting with signatory
  • Qualifying deposit

Of course, the specific requirements will vary from bank to bank. So, it’s important that you confirm the specific requirements with the bank before applying.

Frequently Asked Questions

Below are two of the most common questions that we receive from people looking into the best business account in the UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Do I Need a Business Bank Account?

Yes, you need a business bank account if you are operating a business. If not, you will find that accounting, reporting, and taxes become significantly more complicated.

Which UK Bank is Best for a Business Account?

Which UK bank is best for a business account ultimately depends on the individual business looking to open. In particular, business owners should consider their account opening requirements, annual turnover, transaction activities, customer location, payment processing needs, and much more.

What ID Do I Need to Open a Business Bank Account?

To open a business bank account, you will need to provide a photo ID in the form of a passport or driving license. That said, if you are a foreign non-resident of the UK, you will not have a choice and you will need to provide a copy of your passport.

Ready to Explore Your Options?

If you would like assistance navigating your banking options at home or abroad, we can help.

You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.

But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.

Of course, if you have any questions, please contact us directly.

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