How to Get a Business Bank Account
If you are setting up a UK business, you’re going to need to make sure you have a dedicated bank account. You want to make sure everything in the business is on the straight and narrow and running as it should. Plus, it makes it so much easier to keep track of your finances. You don’t want to mix up business expenses with a night on the tiles. Setting up a business bank account doesn’t need to be difficult – let’s show you how it’s done.
Personal Details for a Business Bank Account
As with any account, you’re going to need to give your personal details when you set up an account. This is par for the course and something you need to sort out before you begin with anything else. Make sure you find out exactly what you’re going to need to provide and take this with you to the bank. It will generally be things like proof of who you are, i.e. a passport or driver’s licence. And you’ll need to have proof of address, so make sure you keep a utility bill next time you get one through. Find out what you will need before going to the bank. You don’t want to forget anything important and have to go back at another time.
If you’re applying for a business bank account over the phone then they may ask for you to scan and send copies of personal information. Some will even let you take pictures on your mobile and email them over! However the bank wants to do it, make sure you’ve got all of the right ID and information before starting.
As well as your personal details you’re going to need to provide business details and information as well. This is so that they have a record of your company, and your account can be legally validated. Bring all the information you had when you registered your company with HMRC. You’re going to need to provide the name of the company, the type of business you’re running, and the registered address. It’s probably a good idea to have offices rather than just using your home address. This comes across as more professional and is likely to leave a good impression on the bank. You can have a virtual office address if you work from home too.
Top Tip: Some banks will want proof of your business being up and running – and its address. Banks like Santander will actually use a Yell.com entry as proof that your business exists (in some cases). Make sure you have built a presence for your business with your website and directory entries.
How to get a business bank account – Next up: Financial projections and business plan…