Why your company needs its own account
A limited company is a separate legal person. Its money belongs to the company, not to you. Keeping it in a business account makes your accounts and tax returns simpler, shows clearly what is company money and what is yours, and is expected by most accountants and banks. Many personal account terms also do not allow business use.
High-street banks or app-based providers
There are two broad types of provider.
High-street banks, for example Barclays, HSBC UK and NatWest, offer business current accounts alongside branches, lending and a wider range of services. Their applications can take longer and may include more questions about your business.
App-based providers, for example Tide, Starling, Monzo Business, Revolut Business, Wise Business and ANNA, are run mainly through an app. Applications are often quicker and online, and some focus on small companies and freelancers. Some are banks; others are e-money institutions, which hold your money in a different way. Check how your money is protected before you choose.
These names are examples only, not recommendations. Fees, features, eligibility and protection change, so check each provider's current terms on its own website. We do not currently receive commission from any bank or provider.
What to compare
- monthly fees and transaction charges
- whether the provider is a bank or an e-money institution, and how deposits are protected
- payments in other currencies, if you trade internationally
- links with your accounting software
- cash and cheque deposits, if you need them
- card, multi-user and approval features for more than one director
- whether the provider accepts non-resident directors or companies with overseas owners
What banks usually ask for
Every bank sets its own requirements, but most ask for:
- your company name and registration number, and the certificate of incorporation
- the memorandum and articles of association
- identity documents for directors and people with significant control (PSCs)
- proof of home address for those people
- details of shareholders and who controls the company
- a description of the business, expected customers, suppliers and turnover
- sometimes a UK trading or correspondence address
The bank uses this to carry out its own anti-money-laundering checks. These are separate from Companies House identity verification.
If you live outside the UK
UK companies can have directors and shareholders anywhere in the world, but opening a UK business account can be harder for non-residents. Some providers only accept directors who live in the UK. Others accept certain countries, ask for extra documents or prefer a video call or a branch visit.
Things that often help:
- a clear explanation of what the business does and why it needs a UK account
- printed and certified company documents
- documents legalised with an apostille, where an overseas bank or authority needs them
- a certificate of incumbency confirming directors, shareholders and good standing
- a UK business address, such as a London or Edinburgh virtual office
Our Non-Resident Package brings together the formation, addresses and documents non-resident founders most often need.
How we can help
We do not open bank accounts and cannot guarantee that any provider will accept your company. Each bank decides for itself. What we can do is:
- Prepare and send the company documents banks commonly ask for.
- Arrange apostilled or notarised copies and certificates of incumbency.
- Provide a UK registered office or virtual office address.
- Suggest providers that may suit your situation, based on what you tell us.
Common mistakes
- Using a personal account for company money
- Applying to several banks at once with different answers
- Giving a vague description of the business
- Not having the PSC and shareholder details ready
If you would like an introduction or help preparing your documents, contact us.
Frequently asked questions
Do I legally need a business bank account for my limited company?
A company's money must be kept separate from yours, and in practice that means a business account in the company's name. Many personal account terms also do not allow business use.
Can a non-resident director open a UK business bank account?
Sometimes. Some providers only accept UK-resident directors, while others accept certain countries or ask for extra documents. Each provider decides for itself.
What documents will the bank ask for?
Usually the certificate of incorporation, articles, ID and proof of address for directors and PSCs, shareholder details and a description of the business. Some also ask for a UK address.
Do you open the bank account for me?
No. You apply to the bank yourself. We prepare the company documents, apostilles and certificates that often help, and can suggest providers to contact.
Do you receive commission from banks?
No. We do not currently receive commission from any bank or provider, so our suggestions are based on your situation.
Is an app-based account as safe as a high-street bank?
It depends on the provider. Some are fully licensed banks; others are e-money institutions that protect money in a different way. Check each provider's terms before choosing.