It’s simple to open a business account, particularly if you have a good understanding of everything you need to provide. Collecting the correct documents and information will make the process even smoother. Here’s a rundown of what you need.
Proof of address and identity
Proof of identity is needed for every person connected to the new business account, including:
- Company officials: A minimum of one (or for a PLC, two directors) will need to provide proof of their identity.
- Responsible owners: This refers to beneficial owners and persons with significant control (anyone who controls or is entitled to a minimum of 25 per cent of the profits or capital of the company). This also applies if they have any kind of control over the business management, or hold a quarter or more of the voting rights.
- Account operators: Proof of identity of the main account operators of the business is needed, along with proof of identity of any other people who are authorised signatories or need to be added to the new account.
What counts as proof of identity?
For UK, EEA and Swiss nationals a valid passport, UK driving licence or EU national ID card works best but no matter what, the person must be UK resident if applying for a UK Corporate account.
As these provide photographic proof, that’s generally all that’s needed and only original documents can be accepted. Passports and EU national ID cards need to be dated correctly, machine readable and undamaged.
What counts as proof of address?
You’ll need one or two forms of address, depending on your photographic ID. Just in case there are problems verifying your details electronically, it’s a good plan to have two forms of verification for your address. The documents must be originals and clearly show your current address:
- Current Tenancy agreement from local authority or letting agent
- Statements dated within the last three months from your bank, building society or credit union
- Council tax bill for the current year
- Bank, credit union or building society statement dated within the last three months
- Credit card statement dated within the last three months
- Mortgage statement from your lender, dated within the last 12 months
- Utility bill dated within the last three months
- Phone bill dated within the last three months – landline only
Business type documents also needed
Sole traders of a start-up, brand new or existing business, bring one of:
- Letters from HMRC dated within the last 12 months
- Current business bank statement dated within the last three months
- Utility bill dated within the last three months
- Supplier invoice dated within the last three months
- A letter from the accountant for your business addressed to the bank.
- Rates bill for the business premises dated within the last 12 months
Partnerships, including limited partnerships for existing, new or start-up businesses.
- See the list above for Sole Traders. Documentation must be provided for each partner.
Limited Liability Partnerships
In addition to the above partnership requirements, a copy of the Partnership Agreement will be required together with Certificate of Incorporation. A credit reference agency search will be carried out. If the results are OK you shouldn’t need to provide anything else.
Limited companies of a start-up or new business will have a credit reference agency search. A full list of registered members with details of individual shareholdings and a Certificate of Incorporation as well as a copy of the Memorandum and Articles of Association will be required. If you’re using a ‘trading as’ name then a copy of the Company Board Resolution authorising this will be needed.
