'Company'\''s Bank Account' - FAQ
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Company's Bank Account

Here will be the FAQs and details related to 'Company'\''s Bank Account'.

Do I need a business bank account for my UK company? +
Yes, if you're running a Limited Company (Ltd) or LLP, you are legally a separate entity from your business. A separate business bank account is essential for managing finances, paying taxes, and maintaining compliance.
Can I use my personal bank account for a Ltd company? +
No. A Limited Company is a legal entity separate from you. Using a personal account is not allowed and can cause accounting and tax issues.
What documents are needed to open a UK business bank account? +
  • Company Incorporation documents and details (Provided by Incorpuk)
  • Memorandum & Articles of Association (Provided by Incorpuk)
  • ID and proof of address for all directors/shareholders (your personal ID and Address proof)
  • UK business address (Provided by Incorpuk)
  • And other relevant documents (Provided by Incorpuk)
Can non-UK residents open a UK business bank account? +
Yes, A non UK resident can open a business bank account in the UK. The most popular choices include Wise, Revolut, Worldfirst, etc. We provide guidelines and support during this process.
Do I need to visit the UK in person to open a bank account? +
Some traditional banks require an in-person visit, especially for non-UK residents. However, finetech banks and online business banking platforms offer fully remote onboarding and are becoming the most popular choice among UK and non UK residents directors.
What are the top UK banks for business accounts? +
  • Banking platforms/Challenger banks: Wise, Tide, Worldfirst, Zempler, Starling Bank, Monzo Business, Revolut Business, etc.
  • High-street banks: Barclays, HSBC, Lloyds, NatWest, Santander
How long does it take to open a company bank account? +
  • Banking platforms/Challenger banks: 1–3 days (some same-day)
  • Traditional banks: 1–4 weeks (especially for complex structures)
Is there a fee for a UK business bank account? +
  • Most of our banking solution partners offer free monthly and paid (optional) plans except Wise which charges a one time fee of £45 but more than worth due to their features and offerings.
  • High-street banks: £5–£12 monthly fees (some offer free periods)
What if I get rejected by a bank? +
  • A different provider (some are more startup/freelancer-friendly)
  • Challenger banks that are more flexible
  • We offer support for business bank account opening and we will work with you to find a suitable bank account for your company. We have 5 banking partners and work with UK and non UK residents.
Can I open more than one business account? +
  • Yes, many businesses use multiple accounts to:
  • Separate revenue streams
  • Manage different currencies
  • Take advantage of better rates/fees
Do I need to be VAT-registered to open a business bank account? +
No, VAT registration is not required. However, if you are VAT-registered, the bank may ask for your VAT number during the onboarding process.
Can I open a multi-currency account for my UK company? +
Yes, banks like Wise Business, Revolut Business, and Barclays International allow holding and sending money in multiple currencies.
Is a UK address required to open a UK business account? +
Yes, most banks require a UK-registered office address and we offer this as part of our incorporation packages.
What's the difference between a business bank account and a Payment gateway? +
  • A business bank account holds your company's money.
  • A Payment Gateway processes card payments from customers. Example is Stripe, PayPal, Paddle, etc.
  • You may need both if you're selling products or services online and we provide setup guidelines and support for both.
What's the easiest bank account to open for a UK startup? +
  • For UK residents: Starling Business, Tide, or Monzo Business
  • For non-UK residents: Wise, Revolut, Worldfirst, Wamo, Payoneer Company Account, etc
Do I need to provide a business plan? +
Not really, but some banks (especially traditional ones) may ask for a brief plan or proof of intended activity (e.g., website, invoices, contracts).
Can I open a bank account before company formation is complete? +
No, you must first register your company with Companies House and receive your Company Number and Certificate of Incorporation and other relevant documents and details.
Do all directors and shareholders need to be present to open the account? +
Not always, but banks may require ID and verification from all persons with significant control (PSCs)
Can I manage the account online or via mobile app? +
  • Yes, most banking platforms now offer full digital banking, including:
  • Online banking
  • Mobile apps
  • Invoicing and accounting integrations
Do I need to report my business bank account details to HMRC? +
  • HMRC may request bank details during:
  • Corporation tax filings
  • VAT registration
  • But there's no requirement to report it immediately upon opening.

IncorpUK is the easiest way to start and manage a UK company from anywhere in the world, access UK and international business banking, payment gateways, startup resources and stay compliant. Incorpuk is a technology driven business infrastructure that provides the resources and platform for founders to access financial products, manage and scale their business.

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