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Doing Business in the UK? Here’s What Your Bank Providers and Will Be Looking For

If you already run a well-established business or plan to launch one in the UK, you must be interested to find out which banking partners can hold the fort for your brand.  You also want to know what factors into applying for a business bank account.

The requirements discussed here only apply to established businesses with turnovers not exceeding £6.5 million have a well-defined ownership makeup and all UK-based companies.

To start with, here’s a list of the bits of documents you need to prepare beforehand. Many today business account providers will need;

One or more documents to establish your true identity:

  • The Valid UK or overseas passport
  • A National identity photocard
  • A UK driving license
  • The UK or foreign-issued driving license (photo card) provided by the EU or EEA

One or more document validates your address in the UK:

  • UK driving license;
  • The UK or overseas-issued driving license (photo card) provided by the EU or EEA
  • Council tax bill
  • 3 months old Bank-issued (not sourced online and printed) the UK or overseas bank or credit-card
  • 12 months old UK mortgage statements (not sourced online and printed);
  • 6 months old bill from any utility company (consider options other than your mobile phone bill).

For your company, you’ll need:

  • Business information including turnover, tax data, and any other financial info
  • Companies House registration number (for businesses already holding one)
  • Personal details of all company executives or partners (name, address, National Insurance number, and date of birth


Having known the documents prepare, here’s where to look when searching for a business bank account provider;

Traditional banks

These are veteran industry players with stricter rules and account opening terms. UK’s leading traditional banks include;

HSBC, Santander, TSB, RBS/Natwest, Lloyd/Bank of Scotland, Barclays, Clydesdale/Yorkshire Bank, and Metro Bank.

All these banks have different requirements from businesses looking to open new accounts. While some offer a grace period of free banking for specific companies, others do not. Terms, conditions and service offerings vary from one bank to the next. But your best account provider lies with one of these banks. Find out more by visiting the official sites of these banks.

Digital platforms

These are new financial groups who’ve come to bridge space major traditional banks leave by offering small business account and merchant solutions.UK’s top digital banks include;

ANNA, Revolut, Sterling, and Tide are your four best options when looking to open a current business account in the UK.

As expected terms, conditions and service offering vary across these platforms. In general, most of them provide extra solutions to small merchants including smart invoicing and integration to other platforms like Xero, Sage and Free Agent. Retailers can visit their official websites to find out more.

Final note

Hopefully, these this briefing will give you insights on where to go for your business banking solutions. Once you’ve narrowed down your list, visit the websites of your selected banks to get the full details to get one banking partner.

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the cheapest merchant services for small business has helped thousands of business owners save money and time.