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  1. #1
    SitePoint Member Franko1's Avatar
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    Setting Up UK Business Bank Account

    Hi All,

    Does anyone know about setting up a business bank account for a UK company. I only want an acount for all my (potential ;o) ) earnings to go through. I do not want the hassle of having to discuss a business plan or anything like that as I do not want credit etc... Ideally I would like to avoid having to go into a bank at all to do it.

    Any advice would be much appreciated.
    Last edited by Franko1; Nov 10, 2005 at 05:36.

  2. #2
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    LOL - well, I think you may have to brave it and walk in to your local branch - you may even talk to a human being or two in the process.

    You have 2 options:

    1. create a business account as a sole trader, or
    2. create a company account in the name of the company.

    For option 2, you have to first set up your limited company at companies house as they'll need proof that your company exists and that you are one of the directors.

    For option 1, anyone can do this - just go to your local branch and make an appointment with the business manager. It's very, very easy. You don't even have to have a personal account with the bank you go to.

  3. #3
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    Due to anti-fraud and money laundering regulations in the UK, setting up your first business banking account without a face to face meeting(s) is very unlikely. You will also have to provide copious amounts of identification and documentation and most banks will not even discuss your requirements without a business plan that they can scrutinise (purely to figure out where they can sell you additional services).

    However, there are some shortcuts. If you register as a limited company, have all your registration documents and article of incorporation and can provide details of your accountant that they can verify you will stand a better chance of bypassing the condescending prat of a bank manager humming and ahh'ing over a business plan. This is more likely to work if you already have a personal banking history with the bank ... make it very very clear you neither want or will want additional services / loans for the foreseable future. Alternatively, have your accountant deal with setting up of the account, however, this will cost you.


  4. #4
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    I've set up several business accounts with a number of different banks over the years, and never had to give them a business plan. If you are not asking for overdrafts and loans, its unlikely they'll require more than some ID and an hour of your time.

  5. #5
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    Point taken shadowbox, however, if it is Franko1's first business account more checks will be made, especially if he doesnt have history with the bank.


  6. #6
    SitePoint Member Franko1's Avatar
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    Cheers guys..... I already have a ltd. company and am planning to set the account up with who I personally bank with. I appreciate that other id will be required (and a visit to a branch ;o( and signature or two) but I really want to avoid all the additional sales hoohaa and "prat of a bank manager" action!

    Perhaps I should just register as a student and they'll chuck all sorts of credit/overdraft options at me!

    Cheers for your comments guys!
    Last edited by Franko1; Nov 10, 2005 at 05:37.


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