Setting up a business bank account is an integral part of launching your business. In this blog post, we explain how to set up an account and what documents you’ll need for completing the process, along with outlining some of the best business bank accounts for your company.
During the early stages of launching a business, you’ll be completing a number of crucial tasks, such as interviewing candidates, creating marketing strategies and searching for a registered office address provider. With so much already to contend with, setting up a business bank account can add unwelcome stress! To simplify the task, and to help you make the right decision, we’ve asked (and answered) the most important questions you might have when setting up a business bank account.
What Documents Do I Need?
When it comes to preventing any delay in setting up a business bank account, UK Finance recommends you have the following documentation to hand. Most business current account providers will request a document to prove your identity and a document to prove you have a UK address.
Document for Identification:
You’ll need one of the following documents to prove your identity:
- A full valid UK or foreign passport
- A national identity photocard
- A full UK paper driving licence
- A full UK or foreign photocard driving licence, as issued by a member state of the EU or the EEA
Document for Proving Your UK Address:
You’ll need one of the following documents to prove you have a UK address. Note that if you’ve used one of these documents to prove your identity (such as a UK driving license), you will need to provide an alternative form of evidence of your address:
- A full UK driving licence
- A full UK or foreign licence photocard driving licence, as issued by a member state of the EU or EEA
- A UK or foreign bank or credit card statement (must be less than three months old and not printed from the internet)
- A UK mortgage statement (less than 12 months old and not printed from the internet)
- A council tax bill, payment book or exemption certificate (must be less than 12 months old)
- A letter or bill from a utility company (less than six months old; this does not include mobile phone bills).