Opening a business bank account for a newly formed UK company requires several key documents: proof of identity and address for all directors, shareholders with significant control (usually over 25%), and authorised signatories; the company's Certificate of Incorporation; and details of your company's business activities and expected turnover.

The time it takes to open a business bank account can vary significantly, ranging from a few days to several weeks, depending on the bank, the complexity of your business, and the thoroughness of your application. It's often wise to approach a bank where you already have a personal account, as they likely have some of your information on file, potentially streamlining the process. However, don't hesitate to shop around for the best fit for your business needs. Try finding a free business banking offer (at the moment NatWest offers 24 month free period.

If high street banks decline to open an account, don't despair! It's becoming increasingly common, especially for startups or businesses with complex ownership structures. Fintech solutions like Tide offer business accounts designed for small businesses, often with quicker application processes and lower fees. Tide is generally considered a decent alternative, providing essential banking features, integration with accounting software, and fast setup. Anna Money is another similar option, focusing on automation and financial management tools. Virgin Money also offers business accounts, often with competitive rates and services, so it's worth exploring them as well. Research their fees, features, and customer reviews to determine which provider best aligns with your company's specific requirements.

Last edited 20.04.2025