Here’s what you’ll need for a smooth process when opening a business bank account in the UK.
Your business plan, key people, markets and customers
This is everything a bank needs to know to understand the account movements and services you need. The bank will ask about what the firm will do, projected sales, income and expenditure, as well as your key suppliers and customers. This is especially important regarding the industries and countries your company operates in to avoid payment being classed as unusual and so delayed or denied.
Company structure chart
Detailing ownership and respective percentage shares held down to an individual level. You will be asked for underlying documentation unless it is available on a public register. This might include things like the certificate of incorporation, share registers, share certificates, partnership agreements and trust agreements.
Identification and verification
The bank needs to verify the identities and addresses of the key individuals. Usually a passport or driving licence for ID is needed plus a recent bank statement or utility bill for the address.
If your company is a newly registered subsidiary of an existing company, you will need to provide 6 months statements for your parent company depending on where the initial funds come from and how much is invested.
Your bank may also need bank statements from the beneficial owners as well as an explanation of their source of wealth.
Content provided by Metro Bank. This information is intended for general guidance only. You should always seek professional advice
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