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DNBC Business Account - Open A UK Business Account Online

Updated time: Apr 20, 2022, 12:50 (UTC+03:00)

If you want to start your own business, you need to have a business payment account. You can apply for a business account online. Find out the top 5 ways to get a business account in the UK.

A limited company can create many benefits of credibility to your business such as tax efficiency, financial arrangements, or legal responsibilities. Limited company is one of the most general business structures in the UK. Owning a UK business account is necessary and important to reduce personal risks. Recently, opening business accounts with high street banks may not be on the top list of customer preference anymore. Through many years, financial companies have innovated and introduced more online payment solutions for tech-savvy users.

Open An Online Euro Account In The UK

Open An Online Euro Account In The UK

Why Set Up A Business Account For A Limited Company?

There are reasons for setting a business account for a limited company:

  • Separating business finances from your own finances.
  • Most payment services or business partners have strict rules on how you make transactions with them. Therefore, a business account for a limited company is a must.
  • Sometimes, you need to prove your business payments which means making sure that it’s legally submitted.
  • It’s professional for using a business account with your clients. Earning credibility with individuals, banks, and company partners.

Set Up A Free Online Business Account In The UK For A Limited Company

If your business is currently not owning a business account, you can simply set up a new business account for your limited company. You can choose between traditional banks, e-money services, or payment institutions to manage your business account. You can directly open a business account with local banks or open a free online business account in the UK.

Remember that the UK is not a member of the EU zone anymore which may create a little issue of currency exchange. Choosing the most suitable options for opening a UK business account that reduces the risk and work best for your business operations. Furthermore, you need to consider the following criteria before you open a UK business account: fees, transaction limits, deposits, ATM access, mobile app, and useful features.

What Are The Legal Requirements For Opening A UK Business Account?

In the UK, a limited company, especially owned by a foreigner, is required to get a business account because a limited company is a separate legal entity. Online business owners are not required to have a business account, but they need to manage their business transactions separately to personal payments. It’s important to consider whether your banks support foreign clients or not. Some payment services may not provide service for passports in some countries. Mostly, business clients are required to have clean credit and payment history. It doesn't matter if you are foreign client if you choose online payment services.

Documents needed for a UK business account will change from banks to financial services. However, most payment services will require documents depending on specific types of company structures. If you have concerns about what are the legal requirements for opening a UK business account for a limited company, you will need to show the proof of appointed directors or shareholders. Furthermore, you also need to prepare necessary documents and sometimes provide a couple of records of your company.

Here are the requirements for Director & Shareholder Documents:

  • Director/Shareholder Passports.
  • Address Evidence.

Business owners also need to provide the following Company Documents:

  • Certificate of Business Registration.
  • Registration of Directors or Shareholders.
  • Company's Charter.
  • Company Registration.
  • Business License (if any).
  • Company Address, ect.

What Are The Best UK Business Accounts Online

A traditional bank may get complicated, and require direct travel for a limited company having foreign business owners in another country. Opening a UK business account online to business is fast and saves time. Here are five digital payment services that offer the best UK business accounts online for your business.

Starling Bank: It is an advanced bank with alot of complete service offerings. It offers business loans, various payment solutions for business, and mobile features.

DNBC Financial Group: Thriving as a global payment solution and becoming a useful payment tool for global businesses. Especially supporting users with large amounts of incoming and outgoing transactions.

Revolut: An online payment service provider that allows opening accounts with a broad range of business tools for limited companies as well as unlimited companies.

Wise: Wise offers a cheap way to send money from your local country to dozens of countries and has good exchange rates.

N26: N26 brings up functional features with mobile transfer apps and focuses on simplifying the process of transferring money.

Go Global With DNBC Financial Group

In 2017, one of the first members of DNBC Financial Group (known as DNBC Financial Group) was established with the purpose of creating better solutions for business and individual payments around Europe. Recently, the company itself has extended the financial hubs all over the world and become an alternative payment service used by many limited businesses. Supporting large transactions and issuing a unique IBAN for every business payment via the payment platform systems and the DNBCnet Mobile App. DNBC always works hard to make sure the digital trips of your business payments are fast and secured.

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