We are often asked how to open a UK business bank account, but the answer will always depend on your circumstances.
When looking to how to open a UK business bank account the best options will nearly always be with one of the high street banks.
However they will only accept your application if you reside in the UK, have an excellent credit report and your business is classified as low risk.
In these circumstances you can easily approach any of the high street banks directly and go through their opening process.
What happens if you have any Adverse Credit, are a Non UK Resident or have a High Risk Business?
If you or any of the main principles of the business have any adverse credit, then opening a high street bank will not be possible.
With every application they will perform a credit check so will almost certainly decline anyone who has adverse credit.
In these circumstances your options will be limited to a provider who will not perform a credit check.
There are a number of options available, so it would be best to source the one that offers the best facilities and options for your business.
If you need to know how to open a UK business bank account as a Non UK resident, then your options will be more limited.
Whilst there are some good options available, it will depend on where in the world you reside.
For those who reside within the EU, USA, Australia/NZ and other non high risk countries, then there will be business banking options available.
For anyone who resides in a high risk country (as defined by the European Commission), then your options will be severely restricted.
If your business is involved in a classified High Risk industry (Adult, Money Service Business, Crypto etc) then your options will be very limited.
Although there will be some options, you would need to employ a specialist banking intermediary in order to find one that will accept you.
There may be some options in the UK, however it is not unusual to have to venture abroad in order to source a banking provider for these types of business.
As you can see, when we are asked how to open a UK business bank account, the answer is very rarely that simple.
There are so many variables that can effect an application and with every business being different from any others, it’s best to seek professional advice
For details on How to open a UK business bank account, contact us on 020 3286 3929 or Apply Online and we will get back to you.