Anyone who has just registered a new limited company or set up as a sole trader will need to register for a business bank account. If you're not sure why you should incorporate your business then read our guide about incorporation here.

Quite simply when a buisness is incorporated it has its own separate legal identity. Although the directors of the company are still responsible for everything the company does really (Including if you get into any trouble with your tax or annual returns).

How to Apply

Almost all banks require you to visit the branch in person to apply to open a business account. This will typically require a meeting with the business manager where you will discuss your requirements and look at the schedule of fees.

NatWest are one of the easiest banks to get a business account with and that's because their requirements are very low. Most banks will do a credit check to ensure that you are trustworthy and honest.

There are many agencies who promise guaranteed business bank accounts when you pay a certain fee. Some incorporation businesses also offer a guaranteed bank accont. The way they do this is by applying to NatWest because the chances of not getting approved is very slim.

Meeting the Bank Manager

Applying for a business bank account will be much more difficult than opening a new personal account. This is all due to the increased risk of fraud. Even if you can apply over the phone or online you will need to visit the bank manager to prove your identity and prove your companies identity (if you are incorporated). For this a driving licence, passport and company certificate will do. To prove your address a bank statement or utility bill will do.

Account Opening

Assuming you have met all the criteria required your account will be opened. This will typically take a couple of days. Most normal accounts will come with a Cheque book, paying in book and internet banking access. This is sufficient for many modern businesses as it's very easy to transfer money by using the internet.

Few accounts will come with a card as standard. For this you would need to apply for a Business credit card which works slightly differently to a normal credit card. There are no debit cards available for business accounts.