{"id":27,"date":"2014-10-21T05:27:55","date_gmt":"2014-10-21T05:27:55","guid":{"rendered":"https:\/\/www.1stchoice-formations.co.uk\/blog\/?p=27"},"modified":"2022-08-04T06:38:36","modified_gmt":"2022-08-04T06:38:36","slug":"business-bank-accounts-for-uk-companies-5-things-you-should-know","status":"publish","type":"post","link":"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-uk-companies-5-things-you-should-know\/","title":{"rendered":"Business Bank accounts for UK companies-5 things you should know"},"content":{"rendered":"<div class=\"dsd\">\n<ul class=\"number\">\n<li>\n<h4>A company is not legally required to have a bank account.<\/h4>\n<p>The Companies Acts 2006, the primary source of UK Company Law, makes no mention of Bank Accounts. However, there are a number of compelling reasons for a company to have its own bank account.<a href=\"https:\/\/www.1stchoice-formations.co.uk\/blog\/why-your-company-needs-a-bank-account\/\" title=\"See why your company needs a bank account\" target=\"_blank\" rel=\"noopener noreferrer\">See why your company needs a bank account<\/a><\/li>\n<li>\n<h4>There is no such thing as a guaranteed bank account.<\/h4>\n<p>All banks are required to comply with anti-money laundering requirements. If you can\u2019t produce adequate ID to verify your identity, your application will be refused. So be wary of any company advertising guaranteed bank accounts.<\/li>\n<li>\n<h4>Even with a bad credit history a UK resident company owner will be able to open a business bank account.<\/h4>\n<p>High street banks are reluctant to offer accounts to company owners with a bad credit history. However, there are various \u201conline only\u201d banks that ignore credit histories. For these, the only criteria for opening an account are that the applicant has legal capacity and adequate ID.<\/li>\n<li>\n<h4>Non-UK resident company owners can open business bank accounts.<\/h4>\n<p>Many UK banks are unwilling to offer bank accounts to UK companies belonging to <a href=\"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-companies-controlled-by-non-uk-residents\/\" title=\"Business bank accounts for companies controlled by Non-UK residents\" target=\"_blank\" rel=\"noopener noreferrer\">non-residents<\/a>. However, there are exceptions and solutions which will allow you to open an account for your company.<\/li>\n<li>\n<h4>There is no such thing as free business banking.<\/h4>\n<p>Some High Street banks offer 1 year or 2 years free banking as sweeteners to get your business. However, those offers are subject to your compliance with their terms and conditions. Mistakes can cost dearly and you should familiarise yourself with their terms before opening an account.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A company is not legally required to have a bank account. The Companies Acts 2006, the primary source of UK<\/p>\n","protected":false},"author":2,"featured_media":139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[10],"class_list":["post-27","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-bank-account","tag-why-business-bank-accounts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Bank accounts for UK companies-5 things you should know - 1stchoice Formations<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-uk-companies-5-things-you-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Bank accounts for UK companies-5 things you should know - 1stchoice Formations\" \/>\n<meta property=\"og:description\" content=\"A company is not legally required to have a bank account. The Companies Acts 2006, the primary source of UK\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-uk-companies-5-things-you-should-know\/\" \/>\n<meta property=\"og:site_name\" content=\"1stchoice Formations\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/1stchoiceformation\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-21T05:27:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-04T06:38:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.1stchoiceformations.co.uk\/wp-content\/uploads\/2015\/04\/limited-company-formed-with-incorrect-shareholders-name.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"705\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"1stchoice Company Formations\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@1stCBS\" \/>\n<meta name=\"twitter:site\" content=\"@1stCBS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"1stchoice Company Formations\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-uk-companies-5-things-you-should-know\/\",\"url\":\"https:\/\/www.1stchoice-formations.co.uk\/blog\/business-bank-accounts-for-uk-companies-5-things-you-should-know\/\",\"name\":\"Business Bank accounts for UK companies-5 things you should know - 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