What do I need to open a business bank account for my limited company?
We offer fast track banking through a referral to Metro Bank - our trusted banking partner - which enables all UK residents to set up a business bank account as quickly and painlessly as possible after limited company formation.
The process is straightforward and hassle-free – especially if you are prepared. To open a business bank account you will need to provide Metro with proof of identity and address for the relevant individuals in your limited company, and other documents depending on your business circumstances.
WHO needs to provide proof of identity and address?
- Company Officers: You will need to bring proof of identify and address for a minimum of two Company Officers (i.e. 2 Directors for limited companies) if two or more exist. If only one Director is appointed, only proof of identity for that sole officer is required.
- Beneficial owners: A beneficial owner is anyone who holds - either directly or indirectly - more than 25% of the shares or voting rights in the limited company or otherwise exercises significant control or influence over the company.
- Account operators: If there are additional people who you want to be principal business account operators or authorised signatories, and who are not company officers or beneficial owners, you will also need to provide proof of identity and address for them too.
WHAT documents do I need?
- Proof of identity
- If you are a UK, EEA or Swiss National - A valid passport or national identity card. Metro can only accept original documents, not photocopies.
- Other nationalities - A valid passport with your current visa, and at least 6 months left before it expires.
- Proof of address - One of the following bills dated within the last 3 months provided BOTH name and address is shown:
- Bank or building society statement or credit card statement
- Gas or electricity bill
- Telephone bill (excluding mobile phone bill)
- Water bill
- Mortgage statement from a recognised lender for the last full year
- Local authority council tax bill for the current council tax year
- TV licence
- UK Full or Provisional photocard driving licence (if carrier address and not used for proof of ID)
- EEA member state identity card (if carries address and not used for proof of ID)
- A certificate of incorporation, which you can access from your Lightwork account
- A copy of the Company Board resolution (signed by 2 Directors or 1 Director and the appointed Company Secretary, or by the sole Director, if there is no appointed Company Secretary) if the Limited Company is using a “trading as” name. (e.g. Lightwork Group Limited trading as Lightwork Business)
Don’t worry too much though. We are here to guide you throughout the process and are on hand to answer all your questions to help make 'lightwork' of getting your new business adventure off the ground!
Please note: this does not guarantee the opening of a bank account, as you must meet Metro Bank's criteria.