Monday, May 13th, 2019
Do you need a business bank account to keep your company’s money separate from your personal finances? This article will help you make the right decision about your UK business bank account. Also, it’ll help you find the cheapest merchant services for small business in the UK.
Opening a UK Business Bank Account
To open a bank account, you should first register your company. Here, you’ll deal with some regulations, including anti-money-laundering (AML) procedures and “know your client” (KYC) requirements.
AML and KYC checks vary based on what your company has and what type of business you’re running. You’ll need to gather important paperwork with enough proof. Usually, banks will require you to provide a wide range of information, including business plans and websites.
The top banks for a business bank account UK mainly include HSBC, Santander, TSB, Barclays, NatWest/RBS, Lloyds/Bank of Scotland, Clydesdale/Yorkshire Bank, Metro Bank, Ulster Bank, Cooperative Bank, Clydesdale Bank, Allied Irish Bank, and Bank of Ireland.
According to UK Finance, you should have the following bits of documentation in place before applying to this or that bank:
- One document to prove your identity
- One document to prove your UK address
- Your company house registration number (if available)
- Business details such as turnover, tax information, and other capital
- Details about all company directors/partners, such as name, date of birth, address, and National Insurance number
Cheapest Merchant Services for Small Business
One of the key reasons why merchants want to start a business in the UK is the economy. The country isn’t too large, is densely populated and affluent. It’s not challenging to find a large customer base in the UK. In addition, corporate tax rates are among the lowest worldwide. Also, the country offers a variety of tax reliefs that you can take advantage of.
Thankfully, in the modern world of business, your choices aren’t limited to only traditional payment institutions such as banks. Today, payment processors offer a myriad of striking opportunities to merchants to help you grow your business. So, all you need is to work with a respectable payments expert like Best Payment Providers in the UK to get the best deal for your company.
The payments comparison company Best Payment Providers is dedicated to finding the merchant services provider that meets your needs and that you really deserve. Best Payment Providers focuses on the key aspects such as terms, complaints, and integration to ensure you get the cheapest merchant services for small business in the UK.
Besides, Best Payment Providers reviews contracts, rates, and fees of payment processors. Additionally, with Best Payment Providers, you can be sure to avoid hidden costs and deceptive sales tactics, and enjoy the most honest snapshot of the company at the time of writing.
Even if the UK is known for its bureaucracy, it won’t be daunting to start a company if you turn to the right payments specialist in the country. So, no matter you need a business bank account, or any other financial service, take the time to study your options so to go for the best one.
Topics discussed in this article:
- cheapest merchant services for small business