In this article we will discuss all you need to know about opening a business bank account with Barclays after you’ve formed your new company.
Before opening a business bank account
Before you can open a business account with any bank you will need to have a fully incorporated company. You will need all of the following information, so ensure you have these documents ready:
- Your proof of ID – this can be a valid passport or driving license.
- Proof of your address – a recent utility bill or council tax statement will be perfect!
- Proof of the registered business address – most companies choose a ‘virtual’ business address instead of their home address, like our Registered Agent service.
- Certificate of Incorporation for your company, plus tax and VAT (Value Added Tax) registration details if applicable.
- The details of all signatories for the company.
Why choose a Barclays business bank account?
The Formations Company have been partners with Barclays for over 12 years now. In that time, we have seen thousands of newly formed companies open a business account and get to trading as soon as possible. This relieves all stress from the company directors in weighing up the options to bring you one great package with Barclays. Some of the benefits include:
- £50 cashback when you open the account. Money for nothing, what’s not to like?
- Free business banking for the first 12 months.
- Award winning and user friendly online and mobile banking.
- Access to expert business management advice free of charge.
What are the next steps in getting your business bank account?
Who are you?
The first step is verifying your identity. This is to keep us all safe and we’re sure you can understand the importance of this. This is simply done using the Barclays App on your mobile phone. You can find out all the details on Barclays verify here. Once you have completed this, you will be given a reference number – make sure you note this down as it will be needed for booking an appointment with a team member.
Where do you trade?
Your trading address will be the place where you conduct your business – this may be the location of your shop, office, or garage. Depending on the nature of your business, you may be using your residential address as your trading address. Please note, if your business is based on the letting of property, you should not include the rental property as your trading address.
If your trading address differs from either your registered or residential address, please see below where you will find a list of documents; one of which will be needed to set up a business bank account.
If you wish to set up a virtual office, please see the details here or call our customer support team on 020 7129 8651
- A lease/license/rental agreement relating to the property only
- Non-domestic rate demand
- A utility bill, bank statement or credit card statement (excluding store card statements). These must be dated within the last three months
- A current insurance contract
- Correspondence from regulators dated within the last three months e.g. FCA, Law Society etc.
- Correspondence from HMRC dated within the current financial year
- A letter from an accountant or solicitor on headed notepaper confirming the trading address.
- These must be dated within the last three months and include name, job title and contact details of the accountant or solicitor.
The above documents must show at least your registered name or trading name when setting up a limited company.
Appointment of bankers
Barclays will email you with an attached ‘Appointment of Bankers’ form. Here are some helpful tips and things to be mindful of as you work through the application:
- Complete the name of the business, decision date and registered company number
- You can leave account details blank, these have not been created yet.
- Complete the authorised persons, position and signature boxes
- Those signing in this section are the people that will have signing rights to the bank account
- If there are more than three people, please ask your Barclays Business Manager for a continuation sheet.
- Signatures should always be contained in the black box. We can’t accept the mandate if the signatures aren’t contained in the box and you’ll have to start again.
- Choose the types of mandate and signing rights individuals on your account will have.
- The appropriate officials of your company will sign the mandate; for a limited company this should be a minimum of two signatures from:
- Any two directors or,
- One director and one company secretary.
Once the above has all been completed, you can return your documents. Please await contact from Barclays as they will advise on how to return them securely.
Congratulations and good luck on your new and exciting journey. If you have any questions regarding business banking with Barclays or need any other advice, please do not hesitate to contact our friendly team of experts – details can be found here.