What do I need to open a business account online? 💼

Rob Braileanu

 · 11/07/2018  · 11/07/2018

Trying to open a business bank account can feel like a hassle, especially when you have to queue up at the bank, bring suitcases worth of documents and wait weeks, if not months, to find out if you've been approved. Before you get started, you'll need to prepare. At Revolut, we like to do things differently. You can open a business account online in just a few minutes, let our clever tech and talented agents review your documents, and we'll get you set-up and running in days, not months.

All jargon aside, business banking works differently from retail banking. And because there are more checks that are required by law, the whole process can take slightly longer than opening up a personal Revolut account. We aim to get you set-up with an account on the same day, but sometimes the entire process can take up to 5 days, depending on your circumstances - and we're constantly working to make opening a business account faster and smoother, to offer you a radically better banking experience for you and your business.

To help make sure everything goes smoothly, we’ve put together a guide with the information and documents you may need to submit when applying for a Revolut Business account.

Is my company eligible for a Revolut Business account? 🤔

First things first, you should check that you are eligible for one of our accounts. The basic criteria to open a Revolut Business account is that your company is registered and operates from the EEA or Switzerland. But don’t worry - it’s fine if the business is owned or directed by nationals from other countries.

We support sole traders, freelancers, limited companies, public companies and partnerships (as well as the local European equivalents).

Even if you do not meet this criteria and your business is registered elsewhere, we’re in the process of expanding globally. This means that you can still sign up now and we’ll put you on the waiting list so you’ll be one of the first to be onboarded when Revolut officially lands in your country. 🚀

Finally, there are a small number of industries we currently don't support, such as political organisations and FX speculators. Please see our FAQs for more information on all of this.

What  do I need when opening a business account online? 🤷‍♂️

The first thing we’ll need is a picture of an ID for the following people in the company:

  • Yourself
  • The business owner(s)
  • Anyone else who has significant control over the business

A business owner is anyone who directly or indirectly controls 25% or more of the shares in your company. In some cases, we may need to know some information about other shareholders too.

We’ll also need a few other basic details about yourself, the directors and shareholders of the business, like your date of birth and personal address. We have a quick and easy process which lets you invite everyone to fill out their own details, and if necessary, complete their identity check online in a couple of minutes.

Finally, we’ll need a selfie of you, just so we can be sure that it’s you!

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What documents can I use to prove my identity? 🤔

For UK, EU, EEA or Swiss nationals, this should be a valid passport, identification card or driving licence (UK) with a minimum of one month until the document's expiry.

For everyone else, this should be a valid passport with at least three months until expiry. In some instances, we may also need a residence permit to prove you have a right to live in the EEA.

To avoid any issues when submitting your documents, please make sure they are:

  • Colourful, clear and readable
  • Have more than one month until expiry
  • Not a scan, photocopy or screenshot (we need an actual photo)

What other company info do I need to provide? 📁

Once you've submitted your ID, we’ll need to know a high-level structure of your company, so we will always ask you to confirm this before moving on. Don't worry though, it just means we need to know about any shareholders who directly or indirectly own over 25% of your company, and who your company directors are.

We are often able to carry out an electronic business search, so quite often the documents mentioned above are the only ones we’ll need.  However, in some cases we’ll need some additional information, such as:

  • Proof of your company’s registered address (e.g. a bank statement, incorporation document, an annual return/report, government correspondence or similar)
  • Proof of operating address (e.g. a bank statement, bill, tax statement, government correspondence, or similar)
  • Proof of the nature of your business (e.g. invoices and a clear and detailed description of what your company does, with relevant website links or similar)
  • Proof of director(s) structure (e.g. incorporation document, annual return/ report, articles of association or similar)
  • Proof of shareholder(s) structure (e.g. incorporation document, annual return/ report, articles of association or similar)

Our team will then review your application, check all the documents you have submitted and conduct our due diligence, before getting back to you with a final decision. Like we mentioned in the beginning of this post, if all goes well, you should hear back from us within a few days.

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