If you have adverse credit history but still want to run a business then you need a guaranteed bank account.
Is my business account application guaranteed?
The no credit check business account will only be refused if you fall into the following categories.
You application will be refused if –
- Your company has any non-UK directors or shareholders
- If any director or shareholder is under the age of 18
- If your business activity is an unregulated financial service such as payday loans or similar
- Errors are made in the information supplied during the application process
You may also be refused if you apply for the account too quickly after incorporation as the online application system does not receive new company details until approximately 3 days after incorporation. We strongly recommend you allow 3 business days after incorporation before you apply for the business account.
Are there any restrictions on the no credit check account?
The no credit check account does not provide you with a cheque book and it does not allow you to accept cheques as payment as there is no cheque clearing facility with this account. To make payments you will need to transfer money using the online account service provided. You can also withdraw cash form ATM’s using the MasterCard provided. To receive money you will need to supply the account number and sort code to the payer.
When the account is first created there may be restrictions placed on the maximum balance in the account. This is done to deter criminal money launderers. When it is seen that the account is operating as a normal business account restrictions may be lifted or reduced at the providers discretion.
For guidance on setting this up please contact us.