Setting up a Business Account as a start-up
Setting up a new business can be a hectic time as you juggle finding premises, negotiating with utility providers and stock suppliers, launching your marketing campaigns and so on – but it’s crucial to get your company finances on track from day one so you know exactly how well you’re doing.
Despite this, opening a business bank account on the high street can be a huge hassle, with endless meetings with business banking advisors and time wasted waiting in queues in-branch or for an available interview slot.
Setting up a Business Account as a start-up is easy with Arro, and there are no lengthy approval processes or probing interviews required – no audited accounts, no minimum cashflow or minimum workforce, and absolutely no credit check.
Your account can be up and running within about three minutes, so that you can start accepting payments from customers immediately, as well as managing outgoings from your account via direct transfers, Direct Debits* and virtual card payments.
How to set up a start-up Business Account
You don’t need much when setting up a Business Account as a start-up, just contact details, your company name (if you have one) and a current UK address – it’s OK if this isn’t finalised as your trading address yet, as you can easily update it via our online account management platform later.
Arro were originally inspired by how difficult opening a business bank account can be, and especially how time-consuming it is for start-ups, newcomers to the UK and anyone with a less than ‘prime’ financial record.
Because we don’t provide credit cards or overdrafts, there is no need for a credit agreement, and that means no background credit checks – your credit rating does not affect your chance of approval when you apply for an Arro Business Account.
While we do not provide credit cards, you do get a Business MasterCard® debit card, so you are able to make card purchases and ATM withdrawals anywhere MasterCard® is accepted.
Minimum requirements for an Arro Business Account for start-ups
As long as you are 18 or over and can provide us with contact details and a current UK address for your company, we should be able to confirm your identity automatically and open your Arro Business Account immediately.
The whole process usually takes around three minutes and in the rare event that we are unable to verify your ID, we will let you know and try to offer a quick alternative method of confirmation to process your application.
In the vast majority of cases, the initial application is all that is needed, and remember that there is:
- NO background credit check or mark on your credit file, at all.
- NO minimum turnover, trading history or number of employees.
- NO need for audited accounts or previous years’ tax returns.
You don’t even need to be registered as a limited company or LLP – although we ask for your company name during the application process, we are happy to accept Arro Business Account applications from contractors, freelancers and sole traders.
Paying employees from an Arro Business Account
Your Arro Business Account has a sort code and account number, along with access to our unique account management dashboard, developed in-house specifically to make managing your company’s money even easier.
As your new company grows and you start to take on staff, you can easily log in and pay their wages, or set up a regular payment for salaried employees, directly from the online dashboard.
Everything updates in real-time, so you can check that each payment has gone out and how much is left in the account balance, giving you immediate insight into your cash flow at all times, anywhere you are able to log on.
But remember – sole traders and contractors are equally welcome to apply for an Arro Business Account, and companies do not need to employ any minimum number of people. We are here for you as an individual and will still be here as you expand your operations in the future.
The first three minutes…
Apply online now and within three minutes, once we verify the name, age, contact details and UK address you give us, we can provide you with:
- A sort code and account number to accept payments and transfer funds into your Business Account.
- Virtual Business MasterCard® details via SMS to start making online purchases.
- Access to the Arro account management dashboard to set up one-off and regular payments.
Within a few days you should receive your physical Business MasterCard® to enable ATM withdrawals and cardholder-present purchases in-store.
*Functionality coming soon