What do I need to provide to apply for a UK business account?
You will need to have a UK Limited Company and provide notarized formal identification and notarized proof of address.
How long will it take?
The application process is simple and once we have received all the required documentation the process could take as little as 24 hours.
Can my UK business account be linked to my Seller Central?
Yes, once your business account has been approved you will be provided with a PDF copy of your statement so that you can upload this to your Seller Central. Other account confirmation documents are available should they be needed.
Will my UK business account be in my business name?
Yes. The account will be setup in your UK limited company name.
Can I send international payments?
Yes. You will be able to send international payments from the account provided. We can also set up an International Payment account that offers preferential exchange rates.
How much does it cost?
The fee for opening a UK business account starts from £499. Promotions may vary – contact us for more information. This fee is payable upon application, should your application be unsuccessful you will be refunded in full.
What is VAT?
VAT – Value Added Tax – is a sales tax that you collect from the customer and pay to the Government. It is different to other sales taxes, as the price the customer pays includes VAT.
When do I need to register for VAT?
When selling through a non European company you will need to register for VAT before you to start to sell. There are other rules that apply to European companies.
How much is VAT and how often do I need to pay?
VAT can differ depending on where your inventory is held. In the UK VAT is 20%, however there are other rates depending on the type of product. In the UK VAT is paid to the Government every quarter.
Do I have to pay out 20% to the Government on all sales?
VAT is a complex tax. As well as collecting VAT on sales, you can claim back any VAT paid out on goods imported and purchases. The amount of VAT owed is worked out by taking the amount of VAT on all sales in the quarter and deducting the amount of VAT paid out on purchases in the quarter.
Can I apply for inventory funding through my existing business entity?
Inventory funding is only available to UK limited companies who have a UK business account.
Can I apply for inventory funding as a non-UK resident?
Inventory funding is currently available to UK and US residents.
How do I qualify?
You must have at least 1 years trading history in the US and a minimum annual turnover of £100,000. Non EU business activity is also considered.
How are repayments made?
Repayments are only made when you start to sell and will be taken out of your fortnightly disbursements.
Can I take a break from my repayments?
Yes, payment holidays are available to help boost cash flow for your business.