Opening a Business Bank Account in Ireland from the UK

Ireland offers a business-friendly environment, a skilled workforce and strong links to the EU and worldwide. For these reasons and more, it’s a popular place to do business.

Whether you’re a large multinational, or a sole trader just starting out, you’ll find that Ireland offers the infrastructure and support you need to flourish.

If you’re launching an enterprise in Ireland, one of the first things you’ll need is a business bank account. But how easy is it to set up? Find out everything you need to know here in this helpful guide to opening a business bank account in Ireland, including a handy list of Irish banks.

We’ll also show you a non-bank alternative such as Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP and EUR.

💡Learn more about Wise Business

How to open a business bank account in Ireland?

The process for opening a business bank account in Ireland will depend on which bank you choose, and the legal structure of your business.

For example, Bank of Ireland lets sole traders apply for a business account online, while other business types need to arrange a meeting with a business advisor.¹

Over at Allied Irish Banks (AIB), the application process can be started online. However, you will need to visit a branch in person to hand in your ID documents, no matter what your business type.²

Here’s a quick look at the application process for a limited company bank account at AIB, to give you an idea of what to expect:²

1. Go to the bank’s website and check the eligibility requirements carefully for the account you’re interested in. You should also check what documents you’ll need (more on this shortly) and make sure you have them ready.
2. Click the ‘open your business current account’ button
3. Fill in the online form
4. The bank will send you an electronic form to complete which uses the secure DocuSign system
5. This form will be sent to named directors or company secretaries on the account.
6. Choose which account type you want to open, and if you want debit cards. You’ll also need to state who is authorised to sign to allow payments from the account.
7. Download, sign and send the bank a specimen signature form, used to check signed documents against.
8. Submit your completed form and wait for the bank to email with further instructions.
9. Directors or company signatories will need to provide proof of ID and address in a branch. The bank will inform you of who needs to do this.
10. Your account will be opened.

Requirements to open a business bank account in Ireland

The requirements and documents needed to open an Irish business bank account will vary from bank to bank. However, here’s what you’re likely to need:

• Valid form of ID, such as a passport or driving licence, for the individual opening the account.
• Proof of address for signatories on the account.
• A valid bank mandate form, confirming that you have the authority to open an account on behalf of the business
• Signature samples for anyone with authority to use the account
• Proof of your business location (usually utility bills from the last quarter)
• The Memorandum and Articles of Association, and Certificate of Incorporation - limited company only.
• Evidence of Partnership - if you’re applying as such.
• Certificate of Business Name.

If you’re opening a Limited Company, you’ll also need to make sure you register the details of the beneficial owners on the Central Register of Beneficial Ownership of Companies and Industrial Provident Societies. Proof will be required as part of the application process.²

List of banks in Ireland

The Irish banking market has seen significant changes over the last few years, with major names such as Ulster Bank and KBC Bank recently ceasing operations in the country.

There are still plenty of good options left though if you’re looking for a business bank account - including Bank of Ireland, Allied Irish Banks and Permanent TSB.

Bank of Ireland

Bank of Ireland Group is one of the biggest financial groups in Ireland, with a history dating back to 1783. It has several business banking options, including products aimed at businesses that are just starting out.

If you’re a sole trader, you can apply online for Bank of Ireland business banking accounts. If you’re applying for an account for a partnership or limited company, you'll need to arrange a meeting with one of the bank’s business advisors to start the application process.

Allied Irish Banks

AIB is a major financial services group operating mainly in the Republic of Ireland and the UK.

It splits its business bank accounts by the age and size of your business (for example, whether you have an idea, a startup or an established company), and sector. This means that there's plenty of choice of business accounts, and it’s easy to find the right fit for your needs. As one of the major banks in Ireland, you'll also find a good branch and ATM network at your disposal.

Permanent TSB

Permanent TSB is so named following a merger between the Trustee Savings Bank (no relation to the TSB Bank you may be familiar with in the UK) and Irish Permanent. This was originally founded in 1884 as the Irish Temperance Permanent Benefit Building Society.

Permanent TSB offers business current accounts and other products such as loans and overdrafts. It also has a dedicated business banking team, if you need any help. You can apply for an account online, whether you’re applying for a sole trader, partnership or limited company account.

Non-bank alternative for international business

Of course, a bank isn’t the only option for managing your business finances across international borders. In fact, it could be easier and cheaper to go with a non-bank alternative such as Wise Business.

Open a Wise Business account online and you can manage your company’s finances in 40+ currencies, including GBP and EUR. You can send, receive, convert and hold money in euros or whatever currency you need to, making it the ideal solution for globally trading businesses.

You’ll be able to pay suppliers and staff in their own currency, and cover business expenses with Wise Business cards - which work in 150+ countries including Ireland and the EU.

Wise Business is bursting with useful time and money-saving features for companies of all sizes. These include a clever batch payment tool, automation via

Wise payments are fast and secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get mid-market exchange rate.

Get started with Wise Business 🚀

Opening a business bank account in Ireland - FAQs

Have questions about business banking in Ireland? We’ve tackled a few of the most common queries below.

Can I open a bank account in Ireland as a non-resident?

It is possible to open an account at an Irish bank as a non-resident, although it can be a little tricky depending on the bank. You’ll need to get in touch with the bank and find out about the requirements.

To open a business bank account in Ireland, remember that your business may need to be registered with the Registration of Beneficial Ownership (RBO). It’s also necessary to present ID documents in person, so you’ll need to plan at least one trip over to Ireland.

How long does it take to open a business bank account in Ireland?

It varies between banks, and depending on your company type. At AIB, it takes around 5 working days to open a sole trader or partnership bank account. It can take up to 15 days or perhaps longer for limited company account applications.²

Is it easy to open a bank account in Ireland?

Now that many Irish banks now let you at least start the application process online, it is pretty straightforward to open a business bank account in Ireland. It can be more difficult for limited companies with multiple directors though, as more signatures and paperwork are required.

Can a UK company open a bank account in Ireland?

It may be possible to open a bank account in Ireland on behalf of a UK-based company, but you’ll need to check with your chosen bank. It’s likely that you’ll need to establish and register an Irish company first.

Can I use my personal bank account for business in Ireland?

It isn’t illegal to use a personal bank account for business purposes in Ireland, and it isn’t uncommon for sole traders and self-employed people to do this. However, it’s good practice to keep business and personal finances separate, due to issues with accountability, liability, tax and record-keeping.

Manage your international company's finances with Wise Business

Ready to go international? Get yourself a Wise Business account and you can send, receive, convert and manage funds in 40+ currencies all in one place.

As well as being more convenient, Wise could save you money compared to using a bank. This is because you’ll only ever pay low, transparent fees, and always get the mid-market exchange rate.

This is the rate that banks use to buy and sell currency, and is widely considered the fairest rate you can get. This is because it’s margin-free (which is what banks add on to the exchange rate to make their profit).

By sticking to margin-free rates along with low, transparent fees, Wise levels the playing field for businesses trading across borders.

What’s more, Wise Business has smart automation tools to save you time, whether it’s effortless batch payments or seamless integration with your accounting software. See how it works here in our case study.

It’s quick and easy to open a Wise Business account online, with a fully digital application, verification and on-boarding process.Check out the requirements here.

Get started with Wise Business 🚀

---

After reading this, you should be all set to start opening your new business bank account in Ireland.

It shouldn’t be too difficult to do, but remember that solutions such as Wise Business are always there if you need a quick and low-cost way to manage your euros in the meantime.

The best of luck with your Irish business venture!

---

Sources used for this article:

1. Bank of Ireland - Business current account
2. AIB - Open a business account

Sources checked on 21-Feb-2024