What you need to open a Wise business account

Anna Allgaier

Wow, look at you, out in the world, running your own business. We think this kind of chutzpah deserves better than what big banks have to offer. That’s why we created a business account that allows you to bank without the high rates, hidden charges and monthly fees that are usually a side effect of dealing with other providers.

Pay your employees, get paid, buy inventory, sort payroll, pay invoices and manage your international cashflow all from one account (but more on this in our next article).

To the business page!

First things first…

Getting set up with Wise is as easy as 1-2-3. Well, actually, you need 10 things. As a business we need a little bit more information from you, but it’s still snappy we promise. Since nobody likes being caught off guard, we’ve put together this list so you’re prepared before you click “Get a business account.”

Business name

We’ll need to take a business name from you. This can be a full legal name, a nickname (cute) or a trading name.

Business legal type

Your business legal type helps us to understand what regulatory requirements you fall under.
If you don't have a registered business in the UK yet you can check Wise Business company formation tool, where you can create a limited company in the UK and open a Wise Business multi-currency account in one go.

Business category

Running a tech startup? Selling brownies from your basement? Let us know.

Directors, or equivalent

Depending on the legal structure of your business, we’ll need to know who’s running the show. This may depend on your region and licence.

Ultimate beneficial owners

Running the show is one thing but owning it’s another. You’ll need to record who the business owner or owners are.

Business registration number

Knowing you’re a legitimate business and not just an unregistered lemonade stand is important. So we’ll need your registration number or your regional equivalent.

Business registered address

Don’t worry, we’re not going to show up with flowers and a boombox. Your registered address is the address used for your businesses legal registration. Why do we need this? That’s thanks to those fun regional requirements we mentioned earlier.

Business trading address

The world is your oyster! You can have multiple trading addresses across different countries. Your trading address or addresses are where you work on a daily basis and where your customers contact you. Just one thing...your trading address can’t be a PO box. Other than that, it’s simple.

Account representatives personal details

If you’re Europe based, we’ll need to verify the identity of the account representative and take a couple of details. Living in the US? Well then it’s your social security we’ll need. So grab your ID, comb your hair, and get the camera ready.

Account purpose

We may ask for your account purpose just to get a bit of extra information on how you intend to use Wise.

And there we have it. We’ve come to the end of our account set up journey and what a road it’s been. If you’re interested in setting up a business account with Wise, get started here.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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