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Introducing: Multi-owner mobile business accounts for limited companies

25th July 2019

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At Starling, our aim is to provide the best banking experience for individuals and businesses across the UK. Now, we’re extending our mobile business accounts to even more companies.

In March 2018, we launched the UK’s first mobile business bank accounts. For the first time, British limited companies with one person of significant control could apply for a business account in minutes, all from one app. A few months later, we launched business accounts for sole traders and now companies with multiple people of significant control will be able to apply for a Starling mobile business account.

What is a person of significant control?

A person with significant control (PSC) typically owns 25% or more shares of a business and/or 25%+ of the voting rights. This new account has been built for businesses where multiple PSCs who are also directors of the company need access to the account, such as husband and wife and civil partnership teams.

Why bank with Starling?

With Starling business accounts, you’ll have everything you’d expect from a regulated bank account - instant payments from the app, protection of deposits up to £85,000 and cash deposits at the Post Office. You’ll also have what you want from a modern, digital bank - no monthly fees, easy, paperless application and features and integrations to help you manage your money.

A Starling business card being used.

How does Starling help businesses manage their money?

  • Real-time notifications when money moves in or out of the app
  • Spending insights to breakdown outgoings into categories
  • Card control to turn off online payments, ATM withdrawals or the Mastercard debit card if lost or stolen
  • International money transfers
  • Marketplace integrations with partners such as online accounting software providers Xero and FreeAgent
  • Notes and photographs of receipts to help with tax returns
  • Separate space to set money aside for Tax or National Insurance from your main business balance

How do businesses apply for a Starling business account?

If you’re new to Starling, you’ll need to download the app and apply for an account. If you already have a Starling account, you can apply for your new business account through the app.

To verify your limited company, it will need to be registered on Companies House. As one of the PSCs, you’re the one who will have access to the business account but we also need to verify the people listed as persons with significant control. Once this is done, we’ll let you know that your business account is ready to go and you can start using it.

The welcome screen when opening a business accound.

If you have two PSCs who want to access the business account, you can both have the app and you’ll both receive navy business cards. If one of you spends money, both of you will receive a notification outlining the amount, merchant and who used the card. Similarly, when money comes into the account, you’ll both be kept in the loop.

Delivering your requests

Multi-owner accounts are one of our most requested account types. Over the last few months, we’ve been working hard to launch them for you. But, of course, the hard work doesn’t end now. We’ll be adding lots more new features and products for our business customers, including intelligent forecasting tools, relationship management functions and business loans. We’ll also be adding the ability to let team members that aren’t people of significant control have access to your multi-user Starling business account. Stay tuned.

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