How to Open a Monzo Business Account Online in 2025

Monzo is one of the UK’s most popular digital banks—and a go-to choice for freelancers, sole traders, and small limited companies looking for a simple, fully online business account. With no paperwork, no in-person appointments, and a quick application process that takes around 10 minutes, Monzo offers a straightforward way to get your business banking up and running.

But even simple processes come with questions, such as what documents you need, who’s eligible, and what the account’s limitations are.

In this step-by-step guide, we’ll walk you through exactly how to open a Monzo Business Account online in 2025. You'll also learn:

✅ Who can open a Monzo business account

✅ What documents and details are required

✅ How long does it take to get approved

✅ What account features and fees to expect

Whether you're just starting your business or switching from another provider, this guide will help you open your account with ease.

Monzo is a licensed digital bank in the UK. The bank offers a mobile-first business current account for UK-based sole traders and limited companies.

Monzo business accounts are available in 3 tiers.

Please note that Monzo limits cash deposits to £5–£300 per transaction and £3,000/month for sole traders or £10,000/month for limited companies.

Only UK-based sole traders and registered limited companies are eligible to apply for a Monzo business account. Applicants must also be at least 16 years old.

To be qualified for an account, your company must:

• Have an active status on Companies House.
• Have at least one active qualified company director listed on Companies House.
• Have at least one person of significant control listed on Companies House.
• Be a tax resident in only the UK and no other countries.
• Make money from selling goods and/or providing services, not from interest or investment.
• Not using a Monzo business account to hold funds on behalf of clients (e.g. as a trust or escrow account).

Additionally, Monzo doesn’t currently support businesses in the following sectors due to regulatory and operational risk. This list may change, and additional restrictions may apply at Monzo’s discretion.

Monzo may also decline businesses in other industries if they are considered high-risk or not aligned with their internal policies.

You will need the following documents and information to open a Monzo business account:

• Proof of business address
• Registered company number or name (for limited companies)
• Unique tax reference number
• Photo ID, such as a passport, driving licence, national ID card, or biometric residence permit.

If you are a limited company, you will need to provide the following details of every person with significant control (PSC), also known as an ultimate beneficial owner (UBO):

• A photo of valid ID, like a passport, full or provisional driving licence, national ID card, or biometric residency permit
• Date of birth
• Country of residence
• Email address

Start your application on the website or download the Monzo mobile app from the App Store or Google Play.

To begin, Monzo will ask for your email address. Then, you’ll receive a secure login link by email, and clicking it will take you straight into the application.

Next. Monzo will ask you to provide the following information:

• Your full name
• Your date of birth
• Your email address
• Your UK home address
• Your phone number (an OTP will be sent for verification)

If you already have Monzo’s personal account or joint account, make sure to use the same email address and phone number. Monzo will automatically fill in the rest of your personal details for you.

Next, you will have to answer some questions about your business or company, including:

• The type of your business
• Which industry are you in
• Your business address
• Your UK Tax Identification Number
• The rough size of your business
• How much money do you expect to make yearly
• How do you expect to make and receive payments
• Your international presence

In this step, you must provide a photo ID, such as your national ID card, driver’s licence, passport, or biometric residence permit.

Additionally, you must take a short video of yourself following instructions to confirm your identity.

The next step is to choose between the Monzo Business Lite, Business Pro, and Business Team plans. 

After verifying your account, Monzo will post a business debit card to the address you used to open the account. Once you’ve received it, you can activate it on the mobile app and start using your new account right away.

If your business is registered in Hong Kong, Singapore or the British Virgin Islands (BVI), we recommend Statrys.

Statrys is a licensed payment service provider in Hong Kong, offering payment solutions tailored to modern businesses. With Statrys, you can:

• Hold and manage 11 major currencies in one account
• Send money via local payment network in 12 currencies, and
• Access mid-market FX rates with a markup starting from 0.1%

You can also issue multiple payment cards for your team, set custom limits, and track spending in real time. Every account comes with a dedicated account manager to support you when needed.

Here’s a quick overview of what Statrys offers: