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How to Open a Revolut Business Account Online in 2024

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Revolut Overview

Founded in 2015 by Nikolay Storonsky and Vlad Yatenskow, Revolut is a reputable neobank in providing virtual accounts in the UK and the EU. The reputation is attributed to their ease of use between EU countries and competitive pricing.

Revolut operates as a bank in certain areas like the EEA, utilising Revolut Bank UAB's complete banking license in Lithuania. However, Revolut is not a bank in the UK; instead, the company is licensed as an electronic money institution authorised by the Financial Conduct (FCA) in the United Kingdom.

To comply with these regulations, Revolut partners with traditional banks to hold customers' funds on Revolut's behalf in actual bank accounts. If Revolut becomes insolvent, the funds credited to its accounts will be returned to you and other Revolut users before Revolut pays out its other creditors.

In parallel, this current license means Revolut accounts are electronic money accounts instead of bank accounts, so deposits are not guaranteed under the UK Financial Services Compensation Scheme (FSCS). 

In this article, we'll focus on how to open Revolut Business accounts in the UK.

Please note that Revolut also operates in countries like Australia, the EU, and Japan, where features, terms, and conditions may differ.

💡Tip: Check out our Revolut Business Account Review to view comprehensive details about Revolut features, fees & alternatives.

Key Information Description
Eligible countries and regions 40 countries, including the UK, the US, and the EEA.
A physical business presence is a prerequisite.
Eligible company types • Private Limited Company
• Public Limited Company
• Limited Liability Partnership
• Limited Partnership
• Partnership
• Freelancers, sole traders, sole proprietors
Initial deposit We cannot find specific information
Account opening fee (including company search fee) We cannot find specific information
How long it takes to complete the application? 10 minutes
Average opening time Few hours - 24 hours
100% online application yes
Key Things to Know • Free accounts available
• Local accounts are available for GBP, EUR, and USD.
• No limits on incoming transfers in GBP, EUR, USD, and CHF.
• Primary support is provided through chat, while phone calls are reserved for only high-tier customers.
Best Standard Chartered Alternatives Starling Bank: A great alternative for GBP-based business accounts, 100% online setup, and the option to add multi-currency support (EUR and USD) at an additional cost.

Statrys: A great alternative for businesses registered in Hong Kong, Singapore, and the BVI. Statrys offer multi-currency business accounts, which include 11 major currencies such as GBP, USD, EUR, and HKD. You can enjoy 100% online setup, no opening cost, and support from an account manager.  
Statrys mobile application dashboard showing a total balance in a business account.

Types of Revolut Business Accounts

Revolut provides both personal and business accounts. However, our emphasis in this article will be on the business account. 

Revolut Business is an online business account that allows users to access business features like managing, making, and receiving payments online, saving on transfers, or acquiring the best FX rates worldwide for your business.

Revolut Business offers two main account types: Company accounts and Freelancer accounts.

Multi-Currency Business Account for Company

The company account is designed for fully incorporated businesses. This means you need to register under your business name. 

Standout features include support for over 25 currencies and unlimited inbound transfers in GBP, EUR, USD, and CHF. Moreover, it facilitates international payments in GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED.

You have the flexibility to choose between a free plan or one of the three paid plans. The primary distinction among the plans is the allowance for free international payments and local transfers per month.

Multi-Currency Business Account for Freelancers

Freelancer accounts offer personalised solutions for freelancers and sole traders, enabling them to accept and spend money globally, create invoices, and receive payments on their websites.

This account type can be registered under your personal name, and bank transfers will be under your personal identity. You won't be able to use your company's trade name in your account details.

Revolut Business for freelancers provides a choice between free and 2 paid account options.

The more premium business accounts you choose, the more management tools and customised features you'll get access to, like the number of free allowances for local and international payments, physical and virtual cards, analytics, rewards, and more.

Revolut Business for Freelancers vs. Revolut Pro for Freelance

Revolut offers a similar account type for freelancers in its personal account category known as "Revolut Pro for Freelance." To access this account, you first need a personal account with Revolut, and then you can apply for Revolut Pro (subject to approval) at no cost. Only transaction fees and card fees apply. 

Revolut Business for Freelancers and Revolut Pro for Freelance differ in features and access. 

The business account for freelancers seems to offer additional features, such as the business API. Moreover, Revolut Pro is accessed through your existing Revolut Personal account via the retail app. On the other hand, Revolut Business for freelancers is a separate business account accessible through a dedicated Revolut Business app and platform.

The below table highlights the difference between the two.

  Revolut Business for Freelancers Revolut Pro for Freelancers 
Apply via Revolut Business Revolut Personal
Monthly fee GBP 0 - GBP  19  GBP 0*
*An existing personal account is required, which has a monthly fee ranging from GBP 0 - GBP 45
Payment acceptance fees 0.8% - 2.8% + GBP 0.20 1.5% - 2.5%
Access Revolut Business  Revolut Personal account via the retail app
Key features • Take payment via QR code, links, invoice, or card reader, and tap to pay
• Applicable cards
• Fee-free local transfer for the first 5 - 100 transfers
• Rewards
• Business APIs
• etc.
• Take payment via QR code, links, invoice, or card reader, and tap to pay
Applicable cards
• Cashback

 

For details, please visit the Revolut Pro page and Revolut’s business account plan page (select the freelancer option at the top of the table) page.  

The bottom line is if you already have a personal Revolut account and find Revolut Pro's features sufficient, then getting Revolut Pro may be a more convenient choice.

📱 Looking for a Revolut personal account? Check out our guide on personal account types and how to open a Revolut Personal account online

Eligibility for Revolut Business Accounts

Before initiating your application, you want to ensure that your country of registration and business type align with Revolut Business criteria. This section will walk you through the essential requirements.

Countries Eligible

Revolut Business is available for companies registered and operating with a physical presence in the countries and territories listed below:

  • Aland Islands
  • Australia
  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Guernsey
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Mayotte
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • United States

Additionally, if your business is registered in the EEA or Switzerland, you need to meet these requirements:

  • You should live in the EEA or Switzerland.
  • At least one director or beneficial owner of the business must also live in the EEA or Switzerland.
  • The business's operating address must be in the EEA or Switzerland.

If your country isn't eligible, you have the option to join a waiting list within the application process. Revolut will notify you once their services become available in your country.

Company Types Eligible

A Revolut business account is available for:

  • Private Limited Company
  • Public Limited Company
  • Limited Liability Partnership
  • Limited Partnership
  • Partnership
  • Freelancers, sole traders, sole proprietors (only eligible for Revolut Business for freelancers account)

Revolut is not available to the following categories of business: 

  • Public sector 
  • Charities 
  • Private foundation 
  • Trust
  • Cooperative.

Additionally, you cannot open a Revolut Business account for freelancers if you have been declared insolvent and bankrupt.  

You can find more information on their website about the supported types of business entities.

Furthermore, Revolut Business does not support certain activities, such as

  • Weapon or defense-related products
  • Adult entertainment
  • Auction houses
  • Activities involving cannabinoids (THC, CBD, CBN): 
  • Platforms for crowdfunding.
  • Businesses in pawnbroking services.
  • Businesses trading in precious metals and stones
  • Second-hand car or heavy construction dealers

Revolut considers businesses utilising blockchain technology, paying or accepting payments in cryptocurrency. However, it does not approve businesses involved in processing funds to or from cryptocurrency exchanges or those engaged in cryptocurrency trading, such as exchanges, brokers, or ICO specialists.

Explore this list of Revolut’s unsupported activities for full details.

💡Pro tip: Interested in a business account with Revolut? They offer a 1-month free trial period to see if their services fit the needs of your business.

What Documents Do I Need to Open a Revolut Business Account?

Revolut Business applicants need to provide the following documents:

  • Identity verification documents, including national ID, passport, or full driving license (applicable in the UK, Switzerland, USA, and Australia), with a validity of at least 1 month (3 months for USA-based businesses).
  • If you reside in a country where you are not a citizen, you need to provide proof of the right to reside, such as a visa with a national passport or a residence permit. 
  • Proof of operating address such as an extract from the National Registry, rental agreement, utility bills, or bank statements. Virtual offices, P/O, or C/O boxes are not accepted.
  • Certification of Incorporation, Articles of Association, Audited Annual Report, and/or other Incorporation details  
  • Proof of shareholders' structure
  • Proof of directors' structure
  • Supporting documents for the nature of business, such as proof of regulation, official license, contract, supplier invoices, matching bank statements, and fully working websites or platforms. 
  • Proof of authority, such as a Power of Attorney document if you're not a director of the applying business.  
  • Intended usage for the account.

Revolut prefers documents in English, but uploads in other languages are accepted.

You might be asked to verify specific business details or submit extra documents. In this situation, guidance from an onboarding agent should be available in your Revolut application menu.

Application Forms and Useful Resources

You can find helpful information on the types of documents to use on these pages.

Statrys mobile application dashboard showing a total balance in a business account.

How to Apply for a Revolut Business Account

Opening a Revolut Business account is a 100% online process through the web or mobile app. As Revolut advertises, a detailed guide will be provided for you on the application page at every step. For reference, here's an overview of how the process works.

Step 1 - Sign Up

The first step is to head to the Revolut Business page and click "Sign up" or use this Revolut sign-up page

You will be prompted to choose between a corporate account (Revolut Business for the company) or a freelancer account (Revolut Business for freelancers).

Alternatively, you can get the Revolut Business mobile app from the App Store or Google Play Store. Make sure to download the “Revolut Business” app (with a black background), not the personal accounts Revolut mobile app (with a white background). 

Once downloaded, simply click on "Sign up" within the app.

💡 Tip: Ensure you're on the Revolut Business page (revolut.com/business) before signing up, as you won't be able to register via the web if you're on the Revolut personal page (revolut.com).

Step 2 - Fill out a Short Online Application Form and Verify Your Identity

After clicking "Sign up," you'll be prompted to choose your country of incorporation. Following that, either enter your email address or sign up using your Google account. You'll receive a six-digit verification code via email for verification.

If you opt to sign up via the mobile app, begin by entering your email and input the verification code first. Then, select your country of incorporation.

After verifying your email, provide your phone number for another verification code. Then, set up your account password.

Note that leaving applications unfinished could prevent the future use of your submitted personal information.

💡Tip: If you already have a Revolut Personal account, you can use the same email, and Revolut Business will automatically retrieve your personal details. 

Step 3 - Provide Business Information and Fundamental Documents 

In the next step, share your company details, such as the registration number and tax address. Revolut may request you to upload specific documents, and you'll receive the required list during the process. 

Revolut requires a clear live photo, such as one taken from a smartphone, as opposed to a scan.

Step 4 - Join a Short Queue and Provide Additional Documentation

After submitting your application, you will enter a brief queue. Revolut will review your application and send you a message to guide you through any additional steps or documentation. This process may take 3 hours or up to 24 hours. 

Step 5 - Receive Account Details

Once approved, you should receive 

  • A GBP account details with a sort code and account number for GBP payments
  • An EUR account details with IBAN number and BIC code  for EUR payments
  • A USD account details with a unique routing number for USD payments (available in the UK and US only)

Once set up, you can begin adding funds to your account!

💡Tip: If you already have a Revolut Personal account, you can instantly transfer money from your personal account to your business account at no cost. 

How Long Does it Take to Open a Revolut Business Account?

Completing the application typically takes around 10 minutes, followed by Revolut's review and guidance process, which can range from 3 to 24 hours.

The duration of these processes depends on your company's complexity and the documents you provide. However, if you face any issues or if the wait surpasses 24 hours, Revolut advises you to submit a support request within the application.

How Much Does It Cost to Open A Revolut Business Account?

We cannot find information regarding account setup fees, initial deposit, and minimum balance requirements.

However, after the account is established, there are monthly fees and transaction fees. The monthly account fee will be deducted from your Business account balance and varies depending on tiers. Below are the details for your reference.

Revolut Business for Company Monthly Fee
Basic GBP 0
Grow GBP 19
Scale GBP 79
Enterprise Custom 
Revolut Business for Freelancer Monthly Fee
Basic GBP 0
Professional GBP 5
Ultimate GBP 19

How to Contact Revolut Business Customer Support? 

Revolut stated that the quickest way to find answers to general questions is through Revolut help centre page

Alternatively, you can use the following support channels:

  • In-app chat. Please note that it's possible to encounter a chatbot initially. If the chatbot is unable to address your question, you will be redirected to a human agent for assistance.
  • Email at support@revolut.com

For card blocking, use the automated phone line at +442033228352 (fees may apply). This number is exclusively for card blocking, and connecting with a human agent or making outgoing calls is not possible.

Calling functionality is available only for users with an enterprise plan.

Featured Reviews on Opening an Account with  Revolut Business

Nada Issa rates Revolut ⭐⭐⭐⭐⭐

Just opened a business account, and the process has been really easy. The best would be their customer support. Revolut already assigned us an account manager to assist us in anything we need, couldn’t ask for better client support :)

Source: Trustpilot review

Gary Brown rates Revolut ⭐⭐⭐⭐⭐

Took a while but happy ending.

I had been trying to set up a business account linked to a merchant account, to take payments on my website.

After some initial frustration with chat help, although they were always helpful.
I am now up & running & very happy with the whole set-up. & confident I’m in the right hands, so thanks to all who helped.

Source: Trustpilot review

📌 Have you used Revolut? We'd love to hear from you! Share your Revolut experience by answering a few questions and get rewarded for your time.

Revolut Business Alternatives

  Revolut logo Statrys logo Starling logo
Multi-currency Business Account yes yes yes
Supported Currencies in the  Business Account 25+ currencies 11 currencies, including GBP, EUR, USD, SGD, HKD, RMB, AUD, CAD, NZD, JPY, CHF GBP, EUR, and USD
Eligible Countries 40 countries, physical presence needed Hong Kong, Singapore, and the BVI UK
Account Opening Time 24 hours 3 business days 1-18 days
Account Opening Fee Cannot find the information HKD 0 HKD 0
Initial Deposit Cannot find the information HKD 0 Cannot find the information 
Account Monthly Fee From GBP 19 - GBP 79 Free (if 5 or more outgoing transfers made in the month) Free, with optional add-ons from GBP 2- GBP 7 per month
SWIFT Payments  yes yes yes
Payment Tracking

Cannot find the information

yes Cannot find the information

Customer Support Channels

In-app live chat, Email, Request a call (Enterprise plan only)

Website, Email, Phone, Live chat, WhatsApp, WeChat

In-app live chat, Phone, Email

Cards

Physical and virtual cards

Physical and virtual cards

Physical and virtual card

ATM Withdrawal

yes yes yes
Software Integration

yes yes yes
Trustpilot Reviews

4.2/5 based on 148,057 reviews

4.6/5 based on 256 reviews

4.3/5 based on 38,834 reviews

🔍Tip: Explore our article highlighting a full comparison of the 5 best alternatives to Revolut

Statrys mobile application dashboard showing a total balance in a business account.

FAQs

How do I set up a Revolut Business account?

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• Visit the Revolut Business webpage and click on "sign up," or download the Revolut Business app.
• Enter your email and phone number, then receive and input the verification code.
• Complete a brief online application form, providing details about your business.
• Join a queue for review, and provide additional information if required.

How much does Revolut Business cost?

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How long does it take to set up a Revolut Business account?

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Can you have a Revolut personal and business account?

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How long does it take to set up a Revolut personal account?

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Can you have a Revolut personal and business account?

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Can I change my Revolut plan whenever I want?

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What if my Revolut business application gets declined?

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Is Revolut a bank?

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Does Revolut have any branches?

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How many physical and virtual cards can I have with Revolut?

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What types of businesses are eligible for a Revolut business account?

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