How to Open a Revolut Business Account Online in 2024

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a reputable neobank offering virtual multi-currency accounts in several countries and regions, including the UK, the EU, and Australia. With a wide range of financial services, a user-friendly platform, and competitive pricing, Revolut has gained popularity and currently has over 40 million customers worldwide. 

Revolut holds a full banking licence in Lithuania, allowing it to operate as a regulated bank within the EEA. In 2024, the Prudential Regulation Authority (PRA) granted Revolut a UK banking licence with restrictions, officially recognising it as a bank in the United Kingdom. 

Although it is authorised as a bank, Revolut accounts are still e-money accounts that are not covered by the Financial Services Compensation Scheme (FSCS). However, Revolut implements reliable safeguarding measures to protect your funds. 

In this article, we’ll guide you through the steps to open a Revolut Business Account in the UK, covering eligibility, required documents, costs, and timelines to help you get started quickly and smoothly. 

Revolut provides both personal and business accounts. For registered businesses, including startups and small businesses, it offers the Revolut Business Account, while freelancers and sole traders can opt for Revolut Pro. However, this article will focus on opening the Revolut business account. 

Revolut Business Account

Revolut Business Account is a multi-currency corporate account designed for registered companies of all sizes to manage payments, control expenses, and streamline financial operations. The standout features include:

• Multi-currency Support: Send, receive, and exchange in over 25 currencies, with unlimited inbound transfers in GBP, EUR, USD, and CHF from anywhere in the world. 
• Expense Management: Issue business physical and virtual cards for each team member, track spending in real-time, and set limits on card usage.
• Team Management: Add multiple team members to your account, assign roles, and set permissions and levels of access for each user.. 
• Software Integrations: Connect your account with software like Xero, Zapier, and others to simplify payment processing and accounting for easy cash flow management. 
• Bulk Payments: Make multiple payments in one go to steamline tasks like payroll and supplier payments. This feature is only available on paid business plans. 
• International Money Transfers: Make bank transfers at competitive exchange rates and fees depending on your selected account plan. 

You have the flexibility to choose between a free account 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.

Revolut Pro

Revolut Pro is an all-in-one solution for freelancers and sole traders to manage their business finances from their personal Revolut mobile app. This account can be set up within an existing Revolut account and is available for unregistered businesses. 

Unlike Revolut Business Accounts, Revolut Pro functions as a personal account but comes with separate account details, an IBAN, and a debit card from your main account. 

Moreover, Revolut Pro allows you to receive in-person payments using a Revolut card reader or Tap to Pay, as well as collect online payments via Payment Links and invoices. The account also offers perks such as cashback on eligible transactions, making it a good option for sole traders.  

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

Your eligibility to open a Revolut Business Account is determined by both your country of residence and the country where your business is incorporated and operates.

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

Additionally, business owners must reside in one of the eligible countries or territories, primarily the UK and most European countries. You can view the complete list of eligible countries of residency on Revolut's website. 

If Revolut is not yet available in your country, your application will be added to a prioritised waiting list, and Revolut will notify you as soon as it becomes available.

Company Types Eligible

Revolut offers business accounts to the following types of legal entities:

• Private Limited Company
• Public Limited Company
• Limited Liability Partnership
• Limited Partnership
• Partnership

The following business types are not yet supported:

• Public sector 
• Charity
• Private foundation or trust
• Cooperative
• Freelancer or sole trader (can apply for Revolut Pro through Revolut Personal instead)

Furthermore, businesses in certain industries or involved in unsupported activities are not eligible to open a Revolut Business Account. Some of the unsupported industries and activities include:

• Client funds management
• Weapon or defense-related products
• Adult entertainment
• Auction houses
• Activities involving cannabinoids (THC, CBD, CBN)
• Cryptocurrency firms (with exceptions including NFT platforms, blockchain consulting, and companies that accept or pay with cryptocurrency)
• Businesses trading in precious metals and stones
• Second-hand car or heavy construction dealers

Revolut Business applicants need to provide the following documents and information: 

• Identity verification documents, such as a national ID, passport, full driving licence, or residence permit. Short-term, tourist, and student visas are not accepted. You will also be requested to take a video selfie to identify yourself. 
• Proof of operating address, such as a rental agreement with a duration of at least 6 months, utility bills, or a bank statement from a physical bank. 
• Proof of your business activity that verifies the nature of your business, such as a link to an active and unrestricted website or online sales platform, a contract with a customer dated within the last 6 months, proof of regulation, and supplier invoices. 
• A certificate of incorporation or registration of your business or other incorporation details.
• A document listing all directors and shareholders with more than 25% ownership.

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

• Revolut Business account application page
• List of required documents to complete the Revolut Business application process
• Revolut Business terms and conditions

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

• What Revolut accepts as identity verification documents
• What Revolut accepts as proof of operating address
• What Revolut accepts as proof of business nature
• What Revolut accepts as proof of authority

Opening a Revolut Business account is a 100% online process that can be done through the website or the Revolut app. While the process is straightforward, here’s an overview of what to expect.

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 one (with a white background). 

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

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.

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.

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 if there are any additional steps or requests for documents. This process may take 3 hours or up to 24 hours. 

Step 5 - Receive Account Details

Once your application is approved, you should be able to access your new business account and start using the Revolut Business app.

Revolut Business account holders registered within the UK should have access to the following accounts:

• A GBP account details with a sort code and account number for GBP payments
• An EUR account details with IBAN number for EUR transfers within the EEA
• A SWIFT account for international transfers

Once set up, you can begin adding funds to your 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 the complexity of your company 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.

The application process for a Revolut Business Account is fee-free, and you will not be charged if your application is rejected. Revolut only charges fees based on the business plan you choose after your account is approved.

After your account is approved, Revolut will charge monthly fees based on the business plan you choose. There are also other fees such as transactions fees, cash withdrawal fees, and other costs similar to  those of traditional bank accounts. 

Below are the monthly fees of each business account plan for your reference. For the complete business account pricing, please visit Revolut’s website. 

Revolut’s business customers can use the following channels to get help with the account:

• Revolut Help Centre
• In-app chat with a support agent
• Email at business@revolut.com 

Alternatively, you can schedule a call with an account manager if you are on an Enterprise plan. You can also block or freeze your card via an automated phone line at +44 20 3322 8352.

While Revolut is a great option for businesses focused on the UK and European markets, as your business expands, you may need an additional account that better fits your needs. If you're looking to grow in the Asian market, consider Statrys.

Statrys is a licensed Money Service Operator in Hong Kong, offering multi-currency business accounts, company incorporation services, and free invoicing software to support global business growth. Understanding the needs of SMEs, Statrys’ business accounts are designed to streamline international transactions and operations, with features like seamless Xero integration, competitive FX rates, and personalised customer support, making it an ideal partner for businesses seeking efficient, global payment solutions.