Who can open a Monzo Business account?
To open a Monzo Business account, you need to be a limited company (Ltd) or sole trader based, registered and a tax resident in the UK. If you pay taxes in another country, you cannot have a Monzo account.
Limited companies should also have an active status on Companies House, active company director, at least one person of significant control listed on Companies House, and have no corporate directors or corporate persons of significant control. Most of your money should be made from selling goods or providing services rather than from investment income or interest.
Monzo does not accept partnerships incl. limited liability partnerships (LLP), limited companies by guarantee, public limited companies (PLC), charities, community interest companies (CIC), trusts or funds, clubs or other non-registered organisations, or other registered business types such as unlimited companies (Unltd), industrial and provident societies (IPS) and royal charters (RC).
There’s a whole list of industries not accepted by Monzo as they are considered high risk, such as legally dubious/illegal trades, sales of precious jewellery and financial services.