For current and most up-to-date details about the costs, please refer to our pricing page.
If by “bank” you mean an institution that has a physical location and lots of cash stored in vaults then, no, we’re not that.
If you mean an institution that protects your funds and is as strictly regulated as all those physical institutions that have vaults of gold then, yes, we are that.
The lines and definitions of what is a bank and what isn’t have blurred since the advent of FinTech. Banks are no longer the only type of institutions that can handle your money for you.
Let us explain:
So what is GoSolo?
GoSolo is an institution that handles electronic money. So is Mastercard. So is PayPal. So is Stripe.
We have been approved by the rigorous and stringent rules set by the FCA (the Financial Conduct Authority) to be allowed to operate as a legal, responsible and ethical financial services firm. These are the same rules that banks must operate by.
Only by continually adhering to the FCA’s rules (and regularly reporting what we do) can we be allowed to continue to operate.
Our authorisation from the FCA as an electronic money agent allows us to facilitate business transactions and deliver certain financial services.
We are not allowed, however, to provide loans or FSCS deposit-guarantees. And we don’t handle physical money, whether that be cash or cheques. Unlike many traditional banks, we don’t offer phone assistance. (Although, let’s be honest, often that type of “assistance” leaves much to be desired!) But we do have a support team that can assist you by chat, WhatsApp or email.
Rest assured, however, that your money is 100% protected, secured and safeguarded in a “ring fenced” account with a tier-one UK bank that we have partnered with. Ring-fenced means that we don't have access to it and cannot move or use it somewhere, you are always in total control.
To be absolutely clear: Your money is safe with us.
Additionally, all transactions you run on your card are handled by the Mastercard network and are entirely protected under the Mastercard rules.
The benefits of not being a “traditional bank”.
Because we are not technically a traditional bank, we are free to invest in and to build technology faster and provide services that will assist users in the general area of their businesses and finances. Not being held down by the label of a traditional bank means we can be more innovative and listen to users’ needs more easily.
Our focus is on businesses and helping businesses to function with as little hassle as possible.
For that reason, we offer more than just a place for your company to hold its electronic money: We also register your company for you, give you simple invoice templates to send to your clients, automatically log payments for those invoices and even chase up slow payers, all within GoSolo!
Instead of having to invest in a basic accounting package and an online bank, we combine the two, in addition to taking the pain out of registering your Limited Company in the first place.
Traditional banks tend to focus on where to invest deposited funds. Our primary focus is on how to deliver fast service and innovation to our users.
Because we are small (by design), we are also more able to consider the requests of all our users, as opposed to only what “the majority” wants.
Legally, there are some differences between your GoSolo business account and a traditional business bank account.
But we have found that those differences don’t matter to users. People want a seamless, easy way to handle their money, not complicated forms and the slow-moving wheels of finance which can often be more of a hindrance than a solution in today’s fast-paced world.
GoSolo Financial Limited is regulated by the FCA and powered by Railsbank.
If something bad happens to GoSolo, you can always recover your money through FCA.
Your e-money is in a “safeguarded” account, meaning that the actual money is with a Tier-1 (largest and most secure category) bank in the UK.
GoSolo Financial Limited is listed with the Financial Conduct Authority (“FCA”) an as E-Money Directive (“EMD”) Agent (FCA Ref No. 902961 under E-Money Institution (“EMI”), PayrNet Limited (“PayrNet”). PayrNet is authorised and regulated by the Financial Conduct Authority to conduct electronic money and payment services activities under the Electronic Money Regulation 2011 (FCA Ref No. 900594).
GoSolo has its own policy and ultimately makes the final decision, so we cannot guarantee that your application will be successful. However, should your application be rejected, we will happily refund the setup fee.
Sign in with the GoSolo Business Account Web app
Sign in with the GoSolo Business Account Mobile apps
We want all of our users to have a fantastic experience when using GoSolo, so when we hear that we have not provided a service to that standard, we want to do all that we can to make things right. You have a few options:
After you submit your complaint, you will receive an acknowledgement email from us within 7 business days. A member of our team will review your complaint and will respond within a few days. This initial response may offer a resolution or may begin a dialogue in an attempt to reach the best possible outcome.
If we were unable to resolve your issue or our suggested resolution does not satisfy you, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk.
In order to open a business account, banks are required to verify identity/ies of director(s) of a company. This is done in order to make sure that you are who you say you are. Similarly, GoSolo requires directors of a company to complete ID verification checks. As we are 100% digital, we ask you to complete ID verification online. We currently only accept passport, driving license and identity card as valid ID documents. If you do not have any of these documents, we suggest applying for a business account in one of the UK high-street banks who can accept other ID documents (such as Barclays, Lloyds Bank, HSBC etc.).
With GoSolo you can open a business account online as well as register an LTD company. Actually, you get everything you need to start your business and even more. We have web, iOS and Android mobile apps to manage your business account. As an additional free service we provide multi-company access, you can send invoices and get paid directly in the GoSolo app, EFT payments, GoSolo partner offers and other useful services.
To open a business account in GoSolo you need 10-15 minutes to pass onboarding and if all is OK you will get a business account the same or the next day. Once your business bank account is open, your card will be dispatched to your selected address. It may take up to 10 working days to arrive.
First things first, we are not a bank.
GoSolo is a business financial platform offering digital business banking services in the UK.
What does that all mean?
We allow you full control of your e-money via our web and mobile apps so that your business can pay or get paid. We also offer lots of useful services for your business: company formation, virtual business address, invoicing and so on.
If you have forgotten your password and are unable to sign in, navigate to 'Sign in' page either on your Mobile App or Web App:
To reset your password, enter the email associated with your GoSolo account and follow the instructions given on the screen. Once you are verified as the owner of the account, you will be prompted to reset your password. You will then be asked to sign in to your account using your new password.
If you still have questions, feel free to send us an email.
If you do not receive a text message with a one-time code to your phone, please check:
If you’ve checked all of these already and still cannot receive a one-time code, do not hesitate to contact GoSolo customer support via WhatsApp or email.
You can send your new feature request to firstname.lastname@example.org. We are happy to improve GoSolo together with our clients.
If you live in the United Kingdom
If you live outside of the United Kingdom
There is detailed information about new Limited company registration in our blog How can I register my company with GoSolo?
Sole traders have unlimited liability - meaning that they are personally liable when things go wrong. A sole trader may also be less tax-profitable than setting up a limited company. But still a sole trader is the most common legal structure for private entrepreneurs in the UK.
We recommend you read more about different factors that can help you to make a choice on our blog The Pros and Cons of Freelancer vs Limited Company
If you register a company via GoSolo, the default share structure is 100 shares for the total value of £100.
All shares issued are non-redeemable and rank equally in terms of each of:
We recommend you consult with an accountant or tax adviser on your specific situation.
What follows may not, under any circumstances, be treated as official advice from us, we do not accept any liabilities.
You must pay Corporation Tax (Corporate Income Tax), also sometimes known as “business tax”. The normal rate of corporation tax is 19% on your PROFITS for the financial year beginning 1 April 2021 and will be maintained at this rate for the financial year beginning 1 April 2022
You might also need to pay VAT, National Income and other taxes, depending on your specific situation. Please refer to the “Business Tax” page of the UK Government website here
If you operate a technology or a research & development business or startup, you might be eligible for an R&D refund. Please consult with your accountant for more details.
We have partnered with more than 50 accountancy firms. Please contact us via our chat or support and we may be able to recommend you one of them.
You will receive official (model) Articles of Association and Certificate of Incorporation. These documents are approved by Companies House. They are not apostilled.
Before opening a business account with GoSolo, please check that you match the following criteria:
Once your business bank account is open, your card will be dispatched to your selected address. It may take up to 10 working days to arrive.
At this time, you can only have one business account for your business. As part of our future development of the GoSolo app, we are planning to offer multiple business accounts for a single company.
Multi-User GoSolo Account Access can help you to improve your business operations efficiency by allowing you to grant permissions to other users to access your account, for instance, your accountant or employee. Your account is protected because you do not need to share your credentials or other sensitive information.
You can add up to 2 people to view your GoSolo Business Accounts. People with access to your GoSolo accounts will be able to view your transactions, contacts and invoices history as well as download bank account statements. Once added, you can easily revoke access for those people, who no longer need it.
Don’t worry! You can freeze your card inside the app in the Cards section by activating Freeze Card status. Alternatively, you can Cancel your card in GoSolo app and we will send you a replacement straight away (please note it may take up to 5 working days to arrive).
In GoSolo we made the business account opening process as simple as filling a regular form on the web, or even simpler.
If you live in the United Kingdom you need a valid government-issued photo-ID document (Passport, Driving License, BRP), and proof of your UK address (council tax, utility bill, bank statement).
If you live outside of the United Kingdom you need two valid government-issued photo-ID documents (Passport, Driving License, or similar), and proof of your local address (we prefer a personal bank statement), Issued in ENGLISH, with your name matching the name on the ID and the document issued in the last 3 months.
Before you can close your GoSolo business account, please check if there’s any money that you owe GoSolo.
If you owe any money to GoSolo, you would need to repay your financial obligations first. After you’ve repaid any money you owe us, any remaining funds on the account will need to be transferred to an alternative account before we can close your account.
If you don’t have any outstanding financial obligations to GoSolo, and you have a positive balance in your GoSolo account, any remaining funds on the account will need to be transferred to an alternative account before we can close your account.
After you completed all of the actions highlighted above, to close your account, please get in touch with us.
After you have contacted us asking to close your account and you have completed all the required payments, you will have a 30-day grace period, when you will no longer be able to make payments but you will still be able to download your bank account statements and invoices. If you change your mind about closing your account during the 30-day grace period, you must notify the GoSolo support team, and your GoSolo access will be restored. After the 30-day grace period, once we've closed your business account, your card won't work and you won't be able to access your account.
Limit on making payments using online banking is £50,000 per transaction. Inbound payments are limited to under £50,000 per transaction.
We are working hard to bring you international payments and currency exchange as soon as possible directly from the GoSolo app, but these features are not available yet.
In the meantime, you can use alternative services such as Payoneer or Paysend or Wise to send payments abroad.
Card limit is £1000 per transaction, £5000 per day.
You cannot deposit cash into your GoSolo Business Banking account. We are constantly making changes to GoSolo and, if cash deposit is an important feature to you, please let us know here.
Direct Debit is not part of the initial GoSolo offering. We are constantly making changes to GoSolo and, if Direct Debit is an important feature to you, please let us know here.
Currently, it is not possible to deposit cheques to GoSolo accounts. We are constantly making changes to GoSolo and, if cheque deposits is an important feature to you, please let us know here.
GoSolo only opens business accounts, not personal ones. Please bear this in mind, this is not a personal account.
We recommend that you consult with your accountant on ways how you as an owner or director can get paid from a GoSolo business account.
What follows may not, under any circumstances, be treated as official advice from us, we do not accept any liabilities.
As a general rule, there are several ways a company can pay its individual owner:
Each option requires careful consideration from the tax and legal points of view, especially if the individual is not a UK resident. There is no general rule that can cover all possible scenarios.
You can connect any service or platform that uses a GBP account & sort code or payment card, but NOT DIRECT DEBITS.
You can connect GoSolo account to PayPal and Amazon
At the moment, you can NOT connect a GoSolo account to Stripe.
We plan to introduce recurring invoices functionality in future versions of the GoSolo application. However, we made sure that raising similar invoices against the same client remained quick and straightforward. You can already duplicate existing invoices in a couple of clicks.
Reference field is limited to 18 characters when making a Faster Payments transfer due to the current rules and regulations set by the Faster Payments scheme. In other words, this is done in order to standardise the way a payment is recorded between different UK banks.
Yes. You don't need to figure out what information to include and how the invoice looks. In GoSolo you can issue and email invoices within a simple, guided 3-step process.
You can configure email reminders and GoSolo will send them automatically. You can adjust the date and frequency of reminders for due and overdue invoices.
When you receive a payment on your GoSolo account, the system will check its reference and amount. If there is a corresponding unpaid invoice, GoSolo will automatically match it with the payment received.
Yes. Once you receive the payment, you can change the invoice status, marking it as paid in just one click.
GoSolo sends invoices as a webpage where your client can see a preview of the invoice or download the document's PDF. He may also notify you about his acceptance of the payment conditions settled out in the invoice. In GoSolo you can see the exact date and time when your client opens the invoice page, downloads PDF or accepts the invoice.
Yes, you can. GoSolo is available to founders and entrepreneurs from around the world.
GoSolo provides the UK company formation for non-residents with a business account.
We are currently accepting users from 90 countries around the world, including:
No legal restrictions prohibit non-UK residents from opening a business account in the UK. But many banks may not accept applications without proof of address within the UK. Traditional financial institutions will also require a face-to-face meeting before providing the business account, in which you will sign a bank mandate to avoid fraud concerns.
An alternative option is to open a virtual business account but you will need to order company registration service from a special provider. So it could take some time and additional expenses.
With GoSolo you can register an LTD company in the UK, open a business account and get a debit card all in one place spending 15 mins on onboarding. And you don’t need proof of address within the UK.
You do not have to live in the UK to register as a Limited Company and open a business account. There are no legal restrictions that stop non-UK residents from opening a UK business bank account.