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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.
Before opening a business account with GoSolo, please check that you match the following criteria:
Limit on making payments using online banking is £50,000 per transaction. Inbound payments are limited to under £50,000 per transaction.
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?
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).
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.
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.
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
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.
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.
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:
Direct Debit is not part of the initial GoSolo offering. We are constantly making changes to GoSolo and are going to deliver Direct Debit soon.
You will receive official (model) Articles of Association and Certificate of Incorporation. These documents are approved by Companies House. They are not apostilled.
Cash withdrawal limit is £250 per transaction, £1000 per day.