How should we set up a LTD so we can use Monzo Business?

I’m about to go into business with somebody and set up a LTD company, but it’s not clear to me if we’ll be able to set it up in such a way as to be able to use Monzo Business

Monzo says we must:

  • have at least one person of significant control (this can be you) listed on Companies House,
  • have no corporate persons of significant control or corporate directors,

What does this mean? Does it mean we can have more than one “person of significant control”? And is a “person of significant control” different from a “corporate person of significant control”?

Or another question might be: how do we set up our partnership under a LTD to be suitable for using Monzo?

That’s fairly simple to do. If you just google ‘set up a limited company on companies house’ you’ll be taken to the companies house website where it’s a fairly straight forward process.

When incorporating your business you’ll go through the simple steps where it asks you various information about your business.

A person of significant control is a person who holds 25% or more shares/voting rights of the company. If it’s a simple 50/50 you’re planning with your partner you can enter that you have 100 company shares and assign 50 each to the both of you. Then you’re both PSCs with equal rights.

A corporate person of control sounds like it’s irrelevant to you because that’s another company which holds a significant number of shares/rights in your company. For example if ABC Ltd owned 75% of your shares then they’d be a corporate person of significant control. If it’s just you two as individuals who’ll be creating/owning the company then this isn’t something you need to think about.


Ah I see, that’s great, thank you.