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Many companies with Wise business accounts that rely on a virtual address as their trading address are at risk of losing their accounts after Wise threatened to close them if they do not switch to providing a physical trading address instead. This is after Wise, early this year, introduced an important policy update affecting users with a virtual business address.
Wise now requires a physical trading address, which makes it easier for them to verify that your business operates from a legitimate location, preventing fraud and complying with Anti-Money Laundering (AML) policies.
In this article, we will go through how companies can obtain a trading address and the systematic process of replacing it to ensure Wise verifies it.
Types of business addresses Wise requires from businesses
Before we dive into how you can obtain a trading address, let us understand the types of business addresses Wise requires. They include;
A registered address: This is the address at which your company was registered, and it is listed on the Certificate of Incorporation.
Trading address: This is the primary location where the company conducts its business activities. A trading address can be an office, a co-working space, a home, or a shop. The trading address should not be;
- A virtual address
- P.O. Box
- Business registration agency
- Mail forwarding address
While companies may use virtual business addresses as their registered office address, their trading address will be where they conduct their business activities. For instance, if your company is registered in the UK, but you manage your business in your US residential home, that will be your trading address.
The address that you will provide to Wise is where the main business operations are conducted. Wise offers its services to a limited number of countries; ensure the one you choose is accepted by the financial institution.
How to obtain a trading address
While companies can use their home as a trading address, the most practical solution is to rent a co-working or shared office space. This is essential since it enhances the professional image of your company, and clients can visit the office at any time during working hours. These office spaces come with a formal rental agreement that serves as proof of your trading address.
To secure a trading address for your Wise business account, you can start by;
Understanding your business needs: Though in a hurry to change your address from a virtual to a physical trading address, it is essential to understand your business’s needs. This will help you know the kind of office space to go for. It is essential to ask yourself several questions, such as: what is the size of your team? Which privacy environment do you prefer? What essential amenities will you need? Are you looking for a space focused on a specific industry or a collaborative environment?
Location: After understanding your business needs, the next step is to consider the location. The location of your office should be convenient for your team and clients. Consider factors such as convenience, proximity to public transport, nearby amenities, parking availability, and safety of the area.
Review plans: Co-working spaces or shared office spaces are subleased by service providers who have equipped the offices with furniture and equipment. They offer different plans that are tailored to meet every business’s needs and budget.
Before settling for a service provider, review the plans offered and see if they cater to your business needs and have offices in your preferred location.
Book a tour: Once you settle for a service provider, ensure to book a tour to see if everything offered by the provider is present in the physical office space. Before committing to the lease, ensure that you find out if the space is in a convenient location and will fit your team.
Evaluate if it will fit your business culture and determine if the other professionals sharing the space align with the vibe of your business.
Complete the application: Once you are satisfied with the office of your choice, you can complete the application by signing the lease and getting the address agreement.
How Icon Offices can help with a trading address
As Wise and other banks and financial institutions transition to the trading address policy, many companies that were using a virtual address may find it challenging to navigate these changes. However, Icon Offices can help companies with a Wise business account to remain compliant and not risk their accounts being blocked or even closed.
We offer serviced physical private and shared offices/coworking spaces that offer several benefits. We have various coworking spaces spread across different locations in the UK. The office spaces come with four packages tailored for every business budget. Depending on the package you choose, the offices come with a business lounge, access to shared office space, a dedicated desk, desk space, stable internet, all utilities, free parking, and 30 minutes of free meeting room use per day.
All our shared office space comes with a rental agreement that can be used to open a Wise business bank account to meet the updated trading address requirement.
The same address can also be used to open other business bank accounts, where a virtual address is not required in the UK.
To get a trading address in the UK, contact us at [email protected].
