The Incorporation Moment: More Than a Tick-Box
When someone incorporates a company, they’re not daydreaming. They’ve crossed a threshold—from speculation to commitment. They’ve stepped off the sidelines and into the arena. In a world where entrepreneurship is romanticised, company formation is the definitive signal of real intent.
Yet, this moment is still being missed for much of the business banking sector—particularly legacy banks. Not because it isn’t visible, but because the systems, partnerships and strategies required to engage at this critical point are lacking.
This is a problem. And it’s not a small one.
The Problem with the 65%
Let’s talk about Companies House.
Roughly 65% of all UK company incorporations are now completed directly through the Companies House website. It’s quick, cheap, and remarkably frictionless. And for the entrepreneur, it’s entirely self-serve.
But here’s the issue: there is no channel through which a bank can engage that person. Companies House doesn’t provide banks with a way to connect at the moment of incorporation. There’s no commercial API for advertising or referrals. The individual is completely unconnected to the traditional financial ecosystem.
So, what happens?
Banks, telecoms firms, insurers, domain name registrars, and others resort to public data scraping and mass direct mail campaigns.
It’s a blunt tool. Worse still, it’s now a crowded one. New business owners often receive a flurry of letters in the first few days after incorporation, many poorly targeted or irrelevant. By this time, many have already opened a business bank account—often with a digital-first provider present at or before the formation moment.
This 65% represents a black hole in early-stage engagement for traditional banks. And it’s growing.
The 35% That Still Offers Hope
That leaves the other 35% of incorporations, which are processed through a network of professional formation agents and third-party platforms—many of which are powered by services like eFiling.
This is the strategic sweet spot.
It’s the part of the market where third-party providers offer a richer, more expansive experience: company formation bundled with address services, bank referrals, accounting setup, and more. Crucially, this is where partnership opportunities exist.
Banks can – and do – embed themselves into these journeys. The smart ones position their business accounts alongside formation packages, insurance quotes, and web domains. They reach the customer while the formation is still in motion before decisions have been made.
That 35% may sound like a minority, but it is 100% of the reachable market at the moment that matters most.
Entrepreneurs Have Changed. Have We?
Today’s start-up founder is digital-native, time-poor, and fiercely independent. They expect to register a company, open a business bank account, and set up a website—all from their phone, all before lunch.
They don’t view a bank as a partner by default. They evaluate based on experience. If account opening takes longer than expected or if identity verification feels clunky or ambiguous, they’ll try someone else – fast.
They’re not impatient – they’re conditioned. And they aren’t anti-service; they want it to be intelligent, responsive, and embedded in their journey.
Why Being Present at Formation Matters
This is where being present during the company formation journey becomes crucial. For many years now, the most forward-thinking business banks in the UK have recognised this moment as a golden opportunity to introduce their services—not after the fact, but during the incorporation itself.
In fact, this model has become the de facto approach for most UK banks, many of whom leverage our eFiling Partner Programme to ensure their business banking proposition appears right in front of the entrepreneur when they are setting up their company.
This is not speculative marketing. It is deliberate, structured, and highly targeted.
Through platforms like eFiling, banks can cherry-pick who they’re positioned to. They’re not buying leads in bulk—they’re choosing to appear in front of the entrepreneurs most aligned with their own strengths. Whether it’s geography, sector focus, risk profile, or onboarding criteria, banks retain full control over who sees their offer.
A bank that has a strong proposition for tradespeople in the North West? They can target just that. Another that excels with digital creatives in London? That segment can be prioritised. It’s a smarter form of marketing, more akin to matchmaking than mass promotion.
What’s more, this approach requires minimal technical or financial investment. Most institutions that join the eFiling Partner Programme are fully live and integrated within weeks, not months. It’s a low-friction, high-impact strategy that places the bank inside the start-up journey at the exact point where decisions are made.
And because it’s built on a platform trusted by hundreds of thousands of entrepreneurs every year, it offers scale as well as precision.
Company Formation as a Strategic Investment
So, what does it look like when a bank treats company formation not as a marketing campaign, but as a core part of its customer acquisition engine?
It means:
- Being present at the moment of incorporation, not reacting afterwards.
- Offering formation as a service, fully integrated into the account opening flow.
- Investing in ACSP registration and ID&V infrastructure to meet regulatory obligations.
- Partnering with formation agents and platforms like eFiling to access the reachable 35% of the market.
- Building customer support teams (or AI agents) who understand governance, not just banking.
- Reimagining the journey from “I want to start a business” to “I have a bank, a company, and a roadmap”—all in one session.
Importantly, banks don’t have to go it alone.
Legacy banks can bridge the gap between ambition and capability by working with strategic partners such as Business Data Group. They can access the expertise, infrastructure and routes to market that would otherwise take years to develop in-house.
I’ve spent over a quarter of a century operating in this sector. Through the eFiling platform, we’ve helped empower almost every company formation provider in the UK—from traditional formation agents to fintech disruptors and mainstream business banks. We’ve seen how partnerships can cut through complexity and accelerate entry into the space.
Whether a bank wants to simply be present during formation or offer formation services itself, there is a proven, supported path to doing so effectively.
Handled with care, this isn’t just another channel. It becomes a long-term strategic differentiator—a way to position the bank not as a vendor, but as an enabler of enterprise from day one.
Final Thought
The UK’s entrepreneurs are already making their start. The question is: will your bank be there when they do?
