We are able to offer a choice of secure UK business bank accounts to our non-UK resident clients.
Our digital business bank accounts are flexible, secure and perfect for international trade, plus they each provide a dedicated IBAN, UK account number & sort code.
|Country||Bank||How we can help||Notes||Cost|
|UK||Silverbird||We have a pre-screening process in place and a contact at Silverbird so we can assist you with the entire process ensuring your account is available as quickly as possible.||
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|UK||Fire||We have a pre-screening process in place and a contact at Fire so we can assist you with the entire process ensuring your account is available as quickly as possible.||
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You can also open a bank account in your own country of residence.
The bank may request apostilled documents for your company which we can assist you with getting your corporate documents apostilled.
** Please note that There is no legal requirement to open a UK bank account, it’s not mandatory for a UK limited company to have a UK bank account.
Traditional UK banks are now incredibly strict with business bank account opening for non-UK resident owners.
Therefore we are no longer able to open business bank accounts with high-street banks such as HSBC, Barclays, Lloyds, etc, for non-UK residents.
Non UK Resident Business Bank Account Frequently Asked Questions
A:There are extremely strict Anti-Money Laundering laws within the UK and strenuous bank regulations regarding identity verification to prevent fraud, for anyone applying for a bank account from abroad. Running background and credit checks takes a great deal of time for banks, so many will either make the process very hard or don’t offer business bank accounts for non-UK residents at all!
A:There are several available alternatives as follows.
- Digital business bank accounts: are a flexible and secure alternative. They are perfect for international trade, plus they each provide a dedicated IBAN, UK account number & sort code. This provides non-resident directors a workable solution for their businesses, without the need to come to the UK bank personally and therefore works for the majority of businesses. Digital UK bank accounts enable you to make and receive payments GBP via bank transfers or credit card. Accounts can be connected to HMRC for tax payments and you can conveniently withdraw funds using your local ATM. However, some restrictions do exist with digital bank accounts, an example being that they are sometimes not offered in some high-risk countries.
- High street business bank account: could still be an option to non-UK residents, although you'll need to come to the UK with the necessary documents to open one and it will be more expensive.
- Foreign bank account: UK companies can operate using a foreign bank account that can be located internationally. There are some issues with using a foreign bank account however that can cause issues; such as anti money laundering regulations, conversion rates & transfer fees.
A:Digital bank accounts are useful to those non-UK resident shareholders and directors who, for whatever reason, are unable to get to the UK. The paperwork and procedures in setting up the account are handled by professionals making it an easy process for non-resident directors.
A:It usually takes 2-3 weeks to complete the process of setting up your digital bank account although this does vary and can often be faster. It’s worth noting that every UK bank has its own way of working and some applications may be delayed or even unsuccessful, as the bank makes the ultimate decision on this.
A:Only you will have access to your new business bank account once it is opened.
A:After registering your company and applying for the UK bank account, you will need to receive the official documents from the bank, so you will need a mail forwarding address.
A:The exact documents required to prove this vary from bank to bank, although usually two documents will be needed to authenticate your identity and address. The documents below are usually accepted.
- ID card, driving licence or passport
- utility bill or bank statement (less than 3 months old) or tax bill
- mortgage statement or tenancy agreement
A:You are not legally required to have a business bank account in the UK, but it is advisable to do so to build trust with UK customers and suppliers, and to keep your company finances separate from your personal finances.
A:UK companines can have foreign/overseas bank accounts, but it can cause issues due to anti-money laundering regulations. Converting money and transferring fees can also be expensive. If possible, we recommend setting up a UK business bank account to avoid these issues and to win customers' trust.
CG Inc. A very very very good service for company incorporation for international people. If you not live in UK, don't worry, CG Inc. Give you all support to startup your company! I'm a director that live outside UK and his service for UK bank account opening was very exceptional! …only 48 hours to have a UK company ready for business and only 3 week to have an operative UK business bank account, without need to go to UK! If you need a UK company go direct to CG Inc. …the best way to do business!
Marco Sangalli, Sauro Capital Ltd.