Before deciding to open an account with an English bank, you need to set a clear goal for yourself why you need UK bank account: you just want to keep your savings or, for example, invest in foreign securities, or maybe you plan to register a company in the UK and need an account specifically for conducting international business.
Open a bank account
Why open bank account in UK
In order for a foreign company to successfully conduct business in the UK, generally in Europe, or organize an international business, you will need to open bank account online UK. Great Britain is an excellent choice of jurisdiction with an impeccable reputation and broad prospects. Its financial and banking system is among the five largest in the world, in terms of GDP, the country is among the seven largest.
Jurisdiction is also known as one of the most demanding banking and financial institutions providing payment services. Thanks to this, the UK offers the highest quality and most reliable service in the financial sector. Therefore, having a corporate account in this jurisdiction is the right decision, which, moreover, will increase the company’s reputation in the business environment.
The documents necessary for opening a bank account in UK may slightly vary from bank to bank but, in general, you will be required to confirm your identity, provide information about the company, and the origin of the funds. The more detailed information you provide, the more likely it is to get an account with this bank.
Your company will need to show the following:
- Copy of registration certificate, memorandum of association, and company charter.
- For societies and associations: a copy of the license and any available certificates.
- For partnerships or limited partnerships: a copy of the partnership agreement, if necessary, a copy of the registration of the company.
All documents must be translated into English and certified by a notary.
Benefits of United Kingdom offshore bank account
Great Britain has an excellent reputation and for many years it has been the second home not only for emigrants from all over the world but also the second home for international assets. London is one of the largest financial centers in the world, attracting the investments of entrepreneurs who want to earn and keep their assets. But besides this, the UK is an excellent base for those who conduct international business. In addition to UK bank account for non residents the regulatory framework of the state allows the establishment of offshore companies, and actively protects the assets of both local and foreign investors. For example, UK financial institutions will never be deleted from the clearing system in USD, because if this happens, then the whole world will stop working with USD.
In the United Kingdom, the domestic banking sector is regulated by the Financial Services Authority (FSA). The deposits of UK deposit holders up to the value of £85,000 (approx. EUR 98,000) is protected under the Financial Services Compensation Scheme (FSCS).Atrium Business Solutions
Bank accounts for non residents
The main advantage of a corporate bank account in Great Britain is that it is an excellent tool for separating business and personal finances. In addition, if a company has excess funds that are not needed in the near future, they can always be placed on a free-use deposit. This will help keep the assets liquid and earn extra income in the form of interest.
If you are non resident be prepared that additional papers may be required for opening a bank account in the UK for non residents: for example, a recommendation from your local bank certifying your trustworthiness, or documentary proof of your residential address (utility bill with name and address), or professional recommendations.
How to open bank account in UK
Particular attention is paid by banks to the documentation of the company. Here is a list of documents significantly increasing chances for positive decision:
- biographical information about the beneficiary, education, place of work;
- address of the website of the local company, brochures;
- commercial documentation, invoices, contracts;
- information about contractors: names, location, letters of recommendation (bank – required);
- press responses, awards, diplomas, certificates (i.e. recognition of the excellent qualities of the company from independent organizations);
- other outstanding data about the beneficiary or the company.
Types of bank accounts you can open in UK
To open a personal free online bank account UK, you must be over 18 years old and have a certain deposit depending on the requirements of the bank (for example, five thousand pound sterlings or the equivalent in another currency for Barclays). The situation with the corporate account is somewhat different. The beneficiary is obliged to fill out a kind of bank application and provide information and documentation clearly demonstrating and confirming the presence of his local company. Corporate accounts can be divided into two main types: current (trading) and savings (investment). When contacting the bank for a current account, it is necessary to present the characteristics of future operations on the account.