It can be tough to get a business bank account in the United Kingdom when your own business falls into the following categories:
If you fall into the above categories, it is likely that you have struggled to obtain a bank account, so you would be forgiven that the UK has a law restricting foreign or non-residents from having a UK bank account.
This is not the case; UK registered businesses can be 100% owned and directed by non-UK residents and there is no law restricting the provision of bank accounts to these types of businesses. The reason many bank accounts may reject these types of applications or simply provide too many hurdles to make the application viable is down to the strict Anti-Money Laundering (AML) requirements imposed on banks in the United Kingdom.
Foreign individuals, or simply those individuals that are not resident in the United Kingdom, can be harder for UK banks to conduct their AML checks.
The issues you might face are:
Whilst there are multiple traditional banks (like HSBC) that accept these types of business – they will all require that you are physically present in the bank at the point of identifying you for their AML checks.
With this in mind, the following institutions are those that allow entirely online applications:
To get an account with Wise you need to be:
The eligibility requirements for Revolut are:
While you are applying for your bank account in the UK, Spondoo Accountants can assist you via our client monies/escrow services to allow you to pay suppliers, employees, government authorities, and even accept payment from your customers.
We can even support you to obtain a UK workplace pension scheme without a UK bank account.
Spondoo Accountants is a UK licensed accountancy practise that offers services to companies with overseas ownership and directors. These services include:
You can get in touch by:
Call – 02033 259 341
E-mail – firstname.lastname@example.org
WhatsApp – +447395534661 or click here to chat with an accountant.