Opening a bank account in the UK as a non-resident is a good way to win the trust of customers, but it can be a complex process. If you’re not sure where to start, you can rely on Mint Formations to help you. We will simplify the entire process and ensure that you get a business bank account that works for you.
Why Is It Difficult for Non-residents to Open a UK Business Bank Account?
Regulators impose strict Anti-Money Laundering (AML) regulations to verify the identities of those applying for bank accounts to prevent fraud. For UK high street banks, it is time-consuming to run background, credit checks and politically exposed persons (PEP) checks on directors residing outside the UK. As a result, the majority of banks, including Barclays, HSBC and Natwest, either do not offer business bank accounts for non-UK residents or make the process difficult. Fortunately, Mint Formations offers solutions if you're looking to open a bank account in the UK as a non-resident.
What Are My Options as a Non-UK Resident to Open a Business Bank Account?
We've partnered with banks and financial institutions to provide non-resident directors with a banking solution for their UK limited company.
A UK virtual bank account
We have affiliations with a few financial institutions that offer UK virtual bank accounts for non-UK residents. This is a good solution for the majority of businesses with non-resident directors who are unable to open a traditional business bank account with a major high-street bank. Just as with any UK bank account, you'll receive a UK bank account number and sort code, as well as an IBAN (International Business Account Number).
With your virtual UK bank account, you can receive payments in GBP via credit card or bank transfer and make payments to your suppliers’ bank accounts. You can connect your account with HMRC to pay your taxes and also receive payments from marketplaces such as Amazon. You can make payments via bank transfer or withdraw funds to your local bank account in your country, making it a convenient option for many individuals.
There are some restrictions in getting a virtual bank account, and it is not available for directors from certain high-risk countries.
How much does it cost to open a virtual bank account?
Opening a virtual bank account with Mint Formations costs just £279 +VAT. This covers examining your suitability, preparing the paperwork, facilitating the necessary documents and completing and submitting your application for fast-track approval. The process can take anywhere from three to four weeks.
We're confident in our ability to secure you a virtual bank account and can advise if it's likely you'll be accepted. If your bank account application is rejected for any reason, we are happy to refund your payment bar a processing charge of £99 +VAT.
Is It Easy to Open a Business Bank Account in the UK as a Non-Resident?
Unless you live and work in the UK, it is difficult to open a business bank account with a major UK high street bank. However, our arrangements with selected banks that can offer accounts for overseas directors give you an ideal solution, and we can help regardless of whether you can travel to the UK. We take care of the process for you, which includes preparing the paperwork and submitting the necessary forms. If you choose to open a virtual bank account, you won't even need to visit the UK, meaning we can organise everything while you focus on running your business.
Why Should I Open a Virtual Bank Account?
A virtual bank account is an ideal solution for non-UK resident directors who cannot or do not want to visit the UK. Here are some of the benefits included with a virtual banking option:
- Our team will handle all the required paperwork and procedures, making it a hassle-free process for non-resident directors.
- Just as with a standard UK business bank account, you will receive a UK bank account number and sort code with your virtual account. You'll also receive an IBAN.
- You can use a virtual bank account to receive payments in GBP via credit card or bank transfer.
- Easily make payments to your supplier’s bank accounts or HMRC.
- Receive payments from online marketplaces, such as Amazon.
How Long Will It Take to Open a Virtual Bank Account?
The process of setting up a virtual bank account, from your initial application to being able to use your account, usually takes around three to four weeks, though it may be quicker. If you choose our international company formation package to register your UK business, we'll be in touch once it's registered to begin the process of setting up your UK business bank account.
Can You Guarantee That You Will Get Me a UK Business Bank Account?
While we have multiple options for non-resident directors, and we will do all we can to secure your UK bank account, each bank has its own policy and ultimately makes the final decision, so we cannot guarantee that your application will be successful. However, should your application be rejected, we will happily refund the setup fee, as mentioned above.
Do I Need a Mail Forwarding Address to Apply for a Business Bank Account?
Yes, when you
register a company
and apply for a UK bank account, you will need a mail forwarding address where you will receive all official documentation. When you buy our international package, it also includes a mail forwarding address, so we will receive your banking mail at our London address and forward it to you.
What Documents Are Required to Open a Virtual Bank Account?
In the majority of cases, you will need to provide two to four documents to confirm your identity and address, although the exact documents accepted by banks vary. Generally, the below documents are considered valid proof of ID:
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Driving licence
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Passport
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National identity card
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Tenancy agreement or mortgage statement
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An electricity or gas bill (less than three months old)
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A recent (less than three months old) bank or credit card statement that’s not printed off the internet
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A recent tax bill
Any valid identity proof document issued by your respective government should be enough. The bank will contact you directly for the identity proof documents.
Do I Have to Live in the UK to Open a Business Bank Account?
You do not have to live in the UK to open a business bank account. There are no legal restrictions that stop non-UK residents and non-UK citizens from opening a UK business bank account. However, most banks follow stringent procedures to open business bank accounts for overseas residents due to money laundering, funding for illegal activities, fraud concerns and the associated administrative costs.
I Am a UK Citizen, and I Currently Live Abroad. Can You Help Me Open a Business Bank Account (with Barclays, HSBC or Lloyds) Without Visiting the UK?
No. Barclays, HSBC or Lloyds bank do not offer business bank accounts for anyone who currently does not reside in the UK, even if you are a UK citizen. To be accepted, you must currently reside in the UK (with a legal residency status) and visit a local branch.
Which UK High-Street Banks Offer Accounts for Non-Residents?
Terms of acceptance and conditions differ from bank to bank, and we cannot guarantee approval even if you meet the required criteria. Ultimately, the decision to accept or reject a non-resident business bank account application will depend on the applicant's status and lie with the bank. Here are some high-street banks that offer UK bank accounts for non-residents:
HSBC
HSBC provides business accounts for UK-registered companies with non-resident directors. However, the non-resident director(s)/individual of the company must visit a UK branch to present supporting identification documentation and sign a bank mandate. Also, the company’s major shareholder (who should hold more than 50% of company shares) should be a UK citizen and resident. Please contact HSBC directly for more information.
Barclays Bank
Barclays International offers business bank account if you are prepared to deposit and maintain £25,000. All non-resident applications must start from Barclays International in the Isle of Man. This bank account is classified as offshore, but it can be based in London, the Isle of Man or Jersey. Please contact Barclays directly for more information.
Is it Mandatory to Have a UK Business Bank Account to Operate My Business?
There is no mandatory legal requirement for a UK company to have a business bank account in the UK. You might choose to use a bank account in your location to handle your business transactions. This may also be a personal bank account. However, we advise opening a business bank account in the UK to win the trust of customers and suppliers in the UK and to distinguish your company finances from your personal finances.
Get a UK Business Bank Account for Non-Residents Today
Ready to open a UK bank account as a non-resident? Call us and speak with our friendly company registration experts. We can complete your order by phone or guide you through the process step by step.
Call us: 020 7112 8684. Between 9.00 AM to 9.00 PM UK time, Monday through Friday
Email us: [email protected]
