To operate in the UK, you don’t necessarily always need a UK bank account. However, establishing one (or more) is a good idea, as it adds credibility for your company, and enables you to handle local transactions at a lower cost. This guide sets out your options for a UK business bank account as a non resident.
To open a UK business account, you’ll need all of the details gained through your Companies House registration (whether you’ve registered a new business or registered as an overseas company) as well as personal identification for named account holders.
Appointing a UK resident Company Director or Shareholder and investing in a UK place of business such as a serviced office can help to support your application too.
Whatever bank you choose to open an account with, we advise inward investors to engage directly with the bank’s international on-boarding team. Every major bank offers a centralised specialist function to help you as an international business access the best solutions and services tailored to your needs.
If you need more support Cornwall Trade & Investment can connect you with the Department for International Trade’s Business Environment Advisory Team who have dedicated banking specialists on hand to help. Just get in touch – info@cornwallti.com
As an established organisation, it’s possible that the bank in your home country that manages your existing banking needs operates in the UK – or has a partner bank here. If so, it’s certainly worth contacting them and finding out if they can help you create new accounts for your UK-based entity.
Having your existing bank involved can simplify the process, and make establishing a UK financial base easier.
You can find out more about setting up a business in the UK here.
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