How to Open a Business bank account in UK for Non-Resident

Opening a Business bank account in the UK for non-resident businessmen is really important. If you want to open a business bank account without having UK residency, here is some information on how to open a business bank account in UK for non-residents. 

Owners of UK registered businesses, sole traders and all limited companies must hold a recognised business account for their transactions. You can open one, by following the below process and the necessary information for how to open a business bank account in UK for non-residents.

What is a Business Bank Account?

A business bank account refers to an account that is opened by a registered business name and used for business transactions rather than personal financial activities.

Can I open a business bank account without living in the UK?

It can be harder to open a business bank account in the UK if you do not already live here. But there is no strict policy that stops a non-UK resident from opening a UK business bank account. Although the account opening process is difficult, it is not impossible.

UK Business Banking Options for Non-Residents

Things get a bit more complicated when you are not a UK resident but you want to open a business account there in the UK. Firstly, you have to choose the perfect bank which is friendly to your business transaction. 

There are several routes you can go down if you are a non-UK resident. UK business accounts are available through high-street banks, online banks/ digital providers and International business bank accounts.

There might be different processes in different banks to open a business bank account in the UK. As non-UK residents, banks may ask for extra documentation or can set some extra requirements.

Also read: Free Online Accounting Software for Small Business

Some renowned high street banks offer services of business accounts but the application and approval process can be over-complicated. For this, your Business must be registered in the UK. Sometimes the providers may set further terms and ask you for a reference of one business owner/company director that is a UK resident.

If you don’t have any then an international business bank account is your best option. Digital or online providers are known as challenger banks. They provide the easiest way to open business bank accounts in the UK for non-residents. Because they don’t have branches and operate online.

Requirements for a Business Bank Account in UK

You have to ensure that you have the following documents before you apply:

• Valid passport or national identity card;
• Proof of business registration with Companies House;
• Registered UK business address;
• Proof of address (such as utility bills or bank statements)
• Legal proof of ownership;
• Evidence of trading;
• Up-to-date financial report;
• UK Reigstered Phone number;

How to Open a Business Bank Account in UK for non-residents

To open a bank account for a non-resident in UK, you first have to register your business in UK. Arrange all other necessary documents such as, proof of trading, and business ownership, and arrange a UK phone number. Then apply for a bank account a get approved.

Here are the formal steps to open a non-resident business bank account in UK:

Step 1: Choose a Bank

Contact various banks that offer international business banking services. Some of the popular banks in the UK that offer business banking for non-residents are HSBC, Barclays, Lloyds, and NatWest.

Step 2: Gather the Necessary Documents

Non-resident business owners will need certain documents to open an account, such as a passport, proof of identification, proof of address and business registration documents.

Step 3: Form Your Business

Before applying for an account, ensure that your business is registered in the UK. You can do this by registering at Companies House and following the process of opening a business bank account in the UK for non-residents.

Step 4: Apply for an Account

Contact your chosen bank to check if they have special requirements for non-residents. Most banks will ask you to fill out an online application form.

Step 5: Provide Additional Information

The bank may ask you to provide additional information about your business, such as the nature of your business, its turnover, and the amount of money you plan to deposit in the account.

Step 6: Wait for Approval

Once the application is submitted, the bank will review it. After reviewing the application, the bank will decide whether to approve or reject the application. Be patient as the process can take several weeks.

Step 7: Start Using Your Account

Once you get the confirmation that your account has been opened, you can start depositing funds and making transactions.

By applying the above process, you can easily open one account. It is important to note that some banks may require the account holder to be present in the UK to open the account. Therefore, it is advisable to clarify all requirements before opening a business bank account.

Benefits of using a UK business bank account

It simplifies business transactions, safeguards business funds and separates them from personal finances. It also saves money on foreign exchange. So, if you have a business in the UK,  you should know the process of opening a business bank account in UK.

Are UK business bank accounts safe for non-residents?

The UK is a leading provider of financial services. The UK financial industry is regulated by the Financial Conduct Authority (FCA). Here non-resident business account holders also have the same legal and financial services as the residents. So, your business documents, and account balance are absolutely safe.

Bottom Line

A business bank account is a must for UK-based businesses, sole traders and all limited companies. So, select a renowned bank and follow the process of opening a business bank account in UK for non-residents.

Frequently Asked Questions