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International corporate law
Business registration and support in Great Britain
Opening an account abroad OPENING A BANK ACCOUNT IN GREAT BRITAIN

Yaroslav Shevel

Lawyer

E-mail

shevel@prikhodko.com.ua

Phone numbers

An expert in corporate and international corporate law. He has many years of experience in establishing and reorganizing companies, supporting M&A transactions, as well as providing legal support for opening and running a business in the EU, Asia, and North America.

OPENING A BANK ACCOUNT IN GREAT BRITAIN

Types of bank accounts for businesses in the UK

Current Accounts are the most common option for daily transactions.

Features:

Ability to receive debit/credit cards.
Access to online banking (e.g. Barclays Online Banking).
Support for payments via BACS (direct deposits) and CHAPS (instant transfers).

Examples of banks:

High Street Banks: HSBC, Lloyds, NatWest.
Digital banks: Revolut, Monzo (limited features for businesses).
Savings Accounts – for temporarily free funds with higher rates.

Requirements: minimum deposit (e.g. £10,000 at Santander).

Limitations: limited number of withdrawals/transfers.

Merchant Accounts – for e-commerce and card companies.

Features:

Integration with platforms (Shopify, WooCommerce).
Transaction fees (1-3% of the amount).
Multi-Currency Accounts – for businesses with international operations.

Features:

Holding funds in GBP, USD, EUR.
Issuance of cards in different currencies (for example, Wise Business Account).

Account opening requirements

Company documents

For UK-registered businesses:

Certificate of Incorporation (certificate of registration).
Memorandum and Articles of Association (charter).
Companies House Registration (data from the company register).

For foreign companies:

Apostilled Articles of Association (legalized documents).
Certificate of Good Standing (certificate of solvency).

Proof of identity and address

For directors/owners:

Passport (copy + original for identification).
Utility bill or bank statement with a UK address (not older than 3 months).

For companies:

Proof of business address (e.g., office rental through Registered Office Service).
Business plan and financial history

The business plan should include a description of the activities, target market analysis and revenue forecast. For startups, information on investment rounds and confirmed contracts with clients is mandatory.

Financial reporting requires: for existing companies – audit reports for the last 2-3 years; for newly created companies – detailed cash flow forecasts.

AML (Anti-Money Laundering) Requirements

KYC (Know Your Customer): It is necessary to provide a documentary explanation of the origin of funds (e.g. investments, sale of assets) and complete a declaration of beneficial owners (PSC Register).

It will also be useful: REGISTRATION OF A BUSINESS IN THE UK

The account opening process consists of the following steps:

Choosing a bank — main criteria: rates, online availability, rating (e.g. Trustpilot). For non-residents: Barclays Eagle Labs (for startups), Clydesdale Bank (flexible policy for foreign companies).
Preparation of documents — all originals + copies with translation into English (by a certified translator) + Apostille (for non-European countries under the Hague Convention).
You can submit an application online — through bank websites (for example, HSBC Business Banking), as well as in person: by visiting a branch (for complex structures).
Document review takes about 2–8 weeks — additional requests are also possible: auditor’s letters, explanations of past transactions.
Account activation — registration with HMRC to obtain a UTR (Tax Number). Filing reports: CT600 (Corporate Tax), VAT Returns (if annual turnover > £85,000).

At the same time, non-residents face significant difficulties in opening an account in a British bank.

Increased KYC requirements require detailed tracking of transactions, which can be solved using services such as Sanction Scanner to verify customers and provide additional guarantees (for example, a deposit).

The lack of a UK address is compensated by renting a virtual office through Regus or appointing a local director (Nominee Director).

These steps will help overcome barriers and ensure compliance with regulatory requirements.

How long does company registration take?

A standard electronic application to Companies House is usually processed within 24 hours. However, preparation of the structure, identity verification, obtaining an address, tax setup and account opening require additional time.

Who needs to complete identity verification?

Directors and persons with significant control — PSCs — must complete verification. Once completed, the individual receives a Companies House personal code used to confirm the relevant corporate role. Non-residents may also complete verification, including by using a biometric passport.

Where is the best place to open an account for a UK company with a non-resident director?

Since traditional UK High-Street Banks require a physical business presence, the fastest and most efficient solution for international companies is to open accounts with electronic money institutions (EMIs). Platforms such as Wise Business, Revolut Business and Payoneer are licensed by the FCA and provide full UK and international account details for transactions.

When must a company register for VAT?

The general threshold is £90,000 of taxable turnover over the previous consecutive 12 months or expected turnover during the next 30 days. Separate rules may apply to non-resident and cross-border models, so VAT should be analysed before sales begin.

Is a company required to file reports if it has not traded?

Yes, it is mandatory. Even companies with no operating activity must annually file so-called “Dormant Accounts” with Companies House and confirm the ownership structure through a Confirmation Statement. Failure to file these documents results in substantial penalties (from £150 to £1,500) and compulsory dissolution of the company, with its assets passing to the Crown.

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International corporate law

OPENING A BANK ACCOUNT IN GREAT BRITAIN

Types of bank accounts for businesses in the UK

Account opening requirements

Company documents

Proof of identity and address

AML (Anti-Money Laundering) Requirements

The account opening process consists of the following steps:

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Andrey Prikhodko