Lawyer
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).
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.
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