Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in the United Kingdom
Opening an account in the United Kingdom is available not only to residents. Some banks and financial institutions work with non-residents and UK companies with foreign directors or beneficial owners; however, account availability depends on the requirements of the particular institution, country of residence, business model and the existence of an economic connection with the United Kingdom.
For Ukrainian entrepreneurs, owners of UK companies and international businesses, a standard document package is often insufficient. This is why opening an account in the United Kingdom as a non-resident should be treated as a full banking onboarding process that requires advance preparation.
How can a non-resident open an account in the United Kingdom?
A non-resident can open an account in the United Kingdom, but the specific conditions depend on the bank, account type, country of residence and client profile.
For an individual, the bank will usually review:
- identity and residential address;
- tax residence;
- source of income and funds;
- purpose of opening the account;
- expected nature of transactions.
For a company, the bank will additionally analyse:
- registration documents, directors and beneficial owners;
- ownership structure and nature of business activities;
- countries of counterparties;
- expected turnover;
- sources of funding;
- economic connection with the United Kingdom.
What documents are required to open an account in the United Kingdom?
The exact list depends on the financial institution. Most commonly, a passport, proof of address and tax residence are required, while a company may also need registration documents, information about directors and beneficial owners, a description of the business model, agreements or invoices, and documents confirming the source of funds.
It is important not to confuse proof of address with proof of source of funds. If significant amounts are expected to be credited to the account, the bank may require documents explaining their origin and the economic purpose of the future transactions.
Can an account be opened online in the United Kingdom?
In some cases, an account can be opened remotely. Digital banks and FinTech providers often allow onboarding through a website or application.
However, an online application does not mean there will be no compliance review. A traditional UK bank may request additional documents, video identification or personal attendance.
Therefore, before submitting an application, it is important to check not only whether an online form is available, but also whether the bank serves your particular category of non-residents.
Which bank is best for opening an account in the United Kingdom?
There is no single best bank for every client. The choice depends on the residence of the owners, type of activity, business model, payment currencies, turnover and geography of counterparties.
When choosing a bank, it is worth considering:
- whether non-residents are accepted;
- requirements for directors and beneficial owners;
- available currencies and international payments;
- turnover or minimum balance requirements;
- onboarding format;
- the bank’s policy towards the specific type of activity.
For a complex international structure, it is better to review the bank before submitting an application. Sending applications to multiple banks without analysing the profile is unlikely to be the best banking strategy.
Recommended options may include Barclays for established UK businesses, HSBC UK for international businesses, Lloyds Bank UK LTD for traditional trading businesses, consulting and other services, as well as Santander UK.
We have seen cases where NatWest, which may be convenient for UK operating companies and startups, clearly requires at least one person on the application to be a UK resident and the business to be registered for income tax/corporation tax in the United Kingdom.
Other attractive alternatives outside traditional banking include Wise Business and Revolut Business.
Account in the United Kingdom for an individual
A personal account in the United Kingdom may be needed by a non-resident to receive income, make payments, manage assets or conduct other lawful financial transactions.
The bank assesses the client’s residence, source of income and expected transactions. If significant proceeds from the sale of a business, dividends or investment income are expected, supporting documents should be prepared in advance.
Opening a UK account does not by itself make a person a UK tax resident, although the bank may request information about tax residence in accordance with international financial information exchange rules.
Account in the United Kingdom for a business or company
A corporate account in the United Kingdom may be opened for a UK company and, in some cases, for a foreign legal entity.
For a UK LTD, it is easier for the bank to verify registration details, directors and ownership structure. A foreign company additionally needs to explain why it requires a UK account.
For example, UK clients, suppliers, partners or an actual commercial presence may support the need to open an account. General statements such as “for international business” without specifics are usually insufficient for the compliance department.
What problems arise when opening a corporate account?
The problem is often not the absence of a document, but inconsistencies in the information provided. If a company declares consulting activities but expects significant payments from high-risk counterparties, the bank will reasonably ask additional questions.
The areas that usually attract the most attention include:
- a complex ownership structure;
- unclear source of funds;
- a merely formal connection with the United Kingdom;
- higher-risk activities;
- inconsistency between the declared business model and actual payments.
Foreign currency account in the United Kingdom
For international businesses, an important advantage of a UK account may be the ability to work with several currencies. Depending on the bank, GBP, EUR, USD and other currencies may be available.
| Parameter | What the bank reviews | Why it matters |
|---|---|---|
| Currency | GBP, EUR, USD and others | Convenience of international settlements |
| Payment geography | Countries of senders and recipients | Compliance risk |
| Turnover | Expected movement of funds | Consistency with the business model |
Having a foreign currency account does not remove compliance requirements. The bank may request the purpose of a payment, information about the counterparty and the source of funds.
How does opening a bank account in the United Kingdom work?
At Prikhodko & Partners, the process consists of five stages:
- Client analysis — residence, structure, activities, sources of funds and future transactions.
- Selection of the solution — identifying banks or financial institutions that match the profile.
- Application preparation — preparing documents and explanations for the bank.
- Compliance — supporting additional requests and communication with the financial institution.
- Completion of onboarding — obtaining access to the account following a positive decision.
Legal support does not guarantee a positive bank decision. Its purpose is to reduce foreseeable risks and properly prepare the client for the compliance review.
Why should you obtain support with opening an account in the United Kingdom?
- Preliminary risk analysis — to avoid wasting time on a bank that does not work with the relevant client profile.
- Preparation of the business profile — aligning information about activities, turnover and sources of funds.
- Compliance support — professional handling of additional bank requests.
- Consideration of future transactions — foreign currency payments, international transfers and planned turnover.
Prikhodko & Partners supports opening bank accounts abroad for individuals, entrepreneurs and international businesses.
Are you planning to open a personal or corporate account in the United Kingdom? The Prikhodko & Partners team will analyse your profile, review the requirements of banks and financial institutions, help prepare documentary evidence of the sources of funds and support you through onboarding.
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Are you currently in Ukraine?
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Are you currently in the UK?
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Do you need advice on opening an account for an individual?
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Do you need advice on opening an account for a legal entity?
Can a Ukrainian citizen open an account in the United Kingdom without British citizenship?
Yes. British citizenship is not mandatory, but the bank assesses the country of residence, financial profile and the results of the compliance review.
Is a UK company required to open a corporate account?
No. Some financial institutions work with foreign legal entities, although justification for the need for a UK account may be required.
Can a UK bank account be opened entirely remotely?
In some cases, yes. This depends on the bank, account type and client profile. Even an online application may involve additional identification and documents.
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