Prikhodko&Partners
Services
International corporate law
Business registration and support in Great Britain Placement of funds for Ukrainians abroad: Great Britain

Mykola Sirenko

Lawyer

E-mail

sirenko@prikhodko.com.ua

Phone numbers

Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.

Placement of funds for Ukrainians abroad: Great Britain

Great Britain today has become one of the main countries to which Ukrainians migrate due to the war.

Such popularity among our citizens is explained by the specificity of the immigration program for Ukrainians, which provides ample opportunities to obtain housing and financial assistance from the British government.

Great Britain, in addition, also has a good investment potential, which encourages our citizens to place their financial assets in local bank accounts for further investment in opening (relocating) businesses in Great Britain, buying real estate here, etc.

Opening a bank account in Great Britain becomes the first stage for further concentration of financial assets there.

The procedure for opening a bank account in Great Britain is impossible without obtaining a biometric residence permit (BRP) – an identification card confirming the right to stay in the country for three years.

Upon arrival in the UK, citizens of Ukraine have no more than 10 days to obtain such a BRP.

A large number of banking institutions offer different types of accounts with different terms and benefits. In order to place funds directly into bank accounts in Great Britain, it is necessary to properly approach the issue of confirming the origin of the funds.

Financial monitoring in Great Britain requires banks to verify the placement of funds in customer accounts equal to and exceeding the sum of £10,000 (about 11,700 euros).

In case of detection of suspicious activities on the account, the bank, which includes carrying out single transactions for an amount exceeding £10,000, including for placing these funds on the account, must notify the relevant authorities about this and provide the necessary information.

In order to confirm the origin of the funds, UK banking institutions may additionally request the following information from the client:

source of origin of funds. Banks in Great Britain require customers to provide documentary evidence of the legality of the origin of funds, which can be bank statements from other bank accounts, contracts for the sale of property or services, inheritance documents, documents on obtaining loans, tax returns, etc. To submit Ukrainian documents to the bank to confirm the origin of funds, they will need to be properly prepared, namely translated, notarized, and apostilled.
confirmation of currency declaration when importing it to the territory of Great Britain. According to customs regulations, a person entering the country must fill out a special customs declaration, where the amount of money, the recipient, and its destination are indicated. In case of non-declaration or incorrect declaration of currency, fines may be applied, and additional customs control may also be carried out.
purposes of financial transactions(placing).

Thus, for the successful placement of funds in a bank account in Great Britain, the client must prepare properly and take care of observing all the nuances.

The lawyers of Prikhodko and Partners JSC can help with this, providing consulting services on the placement of your funds abroad, preparation of documents to confirm the legality of the origin of funds, and physical support in a banking institution.

Conclusion. Great Britain offers a wide range of opportunities for the placement of funds of Ukrainians abroad.

There are various options for those who wish to diversify their financial assets and obtain a stable income in an international context, which also includes the initial stage of placing their own funds in a bank account in the UK.

Contacting a qualified lawyer will help the client go through all the stages from opening an account to placing funds on it.

Calculate the cost of services

1 question

Have you deposited funds into a UK account before?

Yes

2 question

Have you prepared documents to prove the origin of funds when they are placed in a British account before this?

Yes

3 question

Do you need advice on the procedure/conditions for opening an account in the UK?

Yes

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.

Successful cases on the topic: