UK bank account for a Limited Company

Can I open a UK bank account for a Limited Company as a non resident?

Opening a UK bank account for a Limited Company as non UK resident can be very difficult as the main banks here will often decline an application due to not living in the UK, so even if you can travel to the UK, there is no guarantee that any of the main banks here will accept you.

This can make things very difficult if you have registered a UK Limited Company and need a way to collect your GBP payments.

So what are your options and how can you open a business bank account if you don’t live in the UK?

As the big banks like Barclays, HSBC, NatWest, Lloyds will often decline your application due to being a non resident, your options will often be limited, however there will be options.

It is probably best to consider opening an FCA regulated online business account specially designed for non UK residents, as they will often accept your application if you have a UK registered business even if you do not live in the United Kingdom.

They will all generally offer you a local UK banking facility which includes a sort code & account number, so that you can collect your local GBP Faster payments without the need of paying high costs to make or receive International payments.

These Online banking facilities will also allow you to control you finances where ever you are in the world, making it easy to transact your business finances regardless of what country you live in.

Some providers may also allow you to have a debit card with your account, however that will depend on where in the world you reside, so worth checking during the application stage.

Whilst these types of business accounts are not with a high street bank, you should ensure they are fully FCA regulated (Financial Conduct Authority – https://www.fca.org.uk/) and your money is safely held with one of the UK’s clearing banks, as this will keep your money safe.

Also it is worth noting that whilst your business bank account options may be limited, the opening of an online account does not have to be forever, as once you have some trading history of say 9-12 months, then it might be worth approaching one of the mainstream banks directly, as they may be more willing to consider your application when they can see your business has a record of trading.

If you require more information please contact us on +44 20 32 86 39 29, email admin@extradirect.com or Apply Online.