There are some UK business accounts for foreign owners, however they may not be with any of the high street banks.
The easiest to open of the UK business accounts for foreign owners are those that do not require a UK visit.
This means the business account can be opened very quickly and without the need to travel here.
There are a number of options for UK business accounts for foreign owners so chosing the correct one is essential.
So what are the essential requirements you should be looking for in a Business Account?
The key requirement for most UK businesses is that they can collect or make local GBP payments.
You should avoid using any business account that only allows transactions using an IBAN.
These payments will incur more charges and take longer to credit your or the other account.
All UK GBP transactions will require a Sort Code and account number to allow ‘Faster’ payments.
These payments are the quickest and cheapest ways of making local GBP payments, essential for most companies.
Will I need to travel to open any available UK business accounts for foreign owner?
Generally speaking there are options available that will not require you to travel to the UK.
Providing you have proof of your Identity and your home address, then most applications can be processed.
In some circumstances you may be asked to provide certified or notarised copies, but generally that is not required.
Are these UK business accounts for foreign owners fully regulated?
Yes, all of these types of business bank accounts are fully regulated and authorised by the UK’s Financial Conduct Authority (FCA)
This means each and every one will be permitted to offer business banking facilities and all the more regular type facilities.
As such, you should expect to have full online and mobile access and all local GBP faster payments.
You can also have the ability to use standing orders & direct debits, with some also offering multi-currency accounts.
As every business is different and unique, it is best to check your options first before deciding which UK business accounts for foreign owners will be best for you.
For details on your options, please contact us on +44 20 32 86 39 29 or alternatively, submit your details online and we will respond to you – Apply Here