In this article, we will take an example of a Leading UK FinTechs that have made UK business banking services accessible to international entrepreneurs and companies. This is in order to make the process easier for you if you are interested in opening a business bank account in the UK.
Accessing banking services with UK innovative banks
Leading UK FinTechs have made UK business banking services accessible to international entrepreneurs and companies. Although not a complete solution, these products will help international businesses and entrepreneurs to speed up their entry into the UK. You have to choose the convenient bak account for your business, check https://www.bank4pro.co.uk/ if you want to know how to choose business bank. Many clients use the following products:
- CashPlus.com Business Account
- Transferwise Borderless Business
- Revolut Business
- WorldFirst Business
- Meridian Currency
- Protected Trust Services
Banks are required by law to carry out Anti-Money Laundering (AML) and Know Your Customer (KYC) checks before offering a business bank account. Some banks may also turn down certain businesses for reasons of their own.
The UK government works with many of the more than 250 international banks operating in the UK, including :
Opening a business bank account in the UK
The process for opening a business account is slightly different at each bank. In most cases, you will need to :
- a business address in the UK
- a representative of the company resident in the UK (usually a director or employee)
- a UK business plan showing why you need a business bank account in the UK.
Contact the UK bank’s central team
Wherever you want to set up your business, you should contact the central foreign investment team of your chosen bank, usually located in London. Avoid applying at a local branch, online or through a call centre. Tell the bank that shareholders and/or directors of your company are foreign and that you need a UK business bank account (rather than an international business bank account held abroad).
You will need to provide photo identification and proof of address for all directors and major shareholders.
The bank will also need to meet at least one representative of your company face-to-face in the UK to sign a banker’s order to open the business bank account.
How long does it take to open a business bank account?
FinTech solutions can be very fast and take less than 2 hours; however, for complete business bank account solutions, approval of an application takes between 4 weeks to 3 months. Take this into account in your business planning process.
Out of the EU: what has changed
There are no significant changes in the process of setting up a bank account in the United Kingdom.