Bank Accounts for Non-UK residents

Some non-Uk residents will have difficulties opening bank accounts with traditional high street banks. The requirements to verify the identities of applicants to prevent fraud and money laundering is time-consuming and onerous, and the major banks prefer to reject this type of business. There is, however, an ever-growing group of online only banks. These banks are more efficient at processing and verifying applicants ID and will open accounts for non-UK residents. The new group of online banks will usually open accounts for UK companies owned by European residents. Residents of most European countries are considered to be relatively easy to verify with the existence of sufficiently reliable data. When, as a non-UK resident, you apply to form a company on our website, you may be offered bank account or merchant account options. Whether you are offered the opportunity depends on whether your country of residence and business activity matches the selection criteria of our affiliates.

Operating without a bank account

Companies are not legally required to have a bank account. Some companies are only formed to hold or protect assets and may not need a bank account.

Alternative options

A UK company does not legally require a bank account to be supplied by a UK bank. As a Non-UK resident, you may find that your own bank or another international bank located outside the UK may be prepared to offer banking facilities to your UK company.

Warning

There are several companies and banking consultancies that offer to open bank accounts for non-UK residents. Use caution when dealing with these companies. They charge hefty fees and cannot guarantee success.