Are you looking to set up a business in the UK? Opening a bank account in the UK is an important part of the process.
In this post, we’ll provide information to help you gain a better understanding of setting up a business and bank account in the UK as well as common questions we get asked.
How do I register a company in the UK?
The most straightforward registration process is to open for business as a sole trader. In this case you only need a National Insurance number, and to register with the tax authorities as self employed.
The process to set up a limited company in the UK requires a little more time. You need to:
- Select a name, and set up a UK address for the company
- Register your business with Companies House
- Provide proof of identity for at least one director and at least one shareholder
- Set up your company for Corporation Tax
The documents you’ll be asked to provide include:
- Articles of association
- Memorandum of association
- Statement of capital
- Standard industry classification coding
Can non UK residents open a bank account in the UK?
This is mostly to do with individual bank managers desire to avoid extra compliance checks that they will need to carry out for opening UK bank account for non residents. Even if you apply for the bank account online, you will not be able to proceed if you do not have a UK residential address.
At Premier UK we have a long established relationship with senior bank managers in the City of London which allows us to introduce clients to them and get their bank account opened even if they do not have a UK residential address.
Can a business bank account be opened online?
While you cannot open a business bank account online, your initial application can be made on your selected bank’s website. We can advise you and prepare you for a meeting with the bank manager to make sure your bank account is opened within 2 to 3 weeks after the meeting with the bank. You can then complete your UK business set up and move with confidence setting up your business in the UK.
Our recommended bank for business accounts HSBC
Non-resident directors and shareholders (over the age of 18 and with a residential address within the EU) can open an HSBC Advance Bank Account, via post or in an HSBC branch.
This account comes with no monthly accounts fee, 24/7 customer service, £500 daily ATM cash withdrawals and ability to manage eligible worldwide HSBC Accounts via one simple login.
To qualify for this account, you must be:
- able to provide HSBC with certified proof of your identity (usually your passport or National Identity Card) and address (translated into English if appropriate),
- pay at least £1,750 into the account (or a minimum of £10,500 every 6 months), not including money transferred from other sole or joint personal accounts held with HSBC Bank