Yes, a non-resident can open a business bank account in the UK. Setting up a local bank account is a logical step when starting a business in a new country. However, understanding the available options can be overwhelming.
In this guide, we’ll explore the following:
As a non-resident, opening a UK business account can be challenging but not impossible. Most UK banks require in-person visits or a UK presence, but some international banks and electronic money institutions (EMIs) offer online solutions for non-residents.
The eligibility criteria for a business account will vary between individual providers. With so many choices, it can be difficult for non-residents to make the right decision.
At Transfer Vault, we specialize in helping non-residents open online multicurrency business accounts in the UK. We’re not a challenger bank; we’re a bank challenger that works with business owners in 140+ countries and territories worldwide.
Here are three reasons why Transfer Vault is the best UK business account provider for non-residents:
Having a dedicated UK business account is a powerful tool for growth. It helps simplify expenses, streamline money management, and make it easier for businesses to pay local overheads, salaries, and suppliers.
Here are six ways that opening a UK business account can help your business:
UK business accounts are available through high-street banks, online banks, and electronic money institutions. Investing time in choosing a suitable account partner is worthwhile. A good account provider will prioritize security, speed, and service. Fintech providers and online banks have created a fairer, more transparent payment landscape.
Our International Business Accounts are built for non-resident owners wanting to scale their UK operations. We combine private commercial banking with Fintech solutions to provide businesses worldwide with smart, flexible, and cost-effective local and international payment solutions.
Get in touch with our team today to discuss our account options and services.
There’s no legal requirement for non-residents to open a business account in the UK.
Owners of businesses registered in the UK or those that operate as sole traders are also exempt. However, all limited companies must hold a recognized business account.
The UK has high business standards and is a world leader in financial services. Non-resident business account holders have the same legal and financial protection as residents.
The Financial Conduct Authority (FCA) regulates the UK’s financial services industry. Its role is to protect consumers and keep the industry stable. It also motivates businesses to supply the best possible service for their customers.
The eligibility criteria for a business account will vary between individual providers. With so many choices, it can be difficult for non-residents to make the right decision.
Before applying, all businesses should ensure they have the following in place:
Businesses may also have to present alternative forms of documentation. This can include proof of a live website, social media, and e-commerce activity. Proof of registration with a recognized body may also be required.
Transfer Vault is a bank challenger, not a challenger bank.
Built for and by non-resident entrepreneurs, our International Business Account is the perfect solution for any business owner looking to scale in the UK.
With Transfer Vault, businesses enjoy the benefits of a local bank account without the hassle. This means faster payments, reduced fees, and instant access to domestic markets.
Each Transfer Vault account comes with a dedicated Client Manager. This means no more call queues, chatbots, or automated replies. They provide tailored payment support and local expertise across five international offices.
Wherever in the world a business operates, Transfer Vault makes payments possible. With the widest global coverage of any provider, we bring global markets to our clients.
We can send, receive, and exchange payments in 65+ currencies. This means that businesses can seamlessly accept customer and supplier payments in local currencies.
Opening a UK business account as a non-resident offers significant advantages despite its initial complexity. If you’re a business owner seeking a streamlined banking experience in the UK, Transfer Vault’s tailored service and personalized approach make it the perfect bank alternative.
