UK bank account opening is no longer that easy due to Money Laundering Regulations. However, if you meet the relevant requirements, it is possible to open online accounts without visiting the bank. As with any move into a new market in another country there are many considerations, not the least of which is determining how to best receive money from and send payments to those individuals and organizations with which you do business. With a local bank account, you can pay your UK suppliers by wire transfer. Likewise, your UK customers and clients can pay you by wire transfer into your UK bank account.
As with just about every country in the world, the UK has strict controls on how and if UK banks can establish accounts for non-residents and for businesses located outside the country. Regulations may vary depending upon a number of factors, including, but not limited to:
1. The type of business you wish to establish;
2. The type of goods or services related to your business;
3. Anti-money laundering/countering the financing of terrorism (AML/CFT) laws.
The general requirements for establishing your UK business bank account are outlined below.
1. Establish a physical UK business address
Whether or not your business requires a physical presence in the UK, you must provide a UK based address to establish a business bank account. Some businesses use the offices of a Registered Agent (perhaps a Chartered Accountant), or other specified representative of the company.
2. Register your business in the United Kingdom
Registration of your company must be completed prior to opening your bank account. Before registering you need to consider the implications of the type of business you are establishing. Note that within the UK, when registering with the Companies House, a physical address for the company must be in the same country that your company is registered in.
3. Obtain a UK tax identification number
Upon registration of your business, the Companies House will issue you a 10-digit Unique Taxpayer Reference (UTR), which is required by the bank, and your business, for reporting information to the UK tax authority, HM Revenue and Customs (HMRC).
From what mentioned above, we can see that if you want to open a business bank account in the United Kingdom, you must have a UK company first. Should you have any need in this regard, Tannet can help you register your UK company at a favorable cost.
If you have further enquire, please feel free to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to email@example.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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