How to open Business Bank accounts in UK for Foreigners?

Foreigners who want to form and register companies in the UK require Business Bank Accounts for registering their companies. Without these UK-based bank accounts, they cannot form or register their companies. Therefore, Business Bank Accounts are incredibly important for foreigners. Here is how foreigners can open Business Bank Accounts for their companies in the UK.

Firstly, it is important to understand what makes the whole process of opening Business Bank Accounts so difficult for non-UK Residents?

To avoid fraud, regulators establish tough Anti-Money Laundering (AML) requirements that require applicants for bank accounts to authenticate their identities. Running background, credit, and other checks on directors based outside of the UK takes time for UK high street banks. As a result, most banks, including Barclays and Lloyds, either refuse to open business bank accounts for non-UK citizens or make the procedure extremely onerous.

To make it all easy for you, Liscard Business Centre offers you certain solutions.

Virtual Bank Accounts:

Numerous Companies use Virtual Offices offered by Company Formation Agencies like Liscard Business Centre to register their companies. Similarly, you can also trust us to help you set up virtual Bank Accounts. Different banks offer the feature of Virtual Bank Accounts for Foreigners/Non-UK residents.

You’ll be given a UK bank account number and sort code, as well as an IBAN

You may accept payments in GBP through a credit card or bank transfer. Also, you can make payments to your suppliers’ bank accounts using your virtual UK bank account. Moreover, You may use your account to pay your taxes and receive money from marketplaces like Amazon. But, you need to connect it with HMRC. It is also a very convenient alternative for many people. Because you may make payments by bank transfer, utilize ATM cards, or withdraw amounts to your local bank account in your nation.

High Street Banks:

If you choose the option of High-street banks, you will have to travel to the UK to confirm your Identity and other documentation protocols. By hiring the services of Liscard Business Centre, you can make the entire process very simple and easy to manage as our Company Formation and Registration agents will guide you through each step.

These are the two most commonly used banking solutions for foreigners who wish to operate, form, and run their companies in the UK. For more guidance, support, and details, you may contact Liscard Business Centre.

We shall be genuinely pleased and truly happy to help