British banking system has been operating and developing for centuries and banks have proven to be exceptionally reliable and trustworthy. A UK bank account is a key to clients’ and partners’ trust. However, it is still a challenge for a foreign person, especially a legal entity, to open an account in the United Kingdom.
Do not despair just yet. This article will shade some light on how to choose a bank in order to get an approval and use all the advantages of the bank account to your benefit.
British financial institutions like in many other countries are classified into two main categories, retail banks and private banks.
A legal entity would be better off with opening an account in a retail bank. You will normally pay service charge, or account fee, but there are special offers for eligible businesses. For example, some banks offer free banking in the first 12, 18 or even 24 months, great digital banking tools, etc.
The biggest and most famous retail banks are Hongkong and Shanghai Banking Corporation (HSBC), Barclays, Lloyds, Royal Bank of Scotland (RBS), National Westminster Bank (NatWest) and Metro. They share the banking market in the UK with private banks such as Coutts or European Financial Group (EFG).
Generally, a foreign-based company can open an account in a UK retail bank; however, there is a big chance of getting refused.
Private banks in the UK have less stringent requirements and internal criteria, but they are mostly focused on dealing with individuals. Opening and managing of corporate accounts is more of an added service to an already opened personal account. However, in this case you will not have access to a full range of tools and services offered by retail banks.
First of all, if you want a real account, with all the features and tools, go to a retail bank. There are a few recommendations we can give in order to avoid mistakes and disappointments.
Competent staff of our company offers full support in opening a corporate bank account in the UK, starting from preparing all necessary documents and submitting an application to accompanying you for a meeting in a bank. Apart from that, we can provide legal and accounting services for a smooth running of your business.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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