Among the European countries, the UK has certainly one of the largest and most developed banking sectors, providing a wide range of services able to fulfill every need. That said, opening a new bank account may not be as easy for non-UK residents.
Whether in a personal or professional setting, a UK bank account greatly facilitates most types of transactions and is often a pre-requisite to access the majority of advanced services from most financial institutions.
However, accessing all these benefits often involves some additional requirements for non-UK residents.
For personal bank accounts, most traditional banks — e.g. HSBC, Barclays, Lloyds, etc. — require many kinds of information that, although varied, usually involve proof of residency and a proof of address, on top of the standard identity KYC. While this may seem quite simple, in most cases this may not be as straightforward, and it is therefore often best to ensure everything is in order before submitting an application.
The process is a bit more complex for business bank accounts, given that most main-street banks require for both the company and at least of the directors to have a stable UK residency. While there are flexible arrangements regarding the limited company — for example via Virtual Office solutions — the majority of financial institutions require an in-person interview for the firm's directors.
Fortunately, thanks to our strong network of relationships with banks and fin-tech providers, at The Entrepreneurs Private Office we can ensure successful applications for both private and business bank accounts to non-UK residents.
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If you want to learn more about how we can help you with your bank account, get in touch with The Entrepreneurs Private Office. We offer FREE initial consultations entirely dedicated to understanding your needs!