One of the most popular topics we deal with on a daily basis at Rapid Formations is business bank accounts for non-UK residents. Whilst it’s incredibly easy to register a UK limited company from anywhere in the world, it is more difficult to set up a business bank account if you do not live and work in the United Kingdom. However, there are a number of available options once your company has been incorporated, which we discuss below.
There is no legal obligation for a limited company to have its own bank account, but it is better to have one. Business finances must be accurate and transparent, so a separate account will make it easier to keep track of your income, expenditure, and available profits. This will be of great help when you are preparing annual accounts and tax returns each year.
UK residency is not a legal requirement
There are no legal restrictions that prohibit non-UK residents from opening a business account. However, most banks will not accept applications from overseas due to fraud concerns and additional administration costs.
You do not have to open a UK bank account
There is no legal requirement for a UK company to have a business bank account in the UK. You can open one in your country of residence. To do so, you must get your company documents apostilled (legalised). Please scroll down for further information on document legalisation.
Business account options for non-UK residents
Rapid Formations has partnered with Wise to provide non-UK residents with a UK business banking referral.
If your application is successful, Wise will provide you with a UK business bank account number and sort code. You will be able to receive money from over 100 online marketplaces, and free and pay money in over 40 currencies in your account at any one time.
Our Non-Residents Packages, which are specifically tailored to suit the needs of non-UK residents, include a Wise business account referral. Wise account openings are subject to approval.
Opening a business bank account in your country of residence
A useful alternative to opening a UK account for your limited company is to open one in your country of residence. To do so, your company documents must be legalised. This process is called ‘apostilling’. You will need to obtain Apostille Certificates for these documents to confirm their authenticity.
Apostilled documents are accepted in all countries that are party to the 1961 Hague Convention, There are 105 in total. Unfortunately, we are unable to offer advice to residents of non-member countries regarding the acceptance of apostilled documents.
Rapid Formations’ in-house Notary Public is available to sign company documents and organise Apostille Certificates with The Foreign and Commonwealth Office. Our Apostilled Document Service is available for just £99.99 +VAT per document. In general terms, two Apostille Certificates are required: one for the certificate of incorporation, and another for the memorandum and articles of association.
Please note that the information provided in this article is for general informational purposes only and does not constitute legal, tax, or professional advice. While our aim is that the content is accurate and up to date, it should not be relied upon as a substitute for tailored advice from qualified professionals. We strongly recommend that you seek independent legal and tax advice specific to your circumstances before acting on any information contained in this article. We accept no responsibility or liability for any loss or damage that may result from your reliance on the information provided in this article. Use of the information contained in this article is entirely at your own risk.
Join The Discussion
Comments (49)
Hello, I am the founder of Maqnet AI Limited. We are currently working with Wise, but we are looking to open an additional bank account to diversify and reduce risks. I reside in Azerbaijan, and our company is registered in the UK, based in Peterborough. Could you please provide information on the banks you offer, as well as the associated fees and pricing?
Maqnet AI Limited
4, Blenheim Court Peppercorn Cl PMB 628
Peterborough, PE1 2DU
Company Registration # 16299990
UTR 9418611332
Dear Alsafa,
Thank you for reaching out.
For additional information regarding banking, please do reach out to our support team directly via call, email or live chat. In terms of our banking referrals, we would be able to offer a referral to WorldFirst. For further details, please do not hesitate to reach out.
Kind regards,
The Rapid Formations Team.
We are a family partnership wanting to find a bank which will open a bank account for us. We are all British citizens but two of us are non resident living in Europe. Is there a solution for us with you?
Thank you for your kind enquiry, Patricia.
Yes, we can offer one of two banking solutions to you which take non-UK residents – TransferWise and Payoneer.
Please contact our team on 0044 20 7871 9990, or email info@rapidformations.co.uk to obtain your referral.
Kind regards,
Rachel
Hello. Do you issue a UK business account for UK LTD in which the sole director is a UAE resident? Can this account be connected to Stripe?
Thank you for your kind enquiry, Nikola.
We do not issue UK business bank accounts – only UK banks do this.
As far as we aware, Wise (formerly TransferWise) can provide accounts to limited companies where the sole director is based in the UAE. You can pick up a referral to Wise using one of our Non-Residents Packages which can be found here: https://www.rapidformations.co.uk/compare-packages/non-residents/
For more help in obtaining a Wise acocunt, please contact our Customer Service Team on +44 20 7871 9990, email info@rapidformations.co.uk or send a live chat message, and we will be happy to help you.
Kind regards,
The Rapid Formations Team
Hello, am Indian resident. I’d like to know that do we need a business visa to go to UK and open up a business account or it can be done with a “Tourist Visa” too?
Thanks.
Dear Shashank,
Thank you for your message. Please read our “UK Visa for business” blog here: https://www.rapidformations.co.uk/blog/uk-visa-for-business-how-to-apply/
Best regards,
Hi. I am a British citizen resident in UK. I want to add my father, who is a non-resident, as a shareholder in the limited company. Is it possible to open his account in UK based on shareholder documents? Please guide how to proceed.
Thanks
Dear Syed
Thank you for your message.
I cannot advise as to what a bank would expect from your in terms of documentation as each can have different requirements dependent upon the situation. I would suggest speaking to the bank you would like to work with and find out what is required.
Kind Regards
Sarah,
Could you pls refer to the gov link where it says that there is no legal obligation to open a business account related to the uk ltd? I have a personal account in the uk and I would like to use it for my new uk ltd, I want to be absolute sure that I am not liable for anything? Many thanks! s
Dear Silvia
Thank you for your message.
There is no specific legislation to confirm that you do not have to open one in the company name. It is more the case that the point of reference for all UK companies, the 2006 Companies Act, does not confirm any requirements for banking purposes.
Kind Regards
Interesting topic.
Sarah.
Hi,
I’m Croatian resident and need to form a company in UK.
Is it possible (and advisable) to register the company together with my partner who is UK resident? So he can be nominee director?
What will happen with bank account if he then sells his shares to me?
Thank you!
Dear Miro
Thank you for your message.
We cannot advise on matters relating to the banking requirements for your company. I would suggest you speak to your UK resident partner and an accountant regarding the effect of transferring the shares over to yourself.
Kind Regards
Hi Rachel, I am European Union – Bulgaria.I want to register a Ltd in London, UK.But I do not have a utilities bills to prove my address in UK and It will be big problem to open a business account.May you give me an advice which bank in UK can open ltd bank account without asking me for utilities bills. Thank you in advance
Hello. Is it easier to open a business bank for non resident if the person has a British person versus a European one or it doesn’t make any difference?
Thank you for your kind enquiry, Nikola.
Ordinarily, risk categorisations by banks are categorised by country of residence as opposed to nationality, as nationality could be linked to discrimination. Therefore, whilst we cannot speak categorically for banks, our understanding is that the nationality of individuals would not matter to a company’s chances of obtaining a business bank account, unless those individuals were nationals of certain high risk countries (none of which are likely to be in the EU).
We trust this information is of use to you.
Kind regards,
The Rapid Formations Team
Hi Rachel,
My situation is slightly different: I have a US S-Corp, but I’d like to open a UK account for it, as many of my clients are still there.
I’m a UK citizen who’s living overseas. I spoke to Barclays, but they won’t consider anyone whose turnover is below £5 million. Do you know of any banks who will work with small businesses based overseas?
Thank you.
Hello Mike
Thank you for your message.
Unfortunately we do not have any knowledge of the situation regarding overseas companies opening bank accounts in the UK.
Kind regards
Is it just as easy to open a euro (EUR) currency account in UK banks? This question from someone who operates in the eurozone and would not want to deal with different currencies. I am trying to keep things simple (especially since my clients are all in the eurozone and the transactions are relatively small)
Dear Mike
Thank you for your message.
We are not aware of the specific rules of UK banks. I would advise speaking to your preferred providers to find out their own specific rules.
Kind Regards
Hello Rachel,
Thanks for sharing this information. Its quite useful for readers like me.
I have my business registered in India and UK as well. But the problem is, none of our directors are a UK citizen.
Can you suggest me a bank, where we can open a business account and operate without going to UK physically?
Barcleys seems to be good option, but inittial deposit of 25000 euros seems quite high for us.
Thank you in advance.
Hi Rachel,
I’m a soon foreign student in UK, I mean next year. I’m studying Marketing but in parallel, I’m gonna follow courses in stock-broking. So I’ve been told that I Will need to open a trading account. Here is my question:
As a foreign student, what are my easy options?
Hello. I am not UK resident looking for set UK Ltdco. My wife use to live in UK and still have bank account with Lloyds. Can i use that one for my company?
Me (director) and she will be the owners of this company. Or must it be opened on director name, only?
Thank you in advance, Ivan
Hi Rachel,
Interesting article.
I have run my business as a sole trader and have been with HSBC business since 1991. I recently moved to Italy and made my business a Limited company as a non-UK resident.
HSBC will not let me open a new account for the limited company because I am a non resident. Do you think that I can simply continue trading with my sole trader business account?
Kind regards,
Iain.
Hi Iain
Thank you for your message.
We cannot give exact advice on how you should proceed with your company requirements. What I can say is that a UK company does not require to have its own bank account and there would be nothing wrong with continuing to use your sole trader business account.
Kind Regards
Hello,
What are the drawbacks to open a bank account to a non-resident in the country (France)?
Thank you.
Best regards.
Dear Naili
Thank you for your message
UK banks have difficulty verifying the details of non-residents for Money Laundering Purposes and therefore make it difficult for non-residents to open an account hence banks require non-residents to come to the UK to meet with them before making a decision on whether they can offer an account or not for the non-resident’s UK company.
Kind Regards
Hi Rachel,
I just contacted HSBC and I was told I need to be UK resident to open a business account.
You wrote in this post from almost 2 years ago that it’s possible.
Do you know if they changed something recently?
Also, do you have any other suggested banks for non-residents except of Barkleys? (They need me to own assest with a value of 5mio, which I don’t have)
Thanks,
Lukas
Hi Lukas
Thanks for your message. I am not aware of HSBC having changed their criteria though we would not necessarily be notified in advance of their changes.
I also do not have any specific advice with regard to which banks would be best placed to work with non-residents, and can only suggest that you contact them directly to ask what their requirements would be.
Kind Regards
Rachel
Hi Rachel,
i am planing to open a UK based travel company which i can handle from India. i am living in india, i am aware from all work procedure . Is it possible for me to open a account in any UK bank, if yes so what are the Doucments requirement.
i am totaly cunfuse .Please advise me for same
Thanks and Regards
Dear Rohit
Thank you for your message.
We know that opening a bank account in the UK can be very difficult for non-UK residents however, many of our overseas clients open business accounts for their UK limited companies with HSBC. This will involve visiting the UK and presenting your ID at a meeting with the bank. I would state there are no guarantees you will be offered a facility.
You may wish to have a look at our blog on the topic as this gives you contact details for HSBC and other information you may find useful: https://www.rapidformations.co.uk/blog/business-bank-accounts-for-non-uk-residents/
Kind Regards
Hi,
It is possible to open an UK bank account for my company located in Romania ? I am UK resident and I am not registered in UK for business.
Thank you !
Hi Mario
In my opinion, a bank will not open a standard UK business account for an overseas company; however, Barclays offer a ‘foreign bank account service’ for non-UK residents who wish to base their account in London or one of their offshore centres. Please have a look at this service for more details: https://wealth.barclays.com/en_gb/home/international-banking/who-we-help/resident-non-doms/moving-to-the-uk/foreign-bank-account.html
Hi Rachel,
My name is Joao Silva i work offshore Scotland Oil And Gas, with the industry’s downturn there’s layoffs in the horizon, i have always lived in Portugal but paying tax in UK for the last 8 years. How can i start a limited company in UK i have NIN and UK bank account and still live in Portugal? Is it possible?
Regards,
Joao Silva
Dear Joao
Thank you for your message.
You do not need to live in the UK to set up a company here. The only requirement for a UK company si that it has a “Registered Office” in the UK and we can provide you with that address service if you require it.
Kind Regards
Please let me know tax filling requirements at the end of the year once limited company by non residents is formed
And company has some income from trading activity outside uk
Dear Richard
Thank you for your message.
Unfortunately we are not advisors so I would suggest you discuss the UK filing requirements with an accountant.
Kind Regards
Hi
My question is that me and my wife both non-resident of UK.
We would like to form a company and trade internationally. Can we open a bank account in UK?
Thanks
Ahmed
Dear Ahmed
Thank you for your message.
As noted above in the article on non-residents opening a UK account it is possible, it is just not as simple a process as it would be for companies where all officers are UK residents. I would advise calling the banks listed above to arrange a meeting with the one of your choice.
Kind regards
Hi Rachel,
I’m a non-resident of UK working at a private firm based in UK would like to set up a company in UK.
My question is whether i’m eligible to open a business bank account in UK and if so what are the documents i should provide.
Regards
DAYA
Hi Daya
Unfortunately our relationship with our banking partners does not extend to opening accounts for non-UK residents. We do know that many of our overseas clients open business accounts for their UK limited companies with HSBC. This will involve visiting the UK and presenting your ID at a meeting with the bank. I would also state there are no guarantees you will be offered a facility.
Alternatively, many overseas clients choose to open an account in their own country. This usually involves the purchase of apostilled documents, however, I would contact the bank before ordering these, to ascertain exactly what documents they require apostilled. Please have a look at this page: https://www.rapidformations.co.uk/apostilled-documents/
You may also wish to have a look at our blog on the topic: https://www.rapidformations.co.uk/blog/business-bank-accounts-for-non-uk-residents/
Hi Rachel,
I have set up a Ltd UK Company through Rapid Formations and currently 100% shareholder of the company. I already have a business account and credit card merchant account for the company. I am thinking of offering perhaps 25% shares to a company based overseas. Could you kindly let me know whether there will be any complications moving forward with regards to account facilities etc if one of the shareholders is based overseas? Am I obliged to inform the bank of any changes to shareholders?
Many thanks
Dear Elaine
Thank you for your message.
It is our recommendation you keep your bank up to date with changes to the shareholding of your company. We cannot comment on how these changes will be viewed by your bank. This is a question for them.
Kind regards
Dear Rachel,
I am a Spanish citizen and I would like to set up a company with my partner in UK.
The main drawback is a bank account.
If we open a bank account in Spain, would we have any problems with either british or spanish tax authorities?
Which is the best option for LTD (shares)?
Many thanks.
Regards,
Manel.
Dear Manel
Thank you for your message.
Having a bank account in Spain is not an issue for the tax authorities as such. Your obligation is to declare the correct amount of tax in the country where it is due and where the company account is, is not a concern for the tax authorities.
Kind Regards
Hi Rachel.
I am a British citizen living in the south of France and I am working towards setting up an investment/finance small company with a French partner. The idea is that both of us put some money in the company and then share the annual benefits by 50/50. I would like to know what is your recommendation as the type of company which should be better adapted to our needs with further information on where and how we would pay taxes.
Best regards.
Dear Antonio
Thank you for your message.
Either of the British profit making company alternatives would be suitable for your needs, a Limited Liability Partnership (LLP) or a Limited Company (LTD). The LTD is probably going to be the more flexible option for you (as you can retain value in the company at the end of each year rather than having to remove all of the profit from the LLP and pay taxes on the full amount each year. The Limited company is also the most common form of UK company. In terms of information on where you would pay taxes that is not something we can advise on and you would need to speak to an accountant about such matters.
Kind Regards