Should I be physically present in the UK when opening my business bank account?

If you are a company looking into setting up in the UK, you will be required to have a business bank account that will facilitate your transactions, optimise overseas transactions and generally make doing business in the UK much easier.

We often get asked “do we need to be physically present in the UK when I open my business bank account?”

Since the COVID outbreak, no banks have been open for new business to any new customers. They have been concentrating on supporting their existing clients through the pandemic.

As they begin to open their doors to new business, there are a few restrictions that have been put in place in addition to the existing ones:

• A lot of banks now require 50% shareholder to be present or based in the UK. Some banks will accept a UK director.
• It is easier to facilitate the opening of a business account if the business turnover can be evidenced to exceed £500,000 plus a UK director. This criteria establishes a sense of security; from perspective of the bank account opening teams.

Depending on the requirements of the new business to be set up in the UK, the options are varied and it is always wise to discuss with us initially so that we have an understanding of your requirements and can guide you to the correct bank for you.

We can certainly assist in one way or another. We also offer our clients a client trust account/ escrow account. This account enables you to operate your business without waiting to set up your own bank account. The set-up process with the bank for a new business bank account can take anywhere from four weeks to six months depending on the complexity of the ownership structure of your existing business.

For further information and/or support please contact us either by email info@paulbeare.com or telephone us on +44 (0) 207 183 8786.