Opening up a bank account in the UK when a person is not a permanent resident is quite difficult. This is one of the most frequently asked questions from the formation agents. Although when a person tries to open up a limited company in the UK, there are only certain documents that are required. Apart from all the paperwork, opening up of a bank account is somewhat difficult as the banks reject the applications from overseas residents.
A UK bank account is not needed:
Whenever a person thinks about opening up a company in the UK, the first misconception is they should have a UK based account. This can be a compulsion but it is not in the UK. All you need to do is to clarify that you are using an abroad bank account. However, it is always best to have a UK based bank account.
Living in the UK is not compulsory:
Another misconception is that you need to live in the UK in order to start a company over there or to open up a bank account. Although it will be beneficial to have a UK residency but if you don’t have one, it won’t be a big issue. You will still be eligible for getting the permission of opening a bank account. The residential matters are important to avoid the issues of fraud. But the requirements differ from bank to bank. For some, providing only the registered office address is not enough.
Opinions for an opening bank account:
The bank account opening process is somewhat similar to all the banks of the UK. Also, there is a step by step procedure that can be followed to create a bank account. However, there is a need to submit both professional and personal information. Also, a face to face interview is conducted to carry out all another process. The submission of identifications that can include a driver license or a passport is also essential. It is best to get detailed information about the bank you are planning to select.
For example, an account in Barclays will require the submission of a certain amount before other processing’s can be done with the account.
The best way to get the desired results or the bank account acceptance is to look from the perspectives of the banks. They need to look for the frauds every time. That is why if you deposit some large amount in the account, it will be easier for them to identify that you are serious about it. Moreover, the improvement of the point that you have a residence in the UK will make the process easier and fast. The signs from different shareholders and directors can also be a sign that will be considered as a verification from the bank. It must be noticed that apart from all the above-mentioned information, opening up a bank account in the UK is not that difficult.