It is important you choose theright type of business bank account as a non-UK resident
Applying as a Non-UK Resident
Applying for a business bank account in the UK can be challenging as a non-UK resident. This is especially true if you spend the majority of your time overseas and do not venture to the UK often. You may have queries about whether you can apply for a business bank account as a non-UK resident, and then you may wonder which banks would be best for your business. Additionally to this you may have questions about whether you need to be present in the UK or if you can simply apply for a bank account online. Before all of this, however, you will need to establish whether you need a business bank account. You will need a business bank account if you have a UK limited company or you are planning to set up a UK limited company to conduct your business.
Choosing your Bank Account
When choosing a business bank account in the UK as a non-UK resident it is important to recognise that there many different types of bank accounts. It is also important to understand that a large selection of these banks do not support overseas applicants. Therefore it is imperative you find out which business bank accounts are available to your business, and also the bank account that fulfills what you want to achieve. Ensuring you have the right business bank account for your requirements will ensure you are able to transact and conduct your business in a professional and safe manner. Firstly however, you will want to know whether the bank you are want to apply to accepts non-UK residents, as if not, then this bank will not be viable for you.
Types of Providers
Some examples of different providers offering business bank accounts in the UK are as follows; typical retail banks, commercial banks, investment banks, online banks and providers and then simple banking providers (which offer a very basic service). There are a number of different options to choose from however these options can decrease quickly when you mention that you are a non-UK resident. Your Banking Matters can help you navigate this minefield so you do not waste previous time and business funding in applying for the wrong bank account.
When you assess the different types of business bank accounts and providers that are available to non-UK residents, it is important to understand that they all provide different services and qualities that you must check before applying. For example, some bank accounts do not provide direct debits, and so if your business requires lending in the UK then this bank account would not be suitable for you. Additionally to this, some banks are not FCA regulated which means your money is not protected. Other bank accounts have holding and transferring limits which will not work for you if you have a substantial annual turnover. These are just some of the examples that you must check before applying to the bank of your choice.