How to open a business bank account in the UK as a non-resident 

If you are planning to expand your international business into the United Kingdom, you are going to need a local bank account at some point, to manage payments. 

Without a business bank account, separating personal and professional finances, avoiding undue exchange fees, simplifying tax reporting, and managing the business’s accounting, can become a complexity. 

But thankfully, the UK is regarded as one of the most ideal financial centers, and its financial services sector consists of private UK banks, multinational banks, and publicly owned lending institutions, so this complexity is resolvable due to the several options available for non-UK residents who decide to register a company in the UK. 

If you’re expanding your corporate presence to the UK and are looking for a straightforward way to open a business bank account in the country, the following steps are some important considerations to keep in mind. 

Can you open a UK business bank account as a non-resident? 

There’s no legislation stopping a non-UK resident from opening a UK business bank account. But it can be difficult to open a business bank account in the UK as a non-resident, as many business banking providers in the UK state in their eligibility criteria that you need to be a UK resident to open an account with them. 

This is probably because banks have to run thorough identity checks and follow comprehensive anti-money laundering regulations whenever an individual applies for a business bank account. 

As a UK resident, these checks are very easy to make, but as a non-resident, it’s often more difficult and time-consuming to do these checks, which means several banks won’t accept applications from non-residents in order to avoid these issues. 

This doesn’t stop several other providers from allowing you to open a UK business account, even if you’re not a resident, but it’s recommended to shop around a bit and check the terms and conditions of a few banks before choosing and starting the bank account opening process. 

If in doubt, just contact your Damalion expert and let us help. 

How to open your business bank account in the UK? 

Formal banks in the UK usually require you to visit a branch to open a business account, where you’ll be able to get the whole process done. 

Here are the basic documents you have to provide in order to open a business bank account in the UK: 

• Business name and address 
• Certificate of incorporation 
• Your personal details 
• An ID 
• Proof of address 
• Companies House registration number (only if you are limited company) 
• Approximate business turnover 
• Personal financial situation 

As a non-UK resident, some of these requirements may vary. For instance, you may be asked to provide proof that your business has a physical presence in the UK, with documents like your office’s rental agreement or bills. This might sound stringent, but your Damalion expert is here to help simplify the whole process. 

Other options as a Non-UK resident to open a business account

Although no legal limitations prohibit non-UK residents from opening a business account in the UK, many banks may not accept applications from non-residents without proof of address within the UK. Traditional banks will also mandate a face-to-face meeting before providing the business account, in which you will sign a bank decree to avoid fraud concerns. 

Alternatives to this are to either use digital providers (virtual bank accounts) who let you open a business account online without too much administration or “Your own bank” if they have branches in the UK or an “International account” that supports pounds (as well as other currencies). 

Choosing a bank account for your business in the UK. 

If you are looking to open a bank account in the UK, which account you opt for will depend on your personal circumstances and what you are looking for. 

Selecting the right bank account for your company in the UK requires a lot of research, in which you should consider the services your business seeks, the rates and fees, the bureaucracy, the range of products and services, ease of access, and the essential documentation you have to provide. It’s significant to understand the process of opening a business account and your company’s finances in order to choose the best bank for your company’s success. You won’t have to do much research as your Damalion expert can also help in this aspect. 

Need help getting a UK business bank account? 

Opening a bank account in the UK if you aren’t a resident can be tricky. This is partially due to the strict anti-money laundering rules that British banks have to follow. Nevertheless, if you’re a credible business owner and have the documents to prove it, you should be able to open a business account there without restriction. 

Contact your Damalion expert now in order to open a bank account for your business in the UK. 

How to open a business bank account in the UK as a non-resident — eligibility, documents, remote onboarding, payment flows, risk checks, timeframes, and costs.

For founders, SMEs, groups, SPVs and holding companies • This guide explains what UK banks usually ask for and how to prepare a clear file. Decisions always follow each bank’s policies.

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What helps UK business account onboarding go faster?

Keep it simple and complete. Explain who owns and runs the company, why the account is needed, expected payments (amounts, currencies, countries, counterparties), and show traceable source of funds. A clean, consistent set of documents lets compliance finish checks without back-and-forth.

Documents most banks expect

• Company: certificate of incorporation, articles, register extract, registered office, confirmation statement (if available), business description.
• People: directors and PSCs (beneficial owners) with valid ID and recent proof of address.
• Ownership: clear chart showing PSCs (usually 25%+ or control) and any corporate layers.
• Tax: company UTR (if issued), VAT (if registered), and each controller’s tax residency/TIN; US indicia where relevant.
• Source of funds: invoices, contracts, sale agreements, dividend minutes, loan agreements, investment subscriptions, bank statements.
• Activity: 12-month view of expected incoming/outgoing amounts, currencies, countries, and counterparties.
• Supporting: leases, utility bills, website, sample invoices, supplier or customer references where available.
• Translations/apostilles when documents are not in English and the bank asks for certified copies.

Account types at a glance

Topic	Business current	Deposit / savings	Multi-currency
Use	Day-to-day payments	Holding surplus cash	FX collections and payouts
Docs	Full KYC/KYB pack	As current; may require higher minimums	As current; FX profile and countries
Minimums	Monthly fees may apply	Often minimum balance	Tiered fees and FX margins
Timeline	From a few days once complete	After main account is open	After risk review of flows

How it usually works

1. Choose a suitable bank or EMI. Check eligibility, fees, supported countries, and currencies.
2. Prepare your documents. Company papers, owners/directors, tax info, source of funds, and activity plan.
3. Explain payment flows clearly. Keep the narrative short and consistent with documents.
4. Respond to compliance questions quickly. Use one email trail and numbered attachments.
5. Activation and first funding. Receive account/IBAN/sort code, run test payments, set user permissions.

Costs and timelines

• Fees: setup, monthly account fees, payments, cards, FX margins.
• Minimum balances may apply for some banks or account tiers.
• Timing after a complete file: typically a few days to a few weeks, depending on sector and countries involved.

Related reading

• Original article: UK business bank account
• More articles on bank accounts

Frequently asked questions

1) Can a non-UK resident open a UK business bank account?

Yes. UK law does not prohibit non-residents from holding a business account. Banks apply their own eligibility criteria and risk policies under the Money Laundering Regulations 2017 (as amended), Proceeds of Crime Act 2002, and financial sanctions rules. Approval is case-by-case.

2) Do we need a UK-incorporated company?

Not always, but many providers prefer or require a UK entity with a real UK business link (customers, suppliers, staff, premises). Some EMIs accept foreign companies when ownership, activity, and countries are well documented.

3) What ownership information is required?

Banks identify all persons with significant control (usually 25%+ or control by other means) and directors. They must verify identities, addresses, and the control chain, including any corporate shareholders.

4) What is acceptable proof of address for non-residents?

Recent utility bills, bank or credit card statements, government letters, or equivalent documents showing full name and residential address. Some banks use reputable electronic verification or notarised copies when originals are not practical.

5) What counts as “source of funds” for a new company?

Incorporation capital, shareholder loans, seed investment, or revenue from contracts. Provide agreements, board minutes, bank statements, or invoices that trace money flows from origin to the account.

6) Are remote video onboarding and e-signatures accepted?

Common in 2025. Many banks conduct video KYC and accept qualified e-signatures for mandates. Physical meetings can still be requested for higher-risk profiles.

7) How do UK sanctions affect onboarding?

Banks must screen applicants against UK consolidated sanctions lists. Matches, ownership or control by designated persons, or sanctioned country exposure can lead to refusal or enhanced checks.

8) How are Politically Exposed Persons (PEPs) treated?

PEPs require enhanced due diligence, senior management approval, and ongoing monitoring. Additional documentation on wealth and transactions is typically required.

9) What changed at Companies House that affects banks?

Ongoing reforms from the Economic Crime and Corporate Transparency Act (ECCT) include stronger identity verification and transparency expectations. Banks may ask for up-to-date confirmation statements and PSC details to align with these reforms.

10) Can banks refuse without giving detailed reasons?

Yes. Banks operate under their own risk appetite and are not obliged to accept accounts. A decline at one institution does not prevent applying to another.

11) Are face-to-face branch visits still required?

Less common, but some traditional banks still require a visit, especially for complex ownership, high-risk sectors, or international cash flows.

12) What sectors usually face extra scrutiny?

Cash-intensive businesses, crypto-related activity, money service businesses, high-risk import/export corridors, and regulated sectors. Expect detailed questions and supporting evidence.

13) What UK address evidence is needed if the business is overseas-managed?

Banks often ask for a genuine UK nexus: registered office, trading address, contracts with UK counterparties, or UK staff. Virtual offices alone may be insufficient.

14) How are taxes handled by the bank?

Banks classify clients for tax reporting (e.g., CRS/FATCA). They do not provide tax advice. Ensure correct registrations (e.g., VAT if applicable) and meet filing obligations with HMRC and Companies House.

15) Can the account hold multiple currencies?

Yes. Multi-currency accounts and sub-accounts are widely available, often with separate IBANs or virtual accounts. FX fees and margins apply.

16) How long does onboarding take?

With a complete file and clear activity, it can be a few days. More complex structures, higher-risk sectors, or wider country exposure may take several weeks.

17) Are notarised or apostilled documents required?

Only when requested. Requirements depend on the provider, the country of issue, and the bank’s comfort with electronic verification.

18) What internal controls should we set for payments?

Role-based access, maker-checker approvals, limits by user and currency, segregation of duties, and clear signing rules recorded in board minutes and the bank mandate.

19) Can a non-resident director be the sole signatory?

Possible, subject to bank policy. Some providers want at least one UK-based authorised user for operational reasons, but this is not a legal requirement in all cases.

20) What if we operate in a sanctioned or high-risk country?

Expect enhanced due diligence, transaction monitoring conditions, or refusal. Provide robust contracts, licensing evidence, and clear routing that complies with UK law.

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