Bank accounts in England

Having a UK bank account is prestigious and adds to a business's reputation. In addition, opening an account in this jurisdiction is advantageous because of the ease of settlement and the many other benefits of the British banking system.

Jurisdiction advantages

The option of opening a UK bank account makes it possible to obtain the following benefits:

• the stable and developed banking system with high standards of services;
• a wide range of banking and financial services, which are becoming easier to obtain;
• high level of confidentiality and security of client data;
• availability of modern and fast internet banking;availability of modern and fast internet banking;simplified procedure for finding business partners and obtaining various loans, primarily from UK banks.

The flip-side is the need to meet some strict requirements for opening a UK bank account and later operations on this account. Prifinance lawyers will be happy to pick up options for opening a UK foreign bank account and make a plan of action to maximize the chances of opening an account.

The procedure of opening a UK bank account

It is important to note that corporate accounts in UK banks are opened only to local legal entities with a resident director. All other corporate entities need to open accounts in the payment systems of the UK. A legal entity to open an account with a foreign bank in the UK must collect a comprehensive list of documents, which vary depending on the selected banking institution. In addition to the application, it is necessary to submit documents that confirm the registration and current status, corporate structure, and description of activities. Information about the legal entity's beneficiaries, founders, and managers is also submitted. Applicants additionally confirm the funds' origin and their business's legality (e.g., income certificates and bank statements).

In addition to the completed application form, an individual must submit documents that certify their identity, place of residence in the country (rental agreement, utility bills), social security policy, and other documents stipulated by the internal policies of the UK bank. An individual must confirm the legality of the origin of the funds planned to be placed in the future account.

In any case, a personal visit to the selected bank in the UK will be required. Prifinance lawyers will be happy to develop an individual plan of opening and preparing documents to maximize the chances of opening a UK bank account.

How Prifinance lawyers can help

If you are determined to open a UK bank account, Prifinance lawyers are ready to provide comprehensive support at every stage, namely:

• select options for opening a UK bank account in terms of profitability and the likelihood of obtaining a favorable decision;
• collect all the necessary data and documents for opening a UK account, including their correct execution in terms of local legislation and internal rules of the selected bank;
• negotiate with employees of selected banks and representatives of local authorities;
• provide any other advice and comprehensive legal support in resolving emergencies when opening an account and closing operations after that.

Provide input for individual advice and suggestions on how to open a UK bank account.