Bank Account Opening

Opening a UK Bank Account for an internationally owned company is difficult, slow, and in some cases impossible.

So, what are the issues?

Significant increases in Anti Money Laundering regulations have made banks extremely cautious. The cost of compliance has risen significantly, making many accounts uneconomic to operate. This cost only increases when dealing with internationally owned companies which do not fit the standard UK procedures.

Compliance teams are separated from the account opening teams. You may spend weeks completing application forms and ID verification checks before your application is passed to the compliance team, only for them to reject you with no explanation and no opportunity to re-apply.

At EBS, we work exclusively with internationally owned businesses, have seen these issues many times, and understand how to smooth transition into the UK.

So, what can you do?

Following the guidance below will help you give the bank clear, comprehensive information showing them how to say “yes”.

Owner and Director Identification
Make sure that you can provide certified/notarised identification documents for every director, beneficial owner, and signatory. Satisfying the banks’ requirements for formal identification is key to success.

A simple ownership structure will help enormously. A complex structure with multiple international layers will take longer. The more people needing to provide ID, the greater the opportunity for delay or mistake.

History
Key to minimising risk is showing clear evidence of business activity in the UK. A bank will often expect you to have employees and customers in the UK before you can open an account.

Business Plan
The bank will often ask for a Business Plan. Explain clearly where your income comes from and where money will be going. The bank will be looking for any Money Laundering risks inherent in your business, so minimise these where it is practical to do so.

Public Information about you
Do a web search on your own company. The bank will, so you should know what they will find.

Opening a UK bank account

As said previously, opening a UK bank account can be difficult. But our experience and contact network can make this much simpler. We are here to help in any way we can.

Please talk to the EBS Team so we can support your company in this process.