How to open a local bank account for a UK company

A bank account in the UK is the second step to start doing business after registering a company. This process may seem complicated, but with the right approach and following all the necessary steps, it can be completed relatively easily and efficiently with the help of the lawyers at Antwort Law.

Opening a bank account for a UK company entails several potential difficulties that can significantly slow down or even stop the entire process.

1. Confirmation of company address

Opening an account often requires proof of a company's registered office in the UK, such as lease agreements or utility bills. Antwort Law's solution to this problem includes:

●     Providing a registered address: We will offer you a registered address, which is not bulk, ensuring your company is properly represented in the UK.

●    Virtual Office Consulting: We will advise you on using virtual office services that meet banking requirements, ensuring a smooth account opening.

2. Bank checks

Bank checks for compliance with AML (Anti-Money Laundering) and CFT (Counter Financing of Terrorism) requirements can significantly delay the account opening process. Here's how Antwort Law makes the process easier:

●  Document Preparation and Review: We will carefully prepare and review all necessary documents to satisfy AML/CFT requirements, facilitating approval.

●      Risk minimization: We will advise you on effectively managing the risks of money laundering and terrorist financing, increasing your reliability in the eyes of banks.

●    Representation of interests in the bank: Our team will communicate with banking services, speeding up the process of checking and opening an account.

Having analyzed the possible barriers to opening a UK bank account, we offer the following strategic advice:

1) Choose not only traditional banks such as Barclays, HSBC, Lloyds, and NatWest but also digital banks such as Revolut, Monzo, Tide, and Starling Bank, as well as payment systems. Corporate banking in this country is highly developed, so there are a lot of offers, but payment systems have many advantages over banks, especially for startups. As a rule, payment systems are more loyal, flexible and faster in opening accounts.

2) Prepare the following documents:

  •     Certificate of Incorporation;
  •   Constituent documents of the company (Memorandum and Articles of Association);
  •     Information about directors and beneficial owners;
  •     Proof of the company's registered address in the UK;
  •     Personal documents of directors and shareholders, including passport and proof of residential address.

3) Submit applications to several banks at the same time.

4) Wait from several days to several weeks, depending on the bank and the completeness of the documentation provided. Some digital banks can even do this in a few minutes.

5) Pay a monthly account maintenance fee, which may vary depending on the selected tariff plan and additional services. Some digital banks offer free basic account maintenance.

If you have any difficulties at any of these stages, we will be happy to help you. With Antwort Law, you receive legal support and a comprehensive solution to overcome bureaucratic and regulatory barriers when opening a bank account in the UK. We ensure that every step is carried out with all requirements and your business needs in mind, providing a smooth start for your business in the UK market.

Lidia Ivanova

International lawyer
Antwort Law

What are the key tips for opening a UK business bank account?
Choose not only traditional banks, but also digital payment systems. Prepare all the necessary documents and submit applications to several banks at the same time to increase your chances of successfully opening an account.
How to open a UK company bank account?
Opening a bank account for a UK company requires confirmation of a registered address and passing bank checks. We offer assistance in providing the company's address and preparing documents to comply with bank requirements.
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