Business Bank Account
All new businesses need banking facilities in order to start trading. Ultimately it is up to you the customer to arrange the facilities that suit you the best. You may choose to use the bank that you have always used, or you may look at our Bank introduction offers.
For more information about business banking for Non UK Residents please visit this page.
Business bank account introduction services are offered by many company formation agents, but cash back offers vary significantly from the amount of the cash back to the way it is applied and claimed. We offer generous cash back on a successful business bank account opening with Barclays bank to all our clients, who used our formation services irrespective of the package they choose. You can find out how the cash back on business bank accounts with Barclays works using our referral system by visiting our Cashback Offers page.
We only offer UK business bank account introduction services to clients who used our company formation services to register UK Limited Company and a UK Limited Liability Partnership (LLP). Please note that we do not offer a UK business bank account introduction as a separate service.
Is it possible to open Bank Accounts with Nominees?
It is worth mentioning that the use of nominee directors makes it difficult to open a bank account at a UK bank, as the British banks are not accustomed to such arrangements. We can provide certified copies of the Director’s identification upon request, but we will have to charge for the courier fees for any documents required to be signed by the non UK resident director.
Also, business banking outside the UK would appeal to companies who trade outside the UK. As an alternative to UK banking, we can introduce you to reputable banks in Europe. There are several options for you to choose and these can be added in the optional extras pages when placing your order.
Our representative will assist you with completion, provide necessary advice and follow your application through, but please bear in mind that it is ultimately a bank’s decision to open a business bank account for your company. Very few company formation agents offer remote bank account openings in the UK and we have a long standing relationship with these banks with a high success rate.
Business Bank Account for UK Companies in Cyprus
UK Companies Limited has an agreement with a reputable established bank in Cyprus to refer our clients to. Upon completion of your company formation, you would need to produce the following documents, some of which will be provided by us:
- The bank account opening forms filled in and signed (we provide and certify them).
- A certified copy of the Incorporation documents (we provide them).
- A form of photo ID such as a copy of a passport or driver’s license for all signatories to the account.
- A bank reference for all signatories.
- A board resolution which appoints the authorized signatories (we prepare it).
- Document verifying your permanent address (i.e. an electricity bill or other utility bill, credit card or bank statement not older than 3 months. (Mobile phone bills are not accepted).
This bank offers multicurrency accounts, debit cards, internet banking as well as distance operations via fax or phone. Express payment processing or wire transfers with no limitations on the amount of the transaction.
On average it takes a few days from the date the bank receives all your forms and supporting documents required if you wish to do it remotely, i.e. without physical presence.
The initial minimum balance requirement is — 1,000 USD or — 1,000 Euro or — 500 GBP.
Our Service Fee for Bank Introduction in Cyprus is £ 250.00.
Business Bank Account for UK Companies in Latvia
UK Companies Limited also has an agreement with a private bank in Latvia, as an alternative to the UK banks.
This bank offers multicurrency accounts through confidential internet banking with major debit cards, MasterCard credit cards together with express payment processing or wire transfers with no limitations on the amount of the transactions. This bank does not require a bank reference and a meeting with the bank representative to verify your documents in person so it speeds up the process and eliminates the expensive legalisation of documents.
The bank does not require an initial deposit or for the company to maintain a minimum balance, however there is a one off account activation fee of Euros 350 (equivalent in GBP) in addition to our bank introduction fees of £ 200.00.
As a rule, the following documents are required:
- Completed application forms (we provide application forms)
- Business description where applicable
- Notarized copy of a valid passport for each account signatory
- One form of documentation proving permanent residence (can be a recent utility bill, a credit card statement etc.)
Please contact us, if you wish to talk to our specialist regarding a bank introduction service to the banks in Cyprus or Latvia or make a selection during the company incorporation process.