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Operating your business in the UK opens you up to a mindblowing array of opportunities. Check out these stats: The UK recorded the largest amount of VC investments in Europe and received the third-largest investments worldwide in 2024. Those huge numbers show the potential of doing business in the UK, however, not one of the investments would be possible without a UK business bank account for non-residents.
Choosing the best business bank account for non residents is crucial because a lot depends on it. It can accelerate business growth and make accounting, tax and general financial management easier. In this guide, you’ll see the step-by-step process for opening the best business bank account for non UK residents.
Can a Foreigner Open a Business Bank Account in the UK?
The short answer is yes. You do not have to be a UK resident before you can open and operate a fully functional business account. However, there are requirements that you must follow to open a business account in UK for non-residents.
Requirements for business bank account for non-resident
Broadly, you’ll need to provide 4 pieces of documentation before you can open a UK business bank account for non residents.
1. Proof of identity: This must be a government-issued photo ID, for example, international passport, national ID card, PAN card (India only), or NBI Clearance (Philippines only).
2. Proof of address: This can be your utility bill, bank statement, municipal bill, credit card statement, or other appropriate document.
3. Business registration documents: This includes the Certificate of Incorporation and Companies House Registration Number (CRN) to prove that your company is registered with the Companies House.
4. Company details: Here, you’ll share details about your company’s directors, shareholders, and organisational structure.
If your documents are not written in English, you may need to have them translated and notarised before proceeding with your business bank application in the UK.
Having a business bank account is almost as important as registering a business in the UK, but non residents face a unique set of challenges when trying to open their business account for foreigners.
For starters, high street banks must adhere to strict anti-money laundering regulations, which classify non-residents as high-risk. Most high street banks will not open a business bank account in the UK for non residents. For the ones that do, the process is complex, comes with a lot of scrutiny and often results in the business account application being denied.
Some other banks will require your business directors to visit their UK branch in person to provide relevant information and sign required documents.
Additionally, credit and background checks, proof of UK address, and a tedious identity verification procedure all complicate the process of opening a UK business bank account for non residents.
But there is an easier way to open a business account for foreigners.
Options for a UK Business Bank Account for Non-Residents
Online Banks & Fintech Solutions
This is the easiest way to get the best UK online business bank account for non-residents. Online banks and fintech solutions digitise the entire process of applying for a business account for foreigners. Every verification document needed can be submitted through a secure online portal, and your directors do not have to show up physically in the UK.
However, you should note that some fintech solutions, although they digitise the entire process, still make it difficult to open a business bank account for non-UK residents. They ask for proof of funding and a business plan, and it costs around £60-90/month to keep your business account running. This is where GoSolo’s business account stands out.
GoSolo lets you use your personal address outside of the UK to set up your business account. Where other providers take up to two weeks to open your business account, GoSolo creates a fully functional business account for you immediately after you complete your registration. Its pricing is transparent. Setting up your business account costs only £499 in the first year, after which the fee drops to £249 yearly.
Already Ltd? Manage your business account + admin in one app.
Company Formation Providers
A second option is company formation agents. These agents primarily help you to form your UK company. They offer business bank account opening as an incentive – for entrepreneurs that haven't opened their company in the UK yet – to purchase the company formation package.
But most of the agents cannot open a business account for you and only refer you to the banks that they partner with – which lands you right back at square one.
Traditional UK banks have stringent requirements you must meet before your company qualifies for a business bank account, and as mentioned earlier, the account application is complex and often declined because foreigners are considered high-risk applicants in the UK.
Some agents are able to directly open a business account in the UK for non-residents, although it might take up to two weeks before the account is verified and functional. On the other hand, GoSolo forms your company in the UK – without you paying the £50 Companies House fee – and opens an instant business account for you.
Solicitors & Law Firms
An alternative to online banks and fintech solutions is to use solicitors and law firms. This option is reliable but very expensive and complex as well. Legal advisors use nominee directors to open business bank accounts, which increases the costs and risks for your business. While you will eventually get a business bank account from the solicitor or law firm, their process takes a minimum of two weeks and costs an average of £4000.
Traditional UK Banks
Traditional banks often come to mind when trying to get a business account for foreigners. However, as mentioned earlier, most of them do not support non-residents because of tough anti-money laundering policies that classify foreigners as high risk. The identity verification process is long and stressful and may result in your company directors being required to physically show up in the UK to present their verification information or sign documents for the business account’s opening. For most SMEs, flying to the UK for identity verification is a costly business expense that simply isn’t feasible.
Best Business Bank Account for Non-UK Residents
With the different options for opening a business account for foreigners, you’ll need to be able to identify the best business bank account for non-UK residents.
We’ve put together a list of the essential features that the best UK online business bank accounts for non residents all have.
1. Easy account opening process. The best business bank account for non-UK residents does not have a complicated account opening process. Unlike most vendors who make entrepreneurs go back and forth sending different statements, documents and business plans, only to get back after a month with sad news, the best UK business account service for foreigners simplifies and digitizes the entire process. Your application is completed online and you are not mandated to show up in the UK before your identity is verified.
2. Low fees. Fees are a prominent factor, especially for small and medium businesses that may not have the bandwidth to pay exorbitant amounts for a business account setup. The best business account for foreigners has relatively low fees or is completely free to set up.
3. No UK address required. Your local address and phone number should be enough to open your UK business account.
4. No nominee directors needed. Nominee directors come with their own costs and risks and should not be a requirement before your company can operate.
Comparison of the best UK business accounts for non-residents
How to Open a UK Business Bank Account as a Non-Resident
Step 1: Register your business in the UK
If you have already registered your business in the UK, you can skip this step. But if your business is not yet registered with the Companies House, that is the first step to take. You need to establish a business presence to be eligible for a business bank account in the UK. Once your business is registered, you will get your Certificate of Incorporation and legal documents, including the Memorandum and Articles of Association.
Step 2: Select your preferred business account provider
From the options available (which we’ve listed above), you’ll have to pick a business account provider. In making your choice, consider factors such as ease of account opening process, fees, timeline, and the presence or absence of nominee director requirements.
Step 3: Get the necessary documents ready
Depending on the provider you picked in step 2, you will need to prepare documents for identity verification and to show the business’s legal presence. For non-UK residents, the business documents may include:
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Certificate of Incorporation
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Articles of Association
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Memorandum of Association
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Company registration number
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Proof of UK business address
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Business plan and financial projections
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Evidence of business activities
Additionally, your directors may need to present any of the following documents for identity verification:
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Passport, national ID card or any other government-issued photo ID.
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Proof of address in home country (utility bill, bank statement)
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Personal bank statements (last 3-6 months)
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Proof of source of funds
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Tax identification numbers
Step 4: Start the application process
With your documents ready, you can now begin the application process for a UK business account for non residents. Depending on which provider you choose, you may be asked to present the documents physically or be able to complete the entire process digitally. You may be able to complete the application in as short as ten minutes online, or it may take three weeks or more if you use a high street bank.
How to Open a UK Business Bank Account Online
The easiest way to get a UK online business bank account for non-residents is to use online banks or fintech solutions. We recommend using online banking providers like GoSolo, Wise Business and Revolut Business. Opening your business account with GoSolo takes a few steps and can be completed within ten minutes.
You’ll be asked to upload a valid government-issued photo ID document (passport, driving licence, or BRP) and proof of your address (council tax, utility bill, or bank statement) issued in the last three months.
And that’s it.
In addition to providing a business account, the all-inclusive UK business setup option also covers company formation, legal documents, and a premium virtual address. You’ll be prompted to upload proof of identity, proof of address, company details, and shareholder information once you start applying.
GoSolo’s non-resident UK business bank account plan gives you access to powerful sales, accounting, and payment features, such as contactless payment, QR code payments, branded invoices, sales analytics, and a Mastercard debit card.
How to Open a UK Business Bank Account Without a UK Address
When your business begins to operate in the UK, regulatory authorities, clients and vendors need to be able to contact you in the UK. For this purpose, you need a UK address. However, if you do not stay in the UK, there is no compulsive need to have a physical address.
You’ll also find that some SME owners have a family member’s address that can be used as their business address, but for safety and privacy reasons, they prefer not to make their family’s address known to the general public.
This is where a virtual business address comes in. A virtual address or virtual office is a physical location that will receive and sort every communication that belongs to you.
It gives your business a verified location in the UK where regulators, investors, clients and vendors can reach you for communication. It’s also perfectly legitimate and helps you comply with UK law.
Setting up a virtual address is often bundled with a company formation package. The best virtual address packages sort and forward your mail, adhere to GDPR data guidelines to protect your information, and give you an intuitive online portal to manage your mail and address.
GoSolo offers a virtual address located in central London for both UK residents and non-residents.
See the full list of documents you can use as proof of address instead of a bank statement.
Open a UK Business Bank Account for Non-Residents: Traditional Banks Vs Fintechs
Some leading high street banks offering business bank accounts in the UK include HSBC, Barclays and Lloyds Banking Group. As a non-UK resident, getting a business account in a traditional bank is complex, not guaranteed, and requires tons of documents throughout the application process. Where fintech banking solutions allow you to apply for a business account online, high street banks will require the physical presence of at least one of your directors before processing your business bank application.
On one hand, traditional banks offer a much wider range of financial services like loans and overdrafts, which most fintechs do not provide. On the other hand, fintechs make business bank accounts more accessible to non-UK residents and remove rigid requirements like nominee directors and physical presence in the UK from the process of opening a UK business account for foreigners.
Monthly account management and transaction fees are major factors to consider before you open a UK business bank account for non residents in a high street bank. Carefully read the small print, and be clear on the fixed fees for banking transactions, especially those of international money transfers. The charges are usually steep and will add up significantly as your business continues to function.
Conclusion
The best business bank account providers have four factors in common: low fees, easy account opening process, no UK address requirement and no nominee director requirement.
For a non-UK resident wanting to open a UK business bank account, we recommend that you use a fintech solution that speedily handles the entire account opening process online, has no monthly admin fees, and does not cost you an arm and a leg to set up.
Open a UK business bank account for non-residents with GoSolo today.