A business account will also help give you credibility as the bank has to a degree assessed and accepted your business proposal. If you are setting up as a limited company, you need to have set up the limited company before your visit to the bank. The most common type of business accounts in the UK is current accounts. A current account may offer a cheque book, cheque guarantee card, cash card, debit card, overdraft facility, and direct debit and standing order facilities. Some accounts pay interest, although this is usually at a lower rate than a deposit account. Accounts can be opened in different currencies such as GBP, EUR and USD. Most of the banks offer internet banking facilities.

Opening a UK Bank account

Setting up a UK bank account can be quite difficult. However, thanks to our relationship with HSBC, Barclays, NatWest, and Lloyds TSB banks we can help you set up an account quickly and easily. Once you arrive in the UK, we will arrange for you to meet a bank representative in order to open a bank account. Have the right documentation with you. All banks will require you to prove that you are a business. British banks, in common with their counterparts across the globe, have introduced new regulations about opening new bank accounts. Security procedures have been implemented which can lead to delays for overseas clients who try to open an account on arrival. It is quite difficult to open a UK bank account whilst you are overseas unless you provide certified and notarised documents in English.

To open a business bank account the signatory will need to show the following identification (A certified translation in English will be needed if documents are in languages other than English):

• Proof of Identity-copy of passport or Driving License (certified if you are not travelling to the UK)
• Two Utility bills which include your name and address (certified if you are not travelling to the UK)
• Reference from your existing bank in your country (in English)

Note: The above documentation can be certified by an accountant, Lawyer or Notary.

Each branch of each bank makes an independent decision on whether to accept new customers and there is no particular bank that has a better deal for international clients. Banks have a strict vetting procedure and will ask a multitude of questions to find out more about the business activities of the company. In order for us to open a bank account for the Limited company or LLP we will need the following items:

• Copy of Certificate of Incorporation
• Secretary letter
• Letter from the accountant
• Business Plan in some cases

The following details should be filled out in the application for: Detailed description of business type - nature of business. Please explain, in detail the need for a U.K. based bank account. List location of primary trading area. List anticipated volume, cash and otherwise.

The process of obtaining a U.K. bank account usually takes about two to five working days provided we have the required documentation.

Opening bank accounts can be quite complicated and tedious for clients who are not very familiar with the UK banking system. Hence Fides partners Limited can relieve you from the burden of red tapes for the following fee:

Make appointment for you with the bank Fill all the necessary forms Prepare the secretary and accountant letter Attend the meeting with you at the bank where required   UK Bank Account £299