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UK Business Bank Account For Non UK Residence

UK Business Bank Account For Non UK Residence

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HI All,

I have a client from Pakistan who opened her company in UK. I checked with couple of local high street banks and they said that we don't open business bank account for non UK residence. I don't understant one thing. The governemnt has no object to open UK company under non uk residence status. But Banks have objection to open business account. Is any suggestions regarding opening business account?  Regards YG

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By David Ex
29th Jun 2021 18:43

goharstar wrote:

I have a client from Pakistan who opened her company in UK. I checked with couple of local high street banks and they said that we don't open business bank account for non UK residence. I don't understant one thing. The governemnt has no object to open UK company under non uk residence status. But Banks have objection to open business account. Is any suggestions regarding opening business account?  Regards YG

Presume it would be impossible to satisfy the bank’s regulatory obligations (cost effectively).

How about the UK arm of a Pakistani bank with which the NR has a relationship in Pakistan?

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By free-rider
29th Jun 2021 19:06

I have a few NR clients who for various reasons have companies in UK.

I found it almost impossible to open a bank account with a high Street bank. Whereas challenger banks like Starling, Wise etc are more forthcoming to help in such circumstances.

This could be an option for a company with modest income as I personally find challenger banks to be a real pain when it comes to a higher TO and more complicated business transactions.

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By Cheshire
29th Jun 2021 19:08

Isn't that bit like saying Tesco sell Baileys, why don't Aldi?

It's about AML.

How have you done yours?

Oh yes, what David said. Covered on here before, recently.

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