Open bank account for
UK Company

One initial step to start your offshore business venture is to apply for a ​business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better limited liability protection and enhanced credibility for your business. As for UK company, there are common application choices to open your business account:

Applying in a local bank in the UK

The UK is a developed country and has the world’s seventh-largest economy by nominal GDP and eighth-largest economy by purchasing power parity. Moreover, London, its capital, is one of the biggest financial centers in the world.

The UK is not a tax haven or an offshore centre. In the UK, the tax enforcement legislation is sometimes more draconian than in many other developed countries. The government is very aware of tax avoidance and tax evasion methods. Despite that, and with careful planning, the use of a UK limited company can yield many tax advantages.

After the financial crisis in 2008, the legislation framework for the banking industry has been reformed to separate high-risk taking aspects from normal banking businesses. Two main regulatory bodies responsible for the stability of the financial system are Bank of England (central bank of the UK) and the Financial Conduct Authority.

As of June 2019, there are more than 80 licensed banks in the UK. The banking industry is excessively dominated by top 5 banking groups accounting for more than 85% of market share. Highly developed banking services provide ranges from traditional products i.e. multi-currency account, internet banking… to extremely complex financial products like a structured investment account, derivatives...

Going for offshore bank accounts or fintech solutions

Due to the UK's strong financial reputation, UK companies can practically open a bank account anywhere around the world. This allows for efficient global financial management through offshore or savings accounts. Thus, setting up an account with financial institutions such as digital banks or EMIs.