Banking in the United Kingdom
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...
A UK company can practically open its bank account in any places in the world due to the excellent country’s profile.
Wonder which can be the best bank for your United Kingdom company? Let's find out with our Banking Tool.
Banking Options for UK Company
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Initial Deposit|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
- Account application forms;
- Bank reference letter/Personal reference letter;
- Bank statements
- Certified copies of valid passports, recent address proofs within 3 months for all directors/shareholders/account signatories;
- Business plan with details like expected turnover, sources of funding, partners…
- Certified copies of corporate documents i.e. CoI, M&AA, Registers of directors/shareholders…
Please contact BBCIncorp to receive free consulting for your case.