Account Opening - FAQs

Yes, it is possible for a non-UK resident to form a limited company in the UK. In fact, it is common for individuals from outside the UK to incorporate a UK limited company for various reasons, such as doing business in the UK or taking advantage of the country's favorable business environment.

To form a limited company in the UK, you will need to follow the same steps as a UK resident. This includes choosing a company name, registering the company with Companies House, and preparing the articles of association (a document that sets out the rules for running the company). You will also need to appoint directors and shareholders, and register for certain taxes, such as corporation tax and VAT.

Important thing to note is that as a non-UK resident, you will be required to appoint a UK resident as a director of the company. This can be a friend, family member, or professional service provider. You will also need to appoint a registered office address in the UK, which can be a residential or business address. This address will be used as the official correspondence address for the company and will be listed on the public record.

If you have any further questions about incorporating a limited company in the UK as a non-UK resident, it is advisable to seek professional advice from a lawyer or accountant.

Yes, it is generally possible for a BVI (British Virgin Islands) company to open a bank account in Hong Kong. However, the specific requirements for opening a bank account in Hong Kong may vary depending on the bank and the type of account being opened. Some common requirements for opening a bank account in Hong Kong include providing proof of identity and address for the company's directors and shareholders, as well as providing documentation related to the company's business activities and financial history.

In addition to these requirements, banks in Hong Kong may also require that the BVI company provide proof of incorporation, a business plan, and other documents as needed. It is generally a good idea to contact the bank directly to determine the specific requirements for opening a bank account, as these requirements can vary from bank to bank and may change over time. In some cases, it may also be helpful to work with a local representative or corporate service provider who can assist with the process of opening a bank account in Hong Kong.

Yes, it is generally possible for a BVI (British Virgin Islands) company to open a bank account in the UK. However, the specific requirements for opening a bank account in the UK may vary depending on the bank and the type of account being opened. Some common requirements for opening a bank account in the UK include providing proof of identity and address for the company's directors and shareholders, as well as providing documentation related to the company's business activities and financial history.

In addition to these requirements, banks in the UK may also require that the BVI company provide proof of incorporation, a business plan, and other documents as needed. It is generally a good idea to contact the bank directly to determine the specific requirements for opening a bank account, as these requirements can vary from bank to bank and may change over time. In some cases, it may also be helpful to work with a local representative or corporate service provider who can assist with the process of opening a bank account in the UK.

A beneficial owner of a BVI (British Virgin Islands) company is an individual or entity that ultimately owns or controls the company, either directly or indirectly, through a chain of ownership or by other means. In the context of a BVI company, the beneficial owner is typically the person or entity that ultimately benefits from the company's profits or assets, even if they do not have legal ownership of the company.

In some cases, the beneficial owner of a BVI company may be the same as the legal owner, such as when an individual or entity directly owns shares in the company. However, in other cases, the beneficial owner may be different from the legal owner, such as when the company's ownership is structured through a series of intermediaries or trusts.

It is important to identify the beneficial owner of a BVI company because this information can be used to help understand the ownership and control structure of the company, and may be required for regulatory or compliance purposes. In some cases, BVI companies may be required to disclose information about their beneficial owners to authorities or other third parties, such as banks or financial institutions.

BVI (British Virgin Islands) companies are generally not required to obtain a tax number or pay taxes on their business income in the British Virgin Islands. The British Virgin Islands has a territorial tax system, which means that taxes are only levied on income that is earned within the territory. As a result, BVI companies are generally not required to pay taxes on income that is earned outside of the British Virgin Islands.

However, it is important to note that this does not necessarily mean that BVI companies are not subject to taxes in other countries. Many countries have tax laws that apply to foreign businesses that operate within their borders or that derive income from their markets. As a result, it is possible that a BVI company may be required to pay taxes in other countries where it does business, depending on the specific tax laws of those countries.

It is a good idea for BVI companies to carefully review the tax laws of any country in which they do business and to seek advice from a tax professional if necessary to ensure that they are in compliance with all applicable tax requirements.

Yes, it is generally possible for a BVI (British Virgin Islands) company to open a bank account in Singapore. However, the specific requirements for opening a bank account in Singapore may vary depending on the bank and the type of account being opened. Some common requirements for opening a bank account in Singapore include providing proof of identity and address for the company's directors and shareholders, as well as providing documentation related to the company's business activities and financial history. In addition to these requirements, banks in Singapore may also require that the BVI company provide proof of incorporation, a business plan, and other documents as needed.

It is generally a good idea to contact the bank directly to determine the specific requirements for opening a bank account, as these requirements can vary from bank to bank and may change over time. In some cases, it may also be helpful to work with a local representative or corporate service provider who can assist with the process of opening a bank account in Singapore.

To deposit a customer's check or pay for a business expense, you'll need to open a business bank account in the name of your limited liability company (LLC). It may appear to be a hassle, especially in the early days of running your business when things are hectic and you're trying to keep both feet on the ground while meeting all of the new demands that a new business places on you, but it is necessary.

After you've gathered all of the necessary documentation, you can meet with your banker to open a bank account for your LLC. Doing your research ahead of time and bringing all of the necessary documentation will make this final step in the process much easier.

A separate business bank account is not only required for your LLC, but it will also assist you with many practical aspects of running your business, such as accounting for expenses, paying business bills, and depositing customer payments. Furthermore, using your bank account responsibly will help you build a stronger relationship with your bank, which will be especially useful if your LLC needs credit in the future.

Yes, it is possible to open a UK business bank account if you live abroad. However, the specific requirements and process for doing so may vary depending on the bank and your individual circumstances.

Generally, you will need to provide the bank with information about your business, including its name, location, and nature of operations. You may also be required to provide identification and proof of your address, as well as information about any directors or shareholders of the business. Some banks may also require you to provide proof of your business's registration or incorporation.

It is a good idea to research the specific requirements and process for opening a UK business bank account with different banks in the UK to find one that meets your needs. You may also want to consider working with a financial advisor or accountant to help you navigate the process of opening a business bank account in the UK as a non-resident.

Yes, a UK company typically needs to have a UK bank account in order to conduct financial transactions, such as receiving payments from customers and paying bills to suppliers. However, it is not illegal for a UK company to not have a UK bank account.

But it is generally advisable for a company to open a bank account as soon as possible after it is incorporated, as this can make it easier to manage the company's finances and maintain good financial records. In order to open a bank account, a company will typically need to provide certain information and documents, such a s proof of its incorporation, identification for the company's directors, and details of its business activities.

This is a must. Most banks require the company KYC documents to have a certain degree of legal notary as eligibility.

In the UK, it is not legally required for a limited company to have an accountant. However, having an accountant can be beneficial for a limited company in the UK because they can provide valuable advice on financial matters and help with bookkeeping, tax compliance, and other financial responsibilities. An accountant can also help a limited company make informed decisions about its financial affairs and ensure that it is compliant with all relevant laws and regulations. Ultimately, whether or not a limited company in the UK needs an accountant will depend on the specific needs and circumstances of the business.

In the UK, limited companies are subject to corporation tax on their profits. The rate of corporation tax for the tax year 2021-2022 is 19%.

The amount of profit that a limited company can earn before paying tax in the UK will depend on a number of factors, including the company's expenses, allowances, and reliefs. For example, a limited company can deduct certain business expenses from its profits before calculating its corporation tax liability. These expenses might include things like staff salaries, rent, and utilities.

In addition, a limited company may be entitled to claim various allowances and reliefs that can reduce its corporation tax liability. For example, the Annual Investment Allowance allows a limited company to claim a tax deduction on certain investments in plant and machinery.

There is no specific profit threshold at which a limited company in the UK becomes liable to pay corporation tax. However, the company will be required to pay tax on its profits at the applicable rate once it starts making a profit.

We have a wide range of international and local banks for you to choose from. Please visit here.

Those with the remark “Remote Application” will allow you to open an account online.

For more details, please contact us before placing your order.

No, you can’t open a bank account without proof of address. Normally, you will have to go through a KYC process, which requires you to provide them with your identity card and proof of address. If you are a foreigner, an overseas proof of address is needed. A physical address gives the bank a place to send debit cards, recurring bills, and other mail.

The address may not be your home or permanent address. If you're staying with a friend or relative, you can use their address; however, you might need to present some proof, such as a utility bill or cell phone bill, that was delivered to the address you gave.

Yes, you can use your personal bank account for your LLC, but it is not advisable.

Although it is not specifically required by law, using a personal bank account for LLC instead of a corporate one may result in indirect consequences such as losing limited liability protection and "unintentional" tax evasion.

An LLC is a pass-through entity, thus as the owner, it is your responsibility to calculate and pay the taxes in compliance with the law. When personal finances are included in the bookkeeping process, it is hard for you to clarify your personal transactions with your LLC’s transactions.

To open bank accounts in Hong Kong and Singapore, personal visit is a must. 

However, for other jurisdictions, such as Switzerland, Mauritius, St Vincent etc, you can leave most of the work to our expert team and enjoy the benefit of remote application. The whole procedure can be completed online and via courier (apart from a few exceptions).

Better yet, a customised personal meeting with our partnered Bank Account Manager can be arranged if you wish.

Read more:

• Why open an offshore bank account?
• Open offshore bank account

No. If you tick the bank account opening option, we shall-in close collaboration with yourself-choose the bank which most suits your needs from among our network of prime banks.

The bank will then decide if the account can be opened, depending on how comfortable they are with the nature of your business and the personal information provided by you.

Also read:

• Why open an offshore bank account?
• Open offshore bank account

After submitting all required documents to the bank, the bank will conduct a compliance check.

Generally, the bank account can be approved and activated in 7 working days, depending on your bank of choice.

Also read: 

• Why open an offshore bank account?
• How to open offshore account?

Depending. This is subjected to bank service.

We can support you to open bank accounts in Hong Kong, Singapore, Switzerland, Mauritius, St. Vincent and the Grenadines and Latvia.

An offshore bank account gives a higher level of freedom, security, and profitability that why open an offshore bank account for the company to grow your business.

Many offshore countries guarantee bank secrecy. In some, bank secrecy laws are so strict that it is a crime for a bank employee to disclose any information about a bank account or its owner. Currency control in offshore countries is considerably less rigid than in high-tax countries. (Also read: Bank account with multiple currencies) 

Moreover, offshore bank accounts are able to avoid the high service costs that have become a part of domestic banking. Offshore banks normally offer very attractive interest rates. Offshore credit and debit cards afford a certain level of privacy since all purchases are debited to the offshore bank account.

At the same time, some offshore banks are financially stronger and better managed than even major domestic banks. This is the case because an offshore bank must maintain a higher ratio of liquid assets to accumulated debts.

For the above mentioned reasons it could indeed make sense to operate a bank account in an offshore jurisdiction where it is safe from domestic fiscal authorities, creditors, competitors, ex- spouses and other who might wish to appropriate your wealth.

Read more:

• How long does it take to open a bank account?
• Open offshore bank account

We only work with first class banks, which are able to offer you all the services you may require (internet banking, anonymous credit and debit cards) like:

• Hong Kong (HSBC, Hang Seng, DBS bank)
• Singapore (DBS bank, OCBC)
• Mauritius (ABC bank, Afrasia Bank)
• Switzerland (CIM bank)
• Latvia (Rietumu bank)
• St. Vincent and the Grenadines (Euro Pacific bank)

Read more:

• Why open an offshore bank account
• Open offshore bank account

Bank documents normally require you to provide them with

• Certified copies of a company’s certificate of incorporation
• Bylaws or Memorandum and Articles of Association
• The resolution of the directors to open a bank account.

All banks also require evidence of beneficial ownership in the form of certified copies of passports and the relevant resolutions by the Board.

Banks have to know their customers’ business and therefore we will require clients to provide us with detailed plans for the new company’s operations.

As a condition for opening a new account, most banks require that an initial deposit be placed, and some banks may insist that significant minimum balances be maintained.

Also read:

• Open offshore bank account
• Why open an offshore bank account?

The banking fees depend on the establishment holding your account.

On average the fees for maintaining the account come to around Euro 200 per year. As for us, we do not charge any further fees once the account has been opened.

Also read: Requirements for opening a bank account

Once the bank account has been opened, you can choose a multi-currency account. This will allow you to keep several currencies in the same account.

When a new currency is used, the bank will automatically open a "sub-account" so that you do not have to pay any exchange fees.

Also read: 

• Requirements for opening a bank account
• How much does it cost to open a bank account?

As with any other bank account, the funds of your offshore company bank account will be accessible through credit/debit cards, cheques, Internet banking or withdrawal at the bank.

Yes, you can open a business bank account in the UK without forming a Limited Liability Company (LLC) or any specific corporate entity. Business bank accounts can be opened by various types of businesses including sole traders, partnerships, and limited companies. Each type of business has its own requirements for opening a bank account, but forming an LLC or its UK equivalent (a private limited company) is not a mandatory prerequisite.

1. For Sole Traders:

• Documentation Needed: Personal identification and proof of address are typically required. Banks may also request evidence of your business operations, such as invoices or a business plan.
• Purpose: Having a separate business bank account is beneficial for managing finances, maintaining professionalism, and simplifying tax reporting, even though it's not legally required for sole traders.

2. For Partnerships:

• Documentation Needed: Similar to sole traders, personal identification for the partners, proof of the partnership agreement, and sometimes evidence of business activity.
• Purpose: It helps in managing the finances distinctly from personal finances and provides clarity and transparency for all partners involved.

3. For Limited Companies:

• Documentation Needed: Identification documents, proof of the company's registration with Companies House, details about the directors and significant shareholders, and sometimes the company's address and VAT registration number.
• Purpose: It’s mandatory for limited companies to have a separate business bank account to keep company finances separate from personal ones.

4. General Tips for Opening a Business Bank Account in the UK:

• Research Different Banks: Different banks offer varied services, fees, and account features, so it's important to compare these to find the best fit for your business needs.
• Prepare Documentation: Ensuring you have all the necessary documents ready can streamline the account opening process.
• Understand Your Requirements: Know what you need from your bank account in terms of transaction volumes, international payments, overdraft facilities, etc.

Opening a business bank account as a sole trader or a member of a partnership often involves less complexity than for limited companies but can offer many of the same benefits in terms of financial management and professionalism.

In the UK, there is no specific legal limit on the number of business checking accounts an LLC (Limited Liability Company) can have. The decision on how many accounts to open often depends on the business’s needs and operational requirements. Here are some considerations that might influence your decision:

1. Operational Efficiency: Multiple accounts can be useful for managing different aspects of your business separately, such as operating expenses, payroll, tax liabilities, or different business projects. This can help in better tracking and managing funds.
2. Financial Management: Having more than one account can also aid in financial management, such as separating tax reserves or investment funds from regular operating funds. This can simplify accounting processes and make it easier to manage cash flow.
3. Risk Management: Multiple accounts may reduce risk by ensuring that not all funds are held in one place, which could be beneficial in case of issues like bank failures, fraudulent activities, or operational disruptions.
4. Banking Needs: Depending on the nature of your business, you might require specialized accounts that offer different features, such as foreign currency operations, merchant services, or high-volume transactions.

However, having multiple accounts also means managing them, which can increase administrative workload and banking costs. It’s essential to balance the benefits of multiple accounts against the potential complexity and cost.

Recommendation: Start with what is necessary for your operational needs and scale up if you find that additional accounts will genuinely benefit your business management or financial strategy. Consulting with a financial advisor or accountant can also help tailor your banking setup to your specific business needs.