Global Business Service Agency: legal services for business

The banking system of the UK is among the top 5 largest in the world, along with Chinese, Japanese, American and French, by the volume of attracted capital in 2017. The financial institutions of the United Kingdom are famous for their reliability and prestige. That is why opening an account in England means getting the respect of partners and clients for business.

Open an account in an English bank: what are the peculiarities and nuances of the jurisdiction

1. In the banks of the UK, you can open all kinds of accounts in free convertible currencies even for non-residents.
2. Some categories of foreigners, when opening investment accounts for large sums, may obtain tax-exempt status in the country.
3. Non-residents of England exempt from the payment of income tax of 20% upon receipt of funds to savings accounts.
4. Most financial institutions of jurisdiction have no requirements for minimum deposit and balance, but for corporate accounts of prestigious banks it is recommended to have a permanent minimum balance of at least 5 000 GBP.
5. The work of UK financial institutions is organized in such a way that all cards, cheque books, account statements and documents are forwarded by mail, which creates a number of difficulties for non-residents of the Kingdom.
6. In the jurisdiction of the high level of bank secrecy, but with the caveat that if your account unexpectedly started to undergo transactions for large sums (different from those that were previously), you will have to sign a contract to waive confidentiality Information or close the account.
7. To open any type of account in the jurisdiction even non-resident is required to confirm the address of residence and the presence of an open account in another bank of England.

What is required to open a bank account in England

• Package of KYC documents on the beneficiary and founders of the company (in case of opening a corporate account);
• Confirmation of the presence of a place of residence in the UK: Utility bill, rental agreement, certificate from the educational institution (in the case of housing);
• An extract from another account in England (the accounts are in the offshore jurisdictions of the kingdom);
• Company data: Notarized copies of statutory documents, data on subsidiaries or parent company, main clients and partners, business plan for 5-10 years;
• Data on the reason of opening a corporate or personal account: average amount of invoices, average amount of annual income, description of company assets, etc.;
• Power of attorney to open and dispose of funds in the account, in case of registration of banking is not the owner;
• Confirmation of the legality of receiving personal or corporate income.

Banks and account types

Specialists of GBS Agency will help you to open a current account in just 3 weeks in one of the following financial institutions:

• NATWEST (the cost of opening a banking – $1 000);
• BARCLAYS BANK (the cost of opening a banking – $1 500);
• HSBC (the cost of opening a banking – $1 000).

Financial and legal experts of GBS Agency will fully assume all the difficulties associated with the paperwork and communication with representatives of banks. After 3 weeks, you will be able to fully accumulate investments or conduct business in England with a legal prestigious account! For detailed advice, please contact us right now. Our best specialists will clarify all the details you are interested in!