For international clients, opening a bank account in the UK during or just after company formation is often an unexpected challenge.
The UK enjoys a reputation as a business-friendly destination and London is a major centre for international finance. So it’s surprising that setting up a UK Bank Account so often delays an overseas business seeking to become established in the UK. Furthermore, the reason isn’t always obvious.
The reality is that many overseas firms are unattractive to UK banks because the cost of running anti-money laundering checks (AML) makes it financially non-viable for all but the biggest accounts.
The good news is the market is innovating and there are more options available than ever before. We asked our company secretarial and accounting colleagues to share some of their experiences of helping overseas clients in the UK with bank accounts as part of our complete company formation solution.
