In order to open a corporate account in the UK and to make not only conventional payments, but also to carry out transactions in crypto currency, you need to choose a suitable financial partner. Unfortunately, the British banks impose excessive requirements when assessing the business risk of each potential client, so not all companies, especially foreign ones, can hope for being accepted as clients. It is completely different with the reliable payment systems that are not only more flexible when choosing partners, but also offer a wider range of more advanced services. Find out more about the benefits of a corporate account in the UK, and the operational terms and conditions.
If a foreign company seeks successful business in the UK, and in general in Europe, or this company would like to organize a business of international scale, it will definitely need a corporate account. Great Britain is an excellent choice of jurisdiction with an impeccable reputation and excellent prospects. Its financial and banking system is one of the five largest in the world, in terms of GDP the country is the seventh largest.
The jurisdiction is also known as one of the most demanding when it comes to banking and financial institutions providing payment services. Due to this, the most reliable service of the best quality in the financial field is available in the UK. Therefore, the company having an account in this jurisdiction has made the right decision. In addition, it will enhance its reputation in the business circles.
So, what if opening a corporate account with a UK bank seems like a hopeless task? An excellent solution would be using the services of payment systems. Their activities are also licensed by the British financial regulator, as with banks, but working with them is much easier and more efficient.
The payment system we recommend offers our clients certain unique solutions that combine conventional payment services and block-chain technologies. The fintech company has a permission to issue electronic money and provide payment services, and its operations with crypto assets are not regulated by the FSA. It has independent units in Canada and the USA that are registered with payment control bodies.
It was founded in 2014 and became the first one in the world to offer such an innovative product as Visa debit cards for crypto currencies. The clients will be able to activate a secure all-in-one account that uses both crypto and conventional currencies, except for restrictions imposed by the financial institutions.
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What Does a Corporate Account with the UK Payment System Give a Non-Resident?
The payment system provides a wide range of banking services (depositing of funds into the account, payment transactions, cash withdrawals, money transfers, etc.), as well as electronic money issuance. These services are especially popular with companies registered in the EEA, they get maximum benefits from cooperating with the payment system. The service can be used by any non-resident companies that meet its very flexible requirements.
What are the actual benefits of the UK payment system? They are quite numerous:
- The most important advantage is that it is the world’s only service that allows you to open a crypto-secure business account in the company’s name. With its help, you can exchange, send and receive payments in crypto and fiat currencies at the OTC and interbank rates. Clients can adjust the settings that will make tracking their financial activity easy.
- For crypto storage, clients are provided with separate, well-protected accounts, which can be accessed only by the client who has completed the multi-step authorization process within the system.
- Companies can make international payments, i.e. send and receive fiat and/or crypto currency payments all over the world using SEPA, SWIFT, Faster Payments, ACH and blockchain exchange.
- Instant exchange and settlements between your own crypto and fiat accounts with access to OTC and interbank rates are available, and all of that on a single platform.
- Inside the payment system, all transfers are made instantly and free of charge.
- The world’s first multi-currency stable coins are available in circulation, supported one to one by the fiat currency.
- Five exchangers are integrated into the system, services of three OTC brokers and two Forex brokers are available as well. Thanks to that, companies were able to carry out multi-million dollar operations at the most favorable market prices.
- The system offers the most affordable access for over-the-counter exchange at low rates and with no minimum order condition.
- In the near future, 26 different stabilcoins will be issued, supported one to one by the corresponding fiat currency. These funds can be stored in your secure individual accounts.
- Storage services are available for eight crypto currencies in multi-currency fiat accounts (20 currencies) with the support for multiple options of depositing and withdrawing the funds (crypto, ACH, SEPA, SWIFT, debit/credit cards).
- Remote access to the accounts, including access via a special application downloaded to the client’s mobile devices or via a website directly from the payment system. When using online access, you can buy, sell crypto currencies, make conventional payment transactions.
Clients will be able to open up to 11 secure accounts in digital and fiat currencies on the same platform. The interface can be configured to select the desired account, including BTC, ETH, XRP, AUD, HKD, JPY, GBP and many others.
Corporate account holders will have access to:
- the best exchange rates;
- over-the-counter rates for crypto-exchanges on an unconditional basis;
- interbank rates for fiat exchanges;
- no-problem international payments in fiat and crypto currencies based on SEPA, SWIFT and blockchain;
- free transaction within the system.
Who Can Open an Account with the UK Payment System?
A company that meets certain requirements can open the corporate account with the UK payment system. In order to understand if you are going to have any difficulties, please learn the existing restrictions and preferences of the payment system.
Country Restrictions
Not all foreign companies can get access to the payment system services. Thus, businessmen from the following jurisdictions can open a corporate account with the UK payment system: Europe, certain Asian countries. Under certain circumstances, it is necessary to notify FCA.
It will be more difficult for those whose ultimate beneficiaries are U.S. citizens. Also, clients from countries that are on different sanctions lists will not be able to open an account.
Every year the payment system availability coverage is being extended more and more, from China to Peru. In order to launch the system into operation in any of the countries where such services have not yet been provided, the payment system undergoes various local compliance procedures. After these formalities are completed, the services of the company are launched in the next country.
Recommendation: If you are doing business in a country where the recommended payment system services are not yet available, please regularly keep track of the coverage information. This can be done, among other things, with our assistance.
Here is the list of countries where all services provided by the payment system are available:
| Austria | Great Britain (United Kingdom) |
| Belgium | Poland |
| Bulgaria | Portugal |
| Hungary | Romania |
| Germany | Singapore |
| Greece | Slovakia |
| Denmark | Slovenia |
| Ireland | Finland |
| Iceland | France |
| Spain | Croatia |
| Italy | the Czech Republic |
| Cyprus | Sweden |
| Latvia | Estonia |
| – | Netherlands |
| Luxembourg | Norway |
| Malta |
Limited services (opening of an account with or without confirmation, the possibility to replenish the account with a local card) are available in more than 170 countries. For example, companies from Ukraine and Kazakhstan will already be able to open a corporate account in the UK. Azerbaijan, Serbia, Belarus, Japan and other countries do not yet have the possibility of opening an account, but it is coming soon.
Type of Business Restrictions
Depending on the client’s type of business, the UK payment system can set its own limitations. Companies from offshore jurisdictions will not be able to open a corporate account.
If the client’s business is licensed, but the permit has not been issued, then the possibility of using the payment system services will be slightly reduced, but as for operational purposes, a lot of opportunities will still be available. Your company will be able to make payments to the suppliers, receive payments from its clients, pay salaries, etc. However, transactions involving third parties’ funds will be subject to a restriction until the moment the license is obtained.
It is prohibited to use the services of the payment system for:
- any illegal purposes, including fraud and money laundering, and for any purposes prohibited by law or regulatory restrictions;
- debt collection;
- circumvention of trade restrictions or obtaining goods/services without payment;
- commercial speculative trading purposes;
- manipulating the price of any asset or currency;
- any transactions that would subsequently result in the filing of complaints, the cancellation or refund of payments, the payment of fines or other liability to the payment system, other clients or third parties;
- taking a cash advance from your own credit card or asking others to help you do this;
- creating a negative balance on the account in any currency;
- malicious exposure to viruses, programs, code or other IT attacks to gain access to the payment system information systems;
- circumvention of the established rules and procedures;
- use of any automated trading, API, scanner scripts or other methods incompatible with the usual use of the payment service;
- harassing the employees, agents or other users of the payment system;
- FX trading for speculative purposes or FX arbitration.
Corporate Account with the UK Payment System – Terms and Conditions
The corporate account with the UK payment system opens a huge number of advantages for foreign companies, and the most exclusive one is the possibility of making payments both in crypto and conventional currencies of choice. Exchange between fiat and crypto currencies (and any combination of them) is available at the interbank and over-the-counter rates with no minimum transaction limit.
In order to enjoy all the services provided to the payment system clients, companies will not be required to make a minimum deposit, except for cases of the account replenishment via an external payment card. In addition, clients will not need to meet the minimum account balance requirement.
Currency for Account Opening and Transfers
Clients can freely operate 10 crypto currencies (including BTC, ETH, LTC, XRP, WXT, XLM, DAI, NANO, WLO, Waves) and 20 conventional currencies (including USD, EUR, GBP, SGD, AUD, JPY, HKD, CZK, MXN, CAD, CHF, etc.). Electronic wallets can store up to 8 crypto currencies.
Types of Accounts
The following types of accounts are available for corporate clients:
- a crypto currency account;
- a conventional multi-currency account;
- a hybrid business account that allows you making payments both in crypto and conventional currencies.
You can replenish your account with a credit/debit card, bank transfer or crypto currencies.
It is important: Please do not hesitate to consult with us, what currencies this payment system works with and how the conversion is made.
Types of Bank Cards
Payment cards of the UK payment system can be issued to any client, and the clients are invited to order a special type of VISA CARD. Payment cards are available in British pounds, US dollars and euro.
Using this proximity card, you can easily spend crypto currency in real life, wherever Visa cards are accepted. In this case, more than 12 digital and conventional currencies will be automatically converted at the sales outlet directly when you pay with the card.
Only those clients who have activated their account after receiving approval to open an account will be able to order a Visa payment card. If you take a GBP/EUR card, it will be issued with a linking to the currency account. When a card is issued, a record with the separate card account will appear in the payment system within the company’s profile, where the balance will be displayed.
You can order the card free of charge, including both issuance and delivery. Subsequently, a small monthly fee will be charged for maintaining the card account.
Rates
You can choose one of the three pricing plans depending on the size of the scheduled account turnover. In this case the first month of the payment system use is completely free of charge. The main charges according to the selected pricing plans are as follows:
| Service | Essential | Pro | Enterprise |
| Monthly payment | 20 euro | 200 euro | 1,000 euro |
| Annual payment (with a 20% discount) | 200 euro | 2,000 euro | 10,000 euro |
| Limit for the free currency exchange (amounts over the limit are charged with a 0.5% fee) | 100,000 euro | 1,000,000 euro | 10,000,000 euro |
| SEPA/SWIFT outgoing payment in a fiat currency | Free of charge/10 euro | Free of charge | Free of charge |
| Outgoing payment in crypto | 50 (k) euro per transaction250 (k) euro per day | 75 (k) euro per transaction350 (k) euro per day | 100 (k) euro per transaction500 (k) euro per day |
| Bank transfers (outgoing) in crypto | 50 (k) euro per transaction | 75 (k) euro per transaction | 100 (k) euro per transaction |
Note: At the same time, other main payment services are provided on a free basis and without any limits established. Please enquire what are the rates for operations of a larger scale. We will be happy to advise. As for those clients whose account turnover will exceed 10 million euro, their rates will be agreed on the individual basis.
Other Services for Business Account Holders
Clients who have opened corporate accounts with the UK payment system will be offered extra services and bonus programs. There is an Invite a Friend loyalty program. You can learn about all additional opportunities by applying for the account opening service. We will be happy to provide the information.
However, you should be aware that the specialists of the payment system do not provide any investment advice and recommendations. From the payment system manager, you can request the information on the types of currencies and crypto assets, prices and events that may have affected the rates, but this will not be an investment advice. Should you need an investment advice, we recommend contacting a personal financial advisor.
How Do I Open a Corporate Account with the UK Payment System?
In order to start using a corporate account with the UK payment system, the client will need to confirm their account. After that, full access to the services and exchange platforms will be granted.
The peculiarity of opening a corporate account with this payment system is that registration is done online. So, there is no need to come to the UK for this purpose, as well as there is no need to provide original documents. All you will need is notarized copies of certain documents.
In order to open a corporate account with the UK payment system, you should first make sure that your company is registered in the jurisdiction where these services are provided. Only a person authorized to act on behalf of the company may open the account.
Recommendation: Please read the Country Restrictions carefully. Before you start doing anything in this regard, please check with us if the coverage area has been extended. Find out what kind of verifications you will have to undergo in order to get a positive decision. For example, money laundering check and study of your clients’ procedures.
How can I open an account with the payment system and help my business? Please note that the payment system takes the legal use of its services very seriously and prevents any and all attempts to conduct suspicious or illegal operations. In addition to providing valid documents, it is necessary to confirm your corporate identity as an authorized person, and the identity of the beneficiaries.
Your registration will be denied if:
- your company (its top executives) is on the list of governmental or intergovernmental sanctions;
- your set of documents was incomplete;
- the payment system has doubts about the validity of your documents, the legality of sources of your funds.
Procedure for Opening a Corporate Account
In order make sure that you open a non-resident corporate account with the UK payment system, please contact our specialists to learn all the details and to understand the requirements.
- Please feel free to contact us by email info@offshore-pro.info.
- After that we will ask you to pay for our consulting services. You can do it in the most convenient way: by making a transfer in fiat or crypto currency, using a payment card, PayPal, WebMoney, Western Union. The service cost is from 2999 EUR.
- Please make sure to prepare a complete package of the documents required. All documents must be made in English. Please notarize the documents or get the apostilles done, and send us the ready set so that we could confirm that we have all the required papers.
Package of Documents for Opening a Corporate Account with the UK Payment System
The UK payment system does not set any standard requirements to the companies that would like to open a corporate account in crypto, euro and other currencies. First o all, you will have to fill out an online application. After that you will be emailed further directions and a list of documents.
We want you to be prepared in advance, so here is a typical set of the necessary corporate documents:
- Certificate of Incorporation;
- Register of Directors / Shareholders — Company Structure;
- Articles of Association / Memorandum of Association (or their equivalent);
- Proof of the company’s address (bank statement for 90 days);
- Proof of the source of funds (bank statement for 90 days);
- Proof of the source of wealth (last company report, financial statements/equity investment of shareholders, how the business was founded).
It is important: Please note that the documents must be made in English, or have a certified translation. We will help you register online. We will provide detailed directions on how to fill out the application. Please be prepared that the payment system compliance department may request additional documents, except for those specified in the standard list.
Timeframes for Opening a Corporate Account with the UK Payment System
In order to open a corporate account with the UK payment system, a foreigner needs to get ready in advance for filling out the online form and then prepare all the requested documents. Undoubtedly, seeking professional advice will significantly simplify and speed up this process.
The decision on opening the account is made within a few days after the verification (not as long and profound as with the banks) of the documents provided.
If you are interested in this service, please feel free to contact us by email and request a consultation: info@offshore-pro.info.
