Have you already registered a company in the UK? Are you only planning to open it soon? Are you more interested in a British bank account in your non-resident company’s name but find the task of setting up a British corporate account too challenging?
Whether you need to open a company to get a British bank account with NO plans to do business in the UK, or if you need a British corporate account specifically because your main activity is in the UK, we can help you compile the right portfolio of relevant documents.
Moreover, we can assist you in opening the corporate account remotely. Our UK specialists will consult you for free, so ask for advice by email: info@offshore-pro.info.
Several useful facts about Barclays Bank:
- You do not have to be a resident of the UK to open a business account with Barclays Bank
- Barclays Bank has International Banking division in charge of opening a business account. You can apply in three jurisdictions – the UK, Jersey, or the Isle of Man
- Barclays Bank is the only British bank which does not require your personal presence or residence in the UK to open your corporate account, so you can apply and get it set up remotely
- Before you apply it is recommended to learn about formal requirements, as guidelines may differ for residents of certain countries (for example, stipulations regarding the sum to place into your account within the first month of opening it)
- Barclays opens business accounts for non-residents in British pound, US dollar, euro
- Barclays plc is a large 300-year-old globally respected British international investment bank and financial services company
- Barclays is headquartered in London
- Barclays offers personal banking, corporate banking, wealth management, and investment management services
Corporate account with Barclays Bank: Fees and Rates
The charges listed below are for your general reference only. You can learn the current applicable charges at the time you request our experts’ service.
| Services | Rates |
| Monthly account fee | £20 |
| Payment by debit card | 45p |
| Online payment by debit card | 54p |
| Cash withdrawal | 45p |
| Instant payment | £15 |
| International payments via Online Banking/the Barclays app/Barclays.net | £15 |
| SEPA credit transfer | £5 |
| Transfer to euros | £25 |
| Cheque book | free |
Since 2001, the Barclays Bank has introduced advanced measures to counter money laundering. A dedicated bank officer will be personally responsible for opening your account. In terms of security measures and due diligence approach, this bank employee can be compared to a special service agent, as all documents submitted to the bank are subject to a rigorous inspection. However, the decision to allow you to open an account will not be made by the bank officer, though he/she will check and enter all the information into the computer. It is the machine that will issue the verdict. This means you should know the requirements and prepare thoroughly before you apply for a business account.
What does it take to open a corporate bank account in the UK?
Frankly speaking, it is disastrously difficult to open a corporate account in a British bank today, as the stipulations are very strict, and there are nuances one should be aware of.
To begin with, the bank requires particular information about the beneficiary. It is important to remember that the beneficiary is not a director or founder, so if their data is submitted instead of the beneficiary, the bank will refuse you to open an account. The beneficiary will need to prove his or her identity by providing an ID or his or her passport, and the proof of the permanent residence address. Besides, the bank requires the company summary explaining straightforwardly the company’s profile – what it does, when it was established, what the annual turnover is, etc.
The list of documents to be submitted with the application remotely is not much different from those required when applying in person. However, in case you can visit the bank in person, your chances of getting permission to open a bank account are much higher.
If the company has been in business for several years and all duties have been paid on time, and you can provide a detailed business plan for the next three years, all this information can also be useful when applying for an account remotely.
Please note that Barclays Bank has published information that there are too many current account applications in summer 2020, so it may take up to six weeks to process your papers submitted online.
However, you can consider a more secure option of visiting the bank office in person to open an account in the UK. In this case, you can choose from the ‘big three’ banks that work with non-residents (besides Barclays Bank, these are HSBC, Lloyds Bank).
Lloyds TSB Bank – this bank only works with companies incorporated and doing business in the UK.
HSBC is an international bank with worldwide branches, similar to Barclays.
Of course, by opening an account with one of these banks, you can conduct business both within and outside the UK. Moreover, the good news is that Lloyds TSB and Barclays offer their services completely free of charge during the first 18 months. But please remember that such options of opening accounts with the British banks other than Barclays are available only to companies that are already REGISTERED in the UK.
The table below is a comparison of all the banks with which our company works. (Please learn the current applicable data from our experts).
| Payment types | Barclays Bank’s Charges and Fees | Lloyds TSB’s Charges and Fees | HSBC’s Charges and Fees |
| Monthly fee | £20 | £12,5 | free during the first 18 months |
| Online transfers | Free, but login to the online account is at 15p | free | free |
| Instant payment | £15 c per transaction | £5 per transaction | £23p per transaction |
| international payment | £15 per transaction | £18 per transaction | £23p per transaction |
| SEPA credit transfer | £5 per transaction | £5 per transaction | £17 per transaction |
| Transfer of funds in euros | £25 | £15<50 thousand£18>50 thousand | £1>10euro |
| Cheque book | free | free | free |
Application portfolio for your corporate bank account in UK
Given below is more detailed information about the documents that are required from the company to open an account. As mentioned above, first of all, detailed information about the beneficiary is required.
Identity proof:
– passport or ID card
– you can include information about your education and employment.
Proof of the address
– British banks accept national European passports or ID cards as identity proof. The best way to prove your address is to submit a utility bill in your name and address, or a bank statement with the same details. The beneficiary, all shareholders as well as the directors of the UK company, including the nominal one, will need to pass the personal DUE DILIGENCE procedure – submit complete information about the beneficiary, directors, and company, including their identity, addresses, business activities, financial statements, registration information, etc.
Since we open an account for a company (only and exclusively a British company), it is important to provide a carefully prepared report on what kind of activity it performs.
Company summary
– date of foundation, address
– the company’s website, if any (without it, a corporate account in the UK is more difficult to open and your chances of successfully opening a corporate account in the UK are greatly reduced unless your company is not a private holding company and the corporate account is not funded).
– all commercial documents, invoices, contracts,
– your company’s counterparty data
– letters of reference, including bank letters (mandatory)!
Any further information (only positive facts, of course) about your English or Scottish company will help the bank officer to be more confident in your business and grant you a bank account. So if you have certificates, diplomas or awards, you should be sure to submit them to the bank. And do not forget that all documents must be in English.
A corporate account with any bank in the UK can be opened through our company services at £250. The deposit is non-refundable. An account with Barclays Bank requires £200 deposit of which £100 is deposited to your account. Lloyds TSB requires a deposit of £50.
| Bank | Our services | Bank’s services |
| Barclays Bank | £250 | £200 (£100 to your account) |
| HSBC | £250 | — |
| Lloyds TSB | £250 | £50 |
If you wish to open a bank account in the UK for a British company, you are welcome to refer to us for assistance and cooperation. Our UK specialists will advise you in detail before you pay for the service. Ask them for advice by email: info@offshore-pro.info.
