UK corporate bank account
Healy Consultants project manages all the steps necessary for our Clients to open and operate a corporate bank account in the United Kingdom (UK). Thanks to our expertise, our Clients usually are not required to travel to the UK in order to open their UK corporate bank account. During the engagement, we will also i) determine which banks offer the most tailored services to your needs ii) complete the corporate bank account opening forms and iii) liaise with the bank to minimize the due diligence requested.
Healy Consultant’s UK corporate banking services
Our Clients engaging Healy Consultants for corporate bank account services will benefit from the following:
- Healy Consultants’ long experience working with banks. Our expertise and knowledge will greatly increase the probability of opening a corporate bank account;
- We take care of the paperwork and details so you can focus on your business;
- We prepare detailed business plans for Client’s company to support corporate account application;
- Healy Consultants are usually able to receive corporate bank account approval within 4 weeks;
- We understand what the bank wants to know about your business. We make sure that the information provided paints an accurate picture of your business which minimizes the risk of account closure within the following months and years;
- Healy Consultants can also assist Clients to apply for transaction facilities such as i) internet banking, ii) corporate ATM/credit card and iii) corporate cheque book.
Corporate bank account opening services fees
Our standard fees amount to i) £2,950 when Healy Consultants is also engaged to register a new company or ii) £2,950 when this is the only service required by our Client.
UK corporate banking options
- UK banks offers a wide array of financial products, internet banking and multi-currency corporate bank accounts. UK is ranked 7 for availability of financial services;
- We recommend foreign Clients to open their UK corporate bank account with a bank with which they already have a bank account in another country, as this will reduce i) time required to open account ii) the bank requirements for security check and also iii) allow reduced international transfer fees;
- Global banks in UK include i) HSBC and ii) Citibank, which we recommend due to our Firm’s long standing relation with them. Major UK banks Clients may also consider are i) Barclays ii) Lloyds Banking Group iii) Standard Chartered and iv) Royal Bank of Scotland. Other major foreign banks operating in UK include: i) Bank of India ii) Bank of China iii) ANZ bank, iv) Bank of America and v) Bank of New York Mellon.
Legal considerations for UK banking
- Prior to opening a bank account, UK banks will conduct a due diligence as part of the requirements of the Money Laundering Regulations 2007. Such ‘Know your Client’ (KYC) procedures include verifying identity of Client, identifying all beneficial owners, obtaining information on company’s activities (proof of business, intended purpose and nature of proposed bank account). Healy Consultants will assist our Client to prepare the documents necessary to satisfy bank requirements;
- The UK is also compliant with Foreign Account Tax Compliance Act (FATCA). Banks are required by the Government to report information on financial accounts held by US citizens.
Other corporate bank account information
- UK being one of the most established international financial hub has truly global banks. Large UK banks such as HSBC operates in 71 countries while Standard Chartered operates in 67 countries worldwide. Clients will be able to manage their transaction activities easily with access to branch offices in their home country;
- Brexit: Following Brexit, UK banks might lose its freedom to freely sell services and products across EU (Passporting) without additional licensing. This will cause increased red tape and other difficulties for UK banking operation in EU. Furthermore, UK bank officers may also lose the freedom of movement to travel across EU and serve Clients in Europe;
- London remains the world’s main hub for currency trading, ranked 1 in Global Financial Centers Index 2016 with an average daily foreign exchange turnover of US$2,213 billion in April 2016 and still accounts for over 40% of foreign exchange turnover globally;
- UK banks that provide Sharia Compliant financial products are i) Standard Chartered, ii) Barclays and iii) QIB UK. UK is the leading western center for Islamic finance, holding US$19 billion of reported assets out of the US$1.3 trillion global market for Islamic finance, and has 45% of the banks in western and offshore centers providing Sharia Compliant services.