UK corporate bank account in 2023
Healy Consultants PLC project manages all the steps necessary for our Clients to open and operate a corporate bank account in the United Kingdom (UK). During the engagement, we will i) determine which banks offer the services most tailored 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 has many years of experience working with UK banks. Our expertise and knowledge will greatly increase the probability of opening a corporate bank account;
- We take care of the administrative paperwork 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 6 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.
UK corporate banking options and legal considerations
- UK banks offers a range of financial products, internet banking and multi-currency corporate bank accounts. UK is ranked 9th in the world for availability of financial services;
- We highly recommend Clients to open their UK corporate bank account with a bank with which they already have an existing banking relationship with. This reduces i) time required to open account ii) the bank requirements for compliance check and iii) 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. Other major banks Clients may also consider are i) Barclays ii) Lloyds Bank iii) ANZ and iv) Bank of China;
- 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 i) identity of Client ii) identity of all beneficial owners iii) information on company’s activities. 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 is home to many global banks. Clients will be able to manage their banking activities easily with access to branch offices in their home country;
- Following Brexit, UK banks might lose its freedom to freely sell services and products across EU (Passporting) without additional licensing. This will increase red tape and other difficulties for UK banking operations in EU. Furthermore, UK bank officers may also lose the freedom of movement to travel across EU and serve Clients in Europe;
- 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.