UK business account for overseas Director
Finding a business account for a company that is registered here in the UK, but Directors live abroad can be very difficult. Most high street banks and building societies will not accept applications from companies set up in this way.
The reason for this is that they are unable to credit reference outside of the UK and easily obtain documentation, therefore covering KYC (know your customer) required by compliance is very tricky.
Finding a business account provider for a Director who lives abroad
Although the options available to business owners living overseas looking for business banking are somewhat limited, there are UK based providers able to offer a solution. These providers will take a little longer to open the account, because due diligence checks have to be carried out manually. For example, to check your registered address the bank will send post overseas with instructions of how the Director (s) confirm receipt.START YOUR APPLICATION
What to expect when applying for a business bank account with a Director domicile overseas
As touched on briefly, opening business banking with a Director abroad can take slightly longer than if they were based here in the UK. Therefore, packaging the application correctly is important to avoid unnecessary delays.
Prior to application, it is worth speaking with the bank directly to confirm they will accept applications from the country where the director is domicile. After confirmation, you’ll be expected to supply the following information and documentation;
- Proof of address – the bank will then write to you abroad with details of how to confirm your location, sometimes this will be a password confirmation or pin.
- Business registration
- Documentation to show business activity
Ordinarily the account will be approved within 2-3 weeks.