Can Foreign Companies Open a Business Account in the UK?

People often assume that foreign companies are unable to open UK business accounts, but this isn’t the case. While traditional high street banks do have stringent criteria when it comes to non-UK businesses opening accounts in the UK, there are alternative options that enable foreign companies to access UK business accounts.

Global Financial Services for Global Businesses

As the global digital infrastructure brings us all closer together, it’s easier for businesses to trade internationally. Due to this, today’s companies need access to flexible, functional and secure accounts, even in jurisdictions that are not their primary location.

In response to this need, PayAlly has created a suite of financial services that are tailormade for today’s businesses – and they’re available from any location. So, if you want to know if foreign companies can open a business account in the UK, the answer is yes!

Whether you’re running an eCommerce business based in the U.S., a tech consultancy with headquarters in Europe or a FinTech startup from Asia, our UK business accounts provide the financial flexibility you need to grow your brand internationally.

Business Accounts for Non-UK Companies

If your company is situated overseas, there are plenty of options out there when it comes to UK business accounts. However, the features, functionality and fees associated with these accounts do vary from one provider to another. Due to this, it’s important to do your research in advance to find the best product and service for your organisation.

When you’re searching for UK business accounts for foreign companies, be sure to consider the following:

How easy is it to access and manage the account?
Is your company eligible to open this account?
How long does the application process take?
What documentation do you need to supply?
What features does the account offer?
Does the account facilitate multicurrency transactions?
What fees and charges are applicable?
Is customer support available?

By asking these questions before you begin the application process, you can ensure that your chosen UK business account will provide all the functionality you need and give you access to cost-efficient financial services.

Benefits of a UK Business Account for Foreign Companies

If your company is located outside of the UK, many people may wonder why having a UK business account can be so advantageous. In fact, UK business accounts offer a variety of benefits for foreign companies, including:

Reduced Costs

When you open a UK business account, you’ll be issued with account details, such as an account number, sort code, etc. Once your account is up and running, you’ll be able to use it to make local transfers within the UK without encountering the fees associated with an international transfer.

If your company is based in Singapore and you regularly make payments to a supplier in the UK, for example, each international transfer will cost your company in fees. With a UK business account, however, each payment to your UK supplier becomes a local payment and no longer attracts high fees.

Faster Payments

As well as enabling you to send and receive funds to and from other UK accountholders without encountering high fees, having a UK business account also means these transactions will be completed more quickly.

International transfers can take an extended period of time for the funds to be received, depending on what method of international transfer you use. In contrast, local, intra-country payments are typically completed instantly or within seconds.

Enhanced Credibility

For companies that want to grow their brand within the UK, having a UK business account can inspire trust and confidence in your organisation. Consumers and/or B2B clients may feel more comfortable engaging with your company if you have a recognised UK business account, for example.

By enhancing your firm’s credibility, a UK business account can accelerate your company’s growth within the country and enable you to achieve your commercial objectives.

Multicurrency Functionality

Not every UK business account offers multicurrency functionality but choosing a multicurrency UK business account can certainly open up a whole host of benefits for your company. As well as being able to hold, send and receive funds in GBP, you’ll be able to hold, send and receive money in a variety of other currencies too.

So, you can potentially streamline your financial management by having a single UK multicurrency business account. What’s more – this type of account gives you access to custom local account details in multiple jurisdictions, so you can accelerate your growth and grow your company’s presence in multiple countries.