UK bank accounts and payment systems.
Opening a bank account is a more extensive process than registering a company. We assess the account type suited to your situation before formation; the decision to open an account rests with the bank concerned.
- The account type is determined before formation
- Stripe and PayPal can be used
- Application documents are prepared by us
Corporate Bank Account.
With traditional banks, opening an account can be difficult for directors who do not live in the United Kingdom. In practice, a digital business account is where most begin.
- Revolut Business and Wise Business
Two digital business accounts for which we manage the opening process; the application is made from abroad.
- Traditional bank
HSBC requires UK tax residence for its small business account.
- Why a sterling account matters
Stripe and Shopify require a bank account in the same country as the company.
Points the account provider assesses
- Activity
Your sales subject, customer base and how well they match the activity code on the register.
- Directors and shareholders
Identity, address and shareholding details, and the country of residence.
- Source of funds
The source of the funds to be transferred into the account.
- Expected volume
An approximate estimate of the monthly number and value of transactions.
Payment and Collection Channels.
The United Kingdom's strength is its payment infrastructure; card collection, marketplace and platform payments can all be used with a UK company.
- StripeCard sales
Card payments on your website and in your app.
- PayPalOnline payment
Collections from customers who pay with a PayPal account.
- Amazon UK and EtsyMarketplace
Both marketplaces accept a UK company as a seller.
- Shopify PaymentsE-commerce
Card payments in your Shopify store; requires a UK bank account.
- BinanceCrypto payment
Accepting crypto payments from customers through Binance Pay.
Account Application Process.
No timeframe is given for the steps; the decision and timetable are set by the account provider.
Determining the account type
The account type that can be opened is assessed according to your country of residence and your sales channel.
Company registration
The account is opened in the name of the registered company; the formation documents are attached to the application.
Application
The application is made online; identity and address verification is requested.
The provider's decision
The decision to open an account rests with the institution applied to; it cannot be guaranteed.
Collection channels
Once the account is open, Stripe, PayPal and marketplace accounts are connected in the company's name.
Account Opening: Required Documents.
Tick the documents you already hold; the company's documents are prepared by us.
Requested from you
Most of these were supplied by you at the formation stage.
- Scan of a passport or identity card
- Proof of residence
- Description of the business activity and target customers
- Short statement on the expected transaction volume and the source of funds
The list varies by institution; the full current list is shared before the application.
Frequently Asked Questions.
With traditional banks, opening an account can be difficult for directors who do not live in the United Kingdom; HSBC requires UK tax residence for its small business account. In practice, most begin with Revolut Business or Wise Business, and we manage the application process for both accounts.
No. The decision rests with the institution applied to; we assess the account type suited to your situation and prepare the application documents.
For digital accounts, the application is made online. The provider may require additional conditions, such as a UK mobile phone number; we check these conditions together before the application.
Stripe works with a UK company; its requirement is a UK bank account and an address that is not a PO box. No requirement for the director to live in the United Kingdom is stated.
It is opened with a company registered in the United Kingdom and a UK address; it requires a UK bank account that can receive sterling payments and does not accept money transfer services.
Yes. Amazon requests a bank account together with identity, company and address documents. Verification usually takes a few working days.
Profit is taxed first in the United Kingdom; when it is paid to you as a dividend or salary, it is declared in your country of residence. Details are on the country page.