Helping international clients to set up UK bank accounts

If you are overseas and are looking to set up a business in the UK, you may need assistance in setting up a UK bank account.

Without a proper introduction, UK banks can appear reluctant to help international businesses and individuals.

For new UK subsidiaries, having a UK bank account is essential in order to set up payroll and workplace pension schemes to comply with regulations, whilst also being advantageous for VAT registration and invoicing.

When looking for the right bank, some are reluctant to help where there is no UK resident director.

Bishop Fleming has had considerable experience in negotiating with the banks for clients. We also have direct connections with the Department of International Trade (DIT) who are able to help clients set up the right account.

Fintech banks such as Axiom, AirWalex, CashPlus and Monese can provide an immediate resolution. These accounts can be set up in less than week and the client is provided with fast-track contacts from the DIT to do so.

Additionally, the DIT has also been able to advise on the most suitable main UK bank and make the necessary introductions to begin a 3-month process to set up the account.

It seems that without the DIT connection, sometimes setting up a main UK bank account for international clients can appear virtually impossible.

For any further information, or if you would like on introduction to the DIT please contact Ben Hetherington or Sioned Price in our Worcester office.

Kreston Global

Bishop Fleming is a member of Kreston Global, linking us to a global network of professional advisers providing expert knowledge throughout the world, taking into account local legislation and cultural differences in their country.

• 13th largest network of international accountants in the world
• Covering 100 countries
• Nearly 200 firms worldwide
• Over 20,000 professionals and support staff
• Kreston is a member of the Forum of Firms

Our international tax team work closely with our global colleagues to provide clients with a single point of contact to ensure continuity and personal attention at all times and our network offices feature English speaking accountants and tax professionals, so while the regime you are entering may be foreign, the language doesn’t have to be.

Find out how we can help you or your business with International matters by contacting a member of our International Team.

Click here to visit our International Advisory Knowledge Hub, business and personal international insights and expertise together in one place.