Can I open an UK business account if I don’t live in the UK?

There were 5.6 million private sector businesses (SMEs) in the UK in 2023, according to a 2024 paper by House of Commons. The number of businesses in the UK rose by 0.8% between 2022 and 2023, the first increase in this number since 2020 [1]. In 2021, the Office for National Statistics claimed that at least 2.5 million private sector businesses in the UK were foreign-owned, with an average turnover of £1.5 million [2]. The UK business population and the global business community are expected to expand significantly in the coming years [3]. This underscores the importance of understanding the top tools available for foreigners considering starting a business in the UK.

Certain UK banks provide business accounts for companies with directors and founders based outside the UK. However, these banks often have specific eligibility criteria that must be met. These criteria can vary from bank to bank, so it's essential to do your research and find a bank that aligns with your needs and circumstances.

Some banks require non-residents to have a UK address to open a business account and may also insist on a UK phone number or an in-person branch visit. At Amaiz, there is no need to visit a branch as the process is fully remote. Foreign directors and founders can apply for a business account using their local address, without needing to provide a UK one. Additionally, Amaiz accepts phone numbers from a wide range of countries, making it easier for non-UK residents to manage their business accounts.

If you are registering a UK limited company with Companies House, you'll need a business bank account because a limited company is recognised as a separate legal entity from its owners, maintaining financial independence. For sole traders, while it's not a legal requirement to have a separate account, it's advisable to have an account for your business needs. Keeping business and personal finances separate offers benefits like more straightforward tax, VAT, or national insurance management and clarity during audits.

Additionally, having a business bank for longer-term financial health can improve your business's funding prospects account, which is often a prerequisite for financial products like loans, invoice financing, and credit cards. It's essential for monitoring business performance, understanding cash flow, and planning for future growth. Establishing a business bank account also contributes to building a credit history, potentially enhancing your ability to secure loans.

When opening a Business Account with Amaiz, you will still need to provide certain documents. This can include proof of identity, such as a passport or driver's license, proof of address, for example, a utility bill or bank statement, and proof of business ownership, such as a certificate of incorporation or business license. We may ask for further information to assess your business; the level of information will depend on your circumstances.

Please note that every application is subject to a range of criteria, and if your company doesn't meet those criteria, it may not be eligible for an Amaiz business account. If you have any questions, feel free to send us a quick request, and our specialist will review it to find the right solution for your company.

Looking for more details? Check www.amaiz.com and contact us for a special offer tailored to your company's needs.

1. House of Commons Paper' Business Statistics' - [https://researchbriefings.files.parliament.uk/documents/SN06152/SN06152.pdf].
2. Office for National Statistics - Annual Business Survey -[https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/datasets/annualbusinesssurveyforeignownedbusinessesbusinesscountturnoverandagvabreakdown].
3. OECD Article' Economic outlook: Steady global growth expected for 2024 and 2025' - [https://www.oecd.org/en/about/news/press-releases/2024/05/economic-outlook-steady-global-growth-expected-for-2024-and-2025.html].

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