How Non-UK Residents Can Easily Open a UK Business Bank Account – 1st Formations & Wise Guide

Last Updated on 2 weeks by Komolafe Bamidele

Setting up a business bank account in the UK as a non-resident can be challenging due to stringent banking regulations and anti-money laundering laws. However, with services like 1st Formations and Wise Business, non-UK residents can successfully establish a business presence in the UK without physically being there.

This guide will walk you through the step-by-step process of opening a UK business bank account as a non-resident, the benefits of using Wise Business, and alternative banking options.

Can a Non-Resident Open a Physical Bank Account in the UK?

One of the most common questions asked by non-UK residents is whether they can open a physical business bank account in the UK.

 The answer is both yes and no. Legally, no restrictions prevent a non-resident from opening a UK business account. However, the challenge lies in meeting the eligibility requirements set by UK banks.

Most high-street banks, including Barclays, HSBC, and Lloyds, require account holders to provide proof of UK residency and a local business address. 

This is due to strict anti-money laundering laws and the need for thorough identity verification. For this reason, many non-residents struggle to open a traditional bank account in the UK.

However, alternative solutions such as Wise Business, Revolut Business, and WorldFirst provide accessible financial services specifically designed for international entrepreneurs.

 These platforms allow non-UK residents to open multi-currency business accounts online, eliminating the need for a UK address or in-person verification. 

By leveraging these digital banking services, international business owners can manage their financial transactions seamlessly without the hassle of traditional banking restrictions.

Which UK Banks Offer Accounts for Non-Residents?

If you’re looking for a UK bank account as a non-resident, it’s important to explore options beyond traditional high-street banks. 

While mainstream banks like HSBC and Barclays do offer business banking solutions, they often require extensive documentation and a physical presence in the UK.

Fortunately, several fintech companies and digital banks provide more flexible options for non-residents. Some of the best banking alternatives include:

• Wise Business – One of the best digital banking platforms for non-UK residents. Wise Business provides multi-currency accounts, low-cost international transfers, and seamless business banking services without the need for UK residency.
• Revolut Business – A fintech bank offering business accounts with competitive exchange rates, virtual and physical debit cards, and global payment options.
• WorldFirst – A great option for international businesses that need to open local currency accounts in multiple countries.
• Payoneer – Best for freelancers and digital entrepreneurs who receive payments from international clients. Offers multi-currency banking and payment solutions.

By choosing one of these modern banking solutions, non-residents can efficiently manage business transactions and receive payments in GBP, EUR, USD, and other currencies. 

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Step-by-Step Guide to Opening a UK Business Bank Account

Step 1: Set Up a UK Limited Company.

Before applying for a UK business bank account, non-residents must first register a UK limited company. 

This is an essential step because most banks and digital banking providers require a UK business registration number before approving an account.

Requirements for UK Company Formation:

• A Unique Company Name – Choose a name that is not already registered with Companies House.
• At Least One Director – The director can be a non-UK resident, but they must provide proof of identity.
• A Registered UK Office Address – You can use a virtual address service provided by 1st Formations.
• Memorandum and Articles of Association – Standard legal documents required for company registration.
• Companies House Registration – Submit your application through 1st Formations for quick processing.

With 1st Formations, you can set up a UK company in as little as 24 to 48 hours. Their Non-Residents Package includes everything you need, including business address services and registration assistance.

Step 2: Use Your Company Details to Open a Wise Business Account

Once your UK company is registered, the next step is to open a Wise Business account. Wise (formerly TransferWise) provides an excellent multi-currency business account that allows non-residents to send, receive, and manage money in over 50 currencies.

The registration process is simple and fully online. You’ll need to provide your UK company registration details, proof of identity, and business address. Wise will then verify your documents, and once approved, you’ll receive unique account details for GBP, EUR, USD, and more.

With Wise, you can receive payments from international clients, pay suppliers worldwide, and exchange currencies at the real market rate, avoiding expensive bank fees.

Wise Business Account Opening Fees

To open a Wise Business account, non-residents must pay a one-time activation fee of £60. There are no monthly maintenance fees, making it a cost-effective alternative.

Wise Business Account Requirements

To open a Wise Business account, you need:

• A registered UK company
• A valid business address (can be obtained via 1st Formations)
• Company incorporation documents
• Proof of identity (passport or driver’s license)

Supported Countries for Wise Business Account

Wise supports business accounts for non-residents from most countries, except for the following restricted regions:

• Afghanistan
• Cuba
• Iran
• North Korea
• Sudan
• Syria
• Venezuela
• Yemen

A full list of restricted countries is available on Wise’s website.

How Safe is a Wise Business Account?

Wise is a licensed and regulated Electronic Money Institution (EMI) and follows strict financial regulations:

• UK & EEA Regulation – Regulated by the Financial Conduct Authority (FCA) in the UK.
• Global Regulation – Licensed by financial authorities in the US, Australia, and other regions.
• Funds Protection – Customer funds are safeguarded in financial institutions like JP Morgan and Barclays.

Why Choose a Wise Business Account?

Wise Business is one of the best financial solutions for non-UK residents. Unlike traditional banks, Wise offers a hassle-free online registration process and transparent fee structures. Here are some of the key benefits:

• Multi-Currency Support – Hold, send, and receive money in over 50 currencies.
• No Hidden Fees – Low conversion fees with mid-market exchange rates.
• Quick Setup – Open an account online within minutes.
• Debit Mastercard – Available for business customers in select regions.
• Secure & Regulated – Wise is regulated by financial authorities worldwide, including the UK’s Financial Conduct Authority (FCA).

Alternative Banking Options for Non-Residents

If Wise does not suit your needs, consider these alternatives:

1. WorldFirst

• International business banking with multi-currency support.
• Ideal for e-commerce businesses and international trade.

2. Revolut Business

• Free multi-currency accounts with competitive exchange rates.
• Supports international payments and business cards.

3. Payoneer

• Popular among freelancers and global businesses.
• Provides USD, EUR, GBP, and JPY account details.

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Benefits of Having a UK Business Bank Account

A UK business bank account provides several benefits, including:

• Separation of Personal and Business Finances – Helps with bookkeeping and tax reporting.
• Credibility with UK Clients – A UK bank account enhances trust and legitimacy.
• Lower International Transaction Fees – Digital banks like Wise offer cost-effective solutions for global transactions.
• Access to Business Loans & Credit – Having a UK bank account can improve financial credibility.

Conclusion

Opening a UK business bank account as a non-resident is possible with digital banking solutions like Wise Business and 1st Formations’ services. By setting up a UK limited company and using Wise’s multi-currency account, international entrepreneurs can efficiently manage business transactions worldwide.

Get Started Today!

If you’re looking to set up your UK company within 24 to 48 hours, let 1st Formations do everything for you.

Get a Discount of up to 33% OFF the Prestige package, 45% OFF the All-Inclusive package, and NEW PRICING for the Non-Resident package!

Check out the official 1st Formations website now!