What are the steps to open a bank account?

This article describes the steps you need to take to open a bank account in England, both for business and personal use. Opening an account in London remains a key step in setting up an English Limited company.

For some years now, banks in London have been applying strict checks when opening an account for residents or non-residents.

In fact, the first step is to put together your file in order to obtain an agreement in principle, before the meeting with the banker(s).

Unlike our competitors, we do not do an introduction to the bank. We accompany you to the meeting and follow you until you obtain the account number.

Before opening a bank account in England

First of all, the creation of your English Limited company will be the essential step. Accordingly, we will need the following elements:

  • Company name (3 choices)
  • First name, surname and date of birth of the manager
  • The same applies to shareholders with the distribution of shares in %.
  • No capital is required in England
  • Amount of capital (if required)

Opening a bank account in England: Which bank to choose?

After the creation of your Limited company, opening a bank account in England for residents and non-residents remains difficult for some providers. Why is this?

In 2018, London is the world leader in finance and free enterprise with its favorable ecosystem.

As we know, the environment of any entrepreneur remains the number one lever for his success or failure.

Indeed, some countries within the Union are known to be either hostile or favourable to entrepreneurs and businesses. Visit bank4pro.co.uk for more about opening a business bank account.

Opening a bank account in England

Whichever banking solution you choose, we prepare a complete file beforehand for the acceptance of your account.

Therefore, the documents to be provided are as follows:

  • Copy of your clean criminal record
  • Passport and C.N.I.
  • 2 pieces of proof of residence: EDF and/or Water and/or Gas bill
  • 12 months of personal bank statements at the same address as your bills
  • 1 certificate of good account keeping and “your good character” from your banker
  • Your tax notice from last year
  • The description of your professional activity with sales forecasts.
  • The URL address of your website, a brochure or a Powerpoint presentation
  • In addition, a minimum understanding of the English language will be required to interact with the banker.
  • However, we will provide translation if necessary.

Tips to remember in 2018 and beyond

To ensure your credibility both in Great Britain and in your country of tax residence (France or other), you should take the following points into account:

  • The materiality of your activity is essential and must be real.
  • You must show that your business is viable
  • You must demonstrate that your intentions are not tax evasion.
  • London is a paradise for entrepreneurs, so getting in is not for everyone.
  • Personal bank accounts outside France must be declared to your tax authorities. You will most certainly have specific questions, which we will deal with together.