HOW TO OPEN A UK REMOTE BANK ACCOUNT - Business Globalizer

April 4, 2020by Daisy0

You might be wondering why a remote account in England? With the exit of the United Kingdom from the European Union, London regains its total independence and political, fiscal, and economic sovereignty. Therefore, the Prime Minister will diverge from EU laws to oversimplify through deregulation. Say goodbye to red tape and banking! By opting for the Singapore model on the Thames, Great Britain decides to strike a blow to attract foreign entrepreneurs and global talents.

So, the UK’s priorities follow the following axes:

  • Global competitiveness
  • Attractiveness
  • Economic dynamism
  • Roll out the red carpet for foreign investors and talents

Simple like Brexit! That’s is why it’s an excellent time for people to know how to open a UK remote bank account.

How to open a UK remote bank account?

As a future expatriate in the United Kingdom, the easiest and fastest is to open a British bank account from your country of origin: most financial institutions offer this service. It is either paid or provided free of charge to the categories of customers “premium ” or ”  more  ” or ”  super,” according to the banks.

Opening a bank account in the United Kingdom is easy and fast. Obtaining different means of payment can take time, especially for new expatriates. If the bank does not know you, it will not grant you immediately chequebooks, debit cards, and even fewer credit cards. It will wait to see regular cash inflows and “normal” account management.

 

If, despite everything, you arrive on British soil without a bank account, the opening on-site will not be faster either. In particular, obtaining a credit card is generally slow and complicated.

Documents to provide for opening an account

  • An identity document (passport),
  • A certificate of domiciles such as a utility or water bill. It is this last document that often poses a problem: having just landed, you will not yet have your water or electricity bill in your name. So remember to do the water/telephone/television, etc., as quickly as possible and to request a statement or an invoice urgently.
  • Copies of your bank statements for the past six months (these documents are not systematically requested).
  • Certificate from a guarantor (usually requested). It is a kind of “witness of good character,” who must have lived in the United Kingdom for several years and who certifies that you are someone of respectable. If you arrive on British soil with a job, the guarantor will generally be your boss or a representative of the company, who can also indicate your annual salary.
  • Reference letter (in English) from your bank in your country of origin. This document is not mandatory, but it does speed things up, especially when it comes to obtaining a credit card. Ask your bank to stipulate your banking information: date of opening of your account, current balance, average balance over the year, existence or not of overdrafts. In some instances, your bank will not send you a letter in English: it will, therefore, have to be translated.

Advantages of opening an offshore account in the UK?

The British market benefits from the large number of double taxation treaties tightened with the main reference markets in the world. A reason why British banks and the London bank account are often chosen for different types of business is to trade globally.

When choosing to deposit funds for management in a foreign jurisdiction, it is necessary to consider how the bank account that is going to open allows global transactions, without problems arising from the blacklist, aspects to consider and that could push people to open a bank account in London to be operational.

Sometimes this solution is suitable for natural persons. At the same time, in other circumstances, the choice to open a banking relationship in the United Kingdom may also depend on the need to provide one’s own Ltd company with the best support to manage the movement of money between customers and suppliers. ,  then open a bank account in England for non-residents guaranteeing top-level operating times and conditions.

The reason why it might be better to open a bank account in England rather than in other countries is related to the fact that the British financial centre has a significant influence on a global level.

Thanks to this, it can ensure an optimal service for every need, transforming English banks into real reference points for entrepreneurs.

Is it legal to open a UK remote bank account?

Opening an offshore account is completely legal. Anyone, if of age, has the right to open one in both EU and non-EU countries.

The legitimate money that everyone owns is part of the movable property they own, and for this reason, they can invest it as and where they want without limits in its legal use. When opening an offshore account, the legislation in force in your country of tax residence, and that of the country chosen to deposit your money must always be respected.

One of the foreign countries with the greatest attraction is undoubtedly England.

England offers numerous advantages for all those who bring their activities and assets into the country, both residents and non-residents.

Conclusion

In any case, British online banks offer many advantages, including unlimited withdrawals, no commission at the counters, and online account security. England is the country most chosen for business, and London is a metropolis at the centre of many commercial routes worldwide.

So opening an offshore account online in this state is the right choice, and it is the right thing to know how to open a UK remote bank account.

Daisy

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