Company Name Check

Business Service Levels

Apply for a Consultation

Print this Page

BANKING SERVICES Setting Up Your Bank Accounts Opening a Bank Account in the UK Offshore Bank Account

RELATED SERVICES UK Company with Bearer Shares Holding Entities: United Kingdom Register a Branch in the UK Company Formation in Northern Ireland Incorporate in the Republic of Ireland Seychelles: Protected Cell Company BVI Corporate Vehicle for Charitable Use Cyprus: VAT Registration Holding Companies in Hong Kong Boat and Yacht Registration Trademark Registration Incorporate a Public Company in America

We Accept

OPEN UK BANKING ACCOUNT: OPENING A BUSINESS ACCOUNT IN ENGLAND - ESTABLISH BUSINESS ACCOUNT IN LONDON, OPENING A SMALL BUSINESS BANK ACCOUNT.

Opening a Small Business Bank Account: 
Big 4: Royal Bank of Scotland, Barclays, Lloyds TSB, HSBC. The government has forced the top UK banks (above) to offer all small businesses interest accounts, at 2.5% below the bank base rate, or an account that offers free transaction charges.

Why do I Need a Bank Account? 
Everything you do in business revolves around money. This money needs to be identifiable at every stage of the transaction and of course the money also needs to be identifiable from your own personal finances. Opening a business bank account is the simplest way to achieve accountability and provide a good degree of transparency in your business dealings to enable government departments, creditors and auditors to accurately assess your business. A business account will also give you credibility as your bank has, to a degree, assessed and accepted your business proposal.
How do I Open an Account?  If you wish to open a business account Click Here to Complete Our Online Application Form 

I Have a Bad Credit Record. What Can I do? 
Business bank accounts are not as difficult as personal accounts to open. There are numerous reasons for this but we only need to focus on one at this time: business accounts are profitable (for the banks of course). That is not to say that anyone can get a business account, but if you have a business plan and it is viable, with the bank not having to fund you or provide you with anything more than a business cheque book, acceptance should be a formality. Paying in an initial deposit can only help.

UK Corporate Banking. We are leading UK bank intermediaries, being registered with most UK banks for the introduction of corporate clients. Our service is comprehensive and whilst often linked to the formation of a Limited Company, we are able to arrange business accounts for any type of organisation including PLC's, Limited Liability Partnerships, Guarantee Companies, Charitable Companies, Unlimited Companies and Sole Traders. GUARANTEED BUSINESS BANKING IN THE UNITED KINGDOM: 1. Issued by NatWest, Lloyds TSB, HSBC, Barclays etc. 2. Cheque Book issued immediately. 3. Standing Order & Direct Debit facility. 4. No minimum balance or deposit requirement. 5. Corporate VISA and MasterCard available (Subject to Status). 6. Internet Banking facility. 7. Available for Sole Trader, Partnership, LLP and Limited Companies. 8. Guaranteed Acceptance. Call any one of our offices: Monday - Friday: 9:30am to 17:30pm +44 (0) 207.637.3881 +44 (0) 800.081.1510 +44 (0) 141.530.8188 +44 (0) 289.099.8744 info@ukincorp.co.uk Click on the button below to apply online:

Key Features and Benefits of the Business Bank Account:  

Freedom to manage your money on the internet or by telephone as well as at your branch, at no extra cost.
Make and receive payments - via cash, cheques or electronically.
Option to open accounts in a number of foreign currencies.
Easy to keep track of your finances - by online internet, telephone banking and regular statements.

UK Banking - Open a UK Bank Account:  
A business account will also help give you credibility as the bank has to a degree assessed and accepted your business proposal.

One of the most important factors when selecting a bank is to find a bank you feel comfortable dealing with, as relationships are crucial. Seek advice and recommendations from professionals such as your lawyer or accountant.

Aim to develop a good working relationship with your bank manager. The relationship between you and your bank is like any other partnership. The better the match, the smoother it runs.

If you are setting up as a limited company, you need to have set up the limited company before your visit to the bank.

British banks, in common with their counterparts across the globe, have introduced new regulations about opening new bank accounts. Security procedures have been implemented which can lead to delays for overseas clients who try to open an account on arrival. It is almost impossible to open a UK bank account whilst you are overseas.

To open a bank account a student will need to show the following identification:

Passport.
Driving License.
Proof of your home address.
Proof of UK address, usually in the form of a utility bill or Halls of Residence contract.

It is useful to get a reference from your existing bank in your country (in English) and/ or ask them to write to you at your UK address.

Each branch of each bank makes an independent decision on whether to accept new customers and there is no particular bank that has a better deal for international clients.

Accounts: Deposit Account or Basic Account:  
International students may find that some banks will offer them only one of these types of account. A deposit account, sometimes called a savings account of a 'basic bank account', may offer a cash card and will pay additional money to you ('interest') based on the balance in your account. When opening an account check the procedure for taking money out of the account. There may be restrictions.

Information about rates of interest is published regularly in the business section of newspapers. You may be able to prevent any tax being deducted from your interest - ask your bank or building society for form R105 which you can complete when you open your bank account.

Current Account:  
A current account may offer a cheque book, cheque guarantee card, cash card, debit card, overdraft facility, and direct debit and standing order facilities. Some accounts pay interest, although this is usually at a lower rate than a deposit account. You should ask the bank which services would be available. Some banks will not allow international students to open a current account and you may only be allowed to open a 'basic bank account'. It may be possible to change your account to a current account after a period of time.

Transferring Money to the UK:  
The easiest way to send money is by electronic transfer of funds from a bank in your home country into your UK account. To do this the bank in your home country will need:

Your UK bank's name and full address.
Your name as given on your UK bank account.
Your UK bank account number.
Your UK bank's sort code.

Money can also be transferred using a banker's draft. This is a document drawn up by the bank in your home country and sent to you by post. You present the banker's draft to your bank in the UK.

Our Service

We provide a fast online service for company registration, LTD company formation, and business incorporation in England, Wales and Scotland. When first setting-up a business there are many issues to consider. You need to decide whether or not to incorporate your business, and to choose a structure for your business. There are several types of legal business entities which you can choose to operate as. For more information on these choices, follow the links below. We advise that professional legal and financial advice is obtained before a final choice of business entity is made. Sole Trader (Self-Employed) Limited Company Public Company Company Limited by Guarantee Limited Liability Partnership Branch or Place of Business Coddan is a leading service provider in the field of English, Scottish and Irish company formation and company registration. We can help you in starting a business in England & Wales Scotland and Northern Ireland. Over 95% of our companies are incorporated within 6 hours. The electronic submission of information enables a fast company start-up satisfying all of the required legal formalities: a director, a secretary, a registered office and shareholders. Our electronic filing software has been approved by Companies House.

Related Articles

--- Find Our Popular Pages --- Setting-up a Company Yourself Setting up a Limited Company Advantages of a Limited Company UK LTD Compared to other Business Structures Reasons to choose a UK LTD Formation UK LTD Tax and Liability Benefits Starting or Creating a Company Register a British Company Registering Company in England Limited Company Registration Company Registration Agent Cheap Company Formation Fast Company Formation Opening a Bank Account Open a UK Bank Account Open a Bank Account in London UK High Street Banks Accounts Setting a High-Street Bank Account What is a Company Limited by Guarantee? Forms for Incorporating a Club Incorporate a Foundation Starting, Running, Closing a Company Starting, Running, Closing a Company Restoring a Struck-Off Company Restoring a Dissolved Company Company Dissolution Dissolution and Restoration Choosing a Form of Business Ownership Business Organizational Structure Electronically Companies Formation Small Business Structures UK Business Start-Up Advice Starting-Up a Public Company Company Formations Benefits How to Register an Organization Methods of Setting-Up a Company Company Formation Procedure Starting Your Own Business London Registered Agent Private Limited Company Advantages Register a Company Limited by Guarantee Business Incorporation in Ireland Online Company Registration Agent Register Your Business in Scotland Offshore Trust and Foundation Formation Choosing Offshore Business Structure Offshore Corporations Advantages Non-Profit UK Company Incorporation FAQ for Company Start-Up Nominee Company Secretarial Service Electronic Company Setting Up Procedure Starting Limited Company Benefits Investment Holding Company Starting a Business in Delaware Delaware LLC Structures Why Incorporate in New York? Register Your Business in Florida Virtual Office Services in London London Serviced Offices for Rent Company Secretarial Service Incorporate or Form an LLC Incorporate in Delaware Today LLC Basics How to Form an LLC Why Incorporate in Nevada? New York Business Incorporation Company Formation in California Florida Company Registration Forming an Offshore Company for - ?300 Why Establish an Offshore Trust? Non-Charitable Foundation BVI Business Incorporation Shelf Companies for Sale Delaware Ready-Made LLC Virtual Service in London Should I Start a Small Business? What are the Benefits of Starting Business? What are the Different Types of Business? Start a Home-Based Business How Do I Register My Business? Can I Operate a Small Business from Home? Guide to Starting a Business Limited Company vs Sole Trader How and Why to Register a Trademark Tax Information for Limited Companies UK LLP Formations Bookkeeping & Accounting International Corporate Accounting Audit & Accounting Bookkeepers &emp; Accountants Business Planning & Advice Payroll & VAT Registration Small Business Bookkeeping Bookkeeping & Tax Service Best Accounting Outsourcing Firm Fundamentals of Bookkeeping Accounting Software Accounting Terms Book-Keeping & Accounting Bookkeeping Software Solutions Small Business Advice Start in Business Business for Sale Business Start-up Basics Small Business Planning Complying with Data Protection Law Employing People Free Start-Up Business Guide Starting a Small Business Small Business Finance Start Up Advice Starting Up & Running a Business How to Set Up a Company in the UK Running a Small Business Small Business Support Services Work Permit & Work Visa Guide to UK Immigration UK Work Permits UK Work Visa Services HSMP Highly Skilled Migrant Programme UK Immigration UK Work Permit Permits UK Work Visa Service Do I need to Get a UK Work Permit? Obtaining a UK Work Permit UK Business Immigration Sole Representative Visas for Employers Citizenship and Naturalisation Business and Commercial Work Permits Visas for Persons Wishing to Start a Business Business Investors Visas Business Innovators Visas Training and Work Experience Visas UK - Study/Training Visas UK - Personal Immigration Registering a UK Trademark Fast Trademark Registration Trademark Search Trademark Registration Services How to Apply for a Trade-Mark How to Register Trade-Mark Brand Name Protection Online Trademark Registrations What is a Charity? Why Become a Charity? What Rules do Charities Have to Follow? Types of Charities Do You Qualify as a Charity? Applying for Charity Status Registration of Charity Applying for Tax Exemption Compulsory VAT Registration When to Register for VAT Value Added Tax Registration Pre-registration VAT Limits for VAT Registration Assistance with VAT Registrations VAT Registration Processing Should I Start a Small Business? What are the Benefits of Starting Business? What are the Different Types of Business? Start a Home-Based Business How Do I Register My Business? Can I Operate a Small Business from Home? Guide to Starting a Business Limited Company vs Sole Trader How and Why to Register a Trademark Tax Information for Limited Companies --- Find Best UK Prices & Packages --- Private Company Limited by Shares - ?32.00 Public Company Limited by Shares - ?52.00 Limited Liability Partnership - ?125.00 Company Limited by Guarantee - ?42.00 Flat Management Company - ?42.00 Bearer Shares Company - ?142.00 Holding Company - ?52.00 UK Branch Office - ?150.00 UK Place of Business - ?150.00 Registered Office Address - ?50.00 Nominee Secretary - ?49.95 Nominee Director - ?125.00 Nominee Shareholder - ?100.00 Shelf Companies - ?99.00 Private Company Limited by Shares - ?32.00 Public Company Limited by Shares - ?52.00 Limited Liability Partnerships - ?125.00 Non-Profit Company - ?42.00 Property Management Company - ?42.00 Holdings Company - ?52.00 Scottish Branch - ?150.00 Scottish Place of Business - ?150.00 Registered Office Address - ?50.00 Nominee Secretarial - ?49.95 Nominee Directorship - ?125.00 Nominee Shareholders - ?100.00 Shelf Companies - ?99.00 Private Limited Company - ?89.95 --- Find Offshore Fees and Packages --- Anguilla Offshore IBC - £580.00 Anguilla Offshore LLC - £680.00 Anguilla Offshore Trust - £1,480.00 Bahamas Offshore IBC - £1,500.00 BVI Offshore Business Company - £750.00 BVI Guarantee Company - £1,185.00 BVI Limited Partnership - £1,185.00 BVI Offshore Trust - £1,580.00 Belize Offshore IBC - £510.00 Belize Offshore Trust - £1,400.00 Cyprus Limited Company - £1,800.00 Cyprus Guarantee Company - £1,800.00 Cyprus Limited Partnership - £1,800.00 Private Trusts - e-mail us for fees Express Private Trusts - e-mail us for fees Resulting Trust - e-mail us for fees Constructive Trust- e-mail us for fees Implied Trusts - e-mail us for fees Charitable Trusts - e-mail us for fees Fixed Trusts - e-mail us for fees Discretionary Trust - e-mail us for fees Guernsey Limited Company - £1,950.00 Gibraltar Non-Resident LTD - £735.00 Hong Kong Limited Company - £920.00 Hong Kong Guarantee Company - £1,200.00 Hong Kong Limited Partnership - £1,200.00 Isle of Man Limited Company - £1,950.00 Jersey Limited Company - £3,150.00 Malta Limited Company - £3,500.00 Marshall Islands IBC - £750.00 Mauritius Limited Company Category 1 - £2,180.00 Mauritius Limited Company Category 2 - £950.00 Nevis Offshore IBC - £815.00 Nevis Offshore LLC - £915.00 Nevis Exempt Partnership - £1,100.00 Nevis Limited Partnership - £1,100.00 Nevis Exempt Company - £1,100.00 Nevis Private Company - £1,100.00 Nevis Public Company - £1,100.00 Panama Corporation - £875.00 Panama Foundation - £1,000.00 Panama Limited Partnership - £1,200.00 Seychelles Offshore IBC - £510.00 Seychelles Offshore PCC - £2,150.00 Seychelles Limited Partnership - £950.00 Seychelles Special Licensed Company - £2,250.00 St. Kitts Offshore IBC - £815.00 St. Kitts Exempt Partnership - £950.00 St. Kitts Limited Partnership - £950.00 St. Kitts Exempt Company - £950.00 St. Kitts Private Company - £950.00 St. Kitts Public Company - £950.00 St. Vincent and the Grenadines IBC - £680.00 --- Find Best USA Prices & Packages --- Alabama Alaska Arizona Arkansas California Colorado Connecticut Washington D.C. Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming --- Popular Offshore Jurisdictions --- Anguilla Argentina Bahamas Belize British Virgin Islands Costa Rica Cyprus Isle of Man Gibraltar Guernsey Hong Kong Jersey Netherlands Antilles Nevis Panama Portugal Seychelles St Vincent Venezuela Uruguay --- Ready-Made Companies List --- UK Shelf Companies Scottish Ready-Made Business Arkansas Readymade Companies Delaware Off-The Shelf Companies Florida Aged Companies New York Vintage Companies Nevada Shelf Companies BVI Ready-Made Companies Belize Readymade Company Seychelles Shelf Companies Gibraltar Ready-Made Company Nevis Shelf Companies

Before you transfer money, ask what charges will be made by the banks and how long it will take. Try to plan your finances so that the time taken to transfer money and the charges involved do not lead to you experiencing financial problems. If someone transfers money to your account they should keep a copy of the relevant documents in case there is any dispute with the bank in the future.

Running Your Account:  
Once you have opened an account keep a record of the money that you pay into the account ('deposit'), and of the money that you take out of the account ('withdrawals'). This includes recording money you take out from bank machines, cheques that you write, purchases you make with a debit card, and standing orders and direct debits. Check your records against each bank statement you receive. This will help prevent problems arising with the bank. It will also help avoid experiencing financial difficulties.

Bank Account Charges and Tariffs:  
There is usually a fixed charge that covers the daily costs of operating your business current account. In addition, there is usually a charge for every credit entry and debit. Charges and interest will usually be charged on a quarterly basis. Most banks will advise customers of changes prior to deduction from the account.

Alternatively, banks will offer a fixed tariff where charges and interest are calculated and deducted from your account on a monthly basis.

Raising Finance:  
Once you have drawn up your business plan, you will have a good idea of the capital expenditure and working capital needed to meet your set-up, or business expansion costs.

If you have all the funds, you need to get going that is great. However, even if you do not, there can be other solutions. Over and above your own funds, any extra finance may be available from your bank and other organisations.

Banks offer a number of borrowing schemes, each tailored to suit the varying needs of business. You will need to carefully examine the charging structure, terms and conditions that surround any offer.

Your negotiations are more likely to succeed if you have a good credit score, or have built a good bank relationship. If you are in any doubt about any of the terms and conditions, ask your accountant or other business advisors for their opinions.

It is a good idea to let your bank manager see your business plan before you meet up, as this will give him or her time to consider your plan in more detail.

Interest Rates:  
Banks will set the interest rate for your overdraft facility or loan when they have looked at factors such as:

Their overall evaluation of the risk involved;
Your stake in the business; and
Whether you have provided security.

Security:  
Banks take security to ensure you are committed to your business plan, and they are repaid if things go wrong. The most common types of security banks seek are:

A mortgage over business premises; and
A debenture. This can only be applied to a limited liability entity. It gives the bank a mortgage over all the assets of the business, including the book debts.

If you cannot offer sufficient security from the assets of your business, the bank may ask for personal security such as:

Personal guarantees by directors of limited companies;
A mortgage over private property; or
Life insurance policies, shares, and other investments.

Overdraft Facility:  
An overdraft facility is the most flexible and simplest form of borrowing. This provides a business with short-term finance, but should not be used for long-term borrowing, or to purchase fixed assets. Typically, an overdraft is ideal for covering the day-to-day costs of running your business. It also helps you cope with difficulties arising if your customers are late in settling their debts.

The advantages of an overdraft facility includes:

An overdraft is a simple and flexible way of financing changing cashflow requirements
You only pay interest on the amount you are overdrawn each day.

The disadvantages of an overdraft facility includes:

In principle, the bank can demand repayment at any time, although some banks do offer 'committed' facilities. Committed overdrafts provide more peace of mind over the standard overdraft as they are overdrafts the bank cannot demand back at any time.
The overdraft facility has to be renegotiated every 6-12 months.

The interest rate charged is either a monthly rate, or at a rate which is linked to the Bank Base Rate, and should be agreed at the outset. There may also be an arrangement fee.

Discuss the interest rate and fees with your bank.

Always speak to your bank to arrange an overdraft rather than risking an unauthorised overdraft - arranged overdrafts are much cheaper than an unauthorised one, and if you speak to your bank, it shows you are in control.

It is important to be aware of the charges connected with exceeding the agreed overdraft level. Charges may be levied at a s