UK Bank Account setup for Non Resident

As a business person you must have dreams to expand your business and enter the global market at least at some point of time in your life; isn’t it? Your business acumen has for sure encouraged you to opt for a UK bank account setup for non-resident because it can take you a step ahead towards your dream. This initiative has an enormous amount of advantages for your business. 

The United Kingdom is famous for having the most progressive banking systems in the whole world. The economy of the United Kingdom is dynamic and the chance to avail of the banking services of the UK is open to everyone. 

The United Kingdom has been maintaining a steady growth in its economy powered by a strong currency. This is why the United Kingdom is a great option when it comes to setting up an offshore bank account. The procedure may seem a bit confusing but if you avail the services of the best online agency named Activate Global Limited to get the work done, it will be a simple and easy process. The team is famous for providing free consultation as well and this makes the UK bank account setup for non-resident a lucrative and safe option. 

Non-residents- who are they?

An individual who stays in a jurisdiction or country but is interested in another region is known as a non-resident. The government of the region will classify him or her as a non-resident where that individual does not primarily reside. He or she can also be called a Non-Residential Individual or NRI. In the same way, if you stay outside the United Kingdom, they will consider you as a non-resident and in order to open a bank account in any of the banks of the UK, you will have to set up a UK bank account setup for non-resident. 

About a non-resident bank account:

A non-resident bank account is an account that you want to open in any bank of a country you do not primarily live in or do not have citizenship of. These accounts are also known as offshore bank accounts. So, if you do not stay in the UK and want to open a bank account, you will have to opt for a UK bank account setup for non-resident. Before going to a deeper discussion let us first know if it is allowed to have an account in one of the banks of the UK being a non-resident. Yes, it is obviously possible to have a bank account in the UK being a non-resident. The United Kingdom allows citizens of other countries to avail of their banking facilities but there are a few steps that you need to perform in order to have a UK bank account setup for non-resident. The enthusiastic team of Activate Global Limited makes the task easy for you and performs all the steps on your behalf to help you open your offshore bank account in the UK.

Eligibility criteria for opening a UK bank account setup for non-resident:

Before you get into the process, you need to get acquainted with some important information about the procedure of opening a UK bank account setup for non-resident. The first and foremost concern will be the different criteria for opening an offshore bank account in the UK. The best part is anybody and everybody can open an offshore bank account in the United Kingdom. There is no such restriction or law that can stop you from owning an offshore bank account in the UK. However, there are some simple expectations and the first one is the age of the person who wants to open the account. If you want to open a UK bank account setup for non-resident, you will have to be an adult. This is the regulation of the United Kingdom that a minor non-resident does not have the right to open a bank account. 

Being an applicant your financial records will definitely be checked by the regulatory agencies of the United Kingdom. A person who has previously been arrested or convicted due to any tax forgery or money laundering, then he or she can’t open a UK bank account setup for non-resident. If you as a non-resident want to open a bank account in the UK, you need to have a clean record. 

Meeting the eligibility criteria for opening a UK bank account setup for non-resident and getting one are completely different. The UK banks may accept the applications of non-residents but all the applications undergo quite tough and strict screening. Banks can also deny you service because there are no legal obligations that all applications need to be accepted. Now, this is quite a matter of concern. Here comes the role of a trustable agency that can make the process easy for you. This is the only plausible way to have a UK bank account setup for non-resident. Activate Global Limited offers this offshore bank account opening service remotely. As a result, you can easily handle the entire process without visiting the physical location even once. 

How to open an offshore bank account in the UK?

Here comes the most important part of your reading. Now, we will describe and explain the step by step process of opening a UK bank account setup for non-resident. So, go through the steps thoroughly.

  • Account type:

There are many types of bank accounts in the UK among which people mostly opt for either a savings account or a business account. If you choose to have an international savings account, you will be capable of keeping your money and getting good interest. But there are some business facilities which you can’t avail if you opt for an international savings account. If you decide to opt for a business bank account then you will get more benefits. However, if you are planning to establish a company in the UK then only you can open a business bank account in the UK. If you already have a UK-registered company then the business bank account is the most suitable one for you. If you want to set up a company in the UK then also you can get in touch with Activate Global Limited. 

  • Choice of the right bank:

When you are done with choosing the account type, the next thing you need to choose is the bank where you want to open your UK bank account setup for non-resident. There are more than 300 banks in the United Kingdom among which only some banks serve international customers. Here is a list of UK banks provided by the team of Activate Global Limited that offer services to international clients. The banks are as follows:

  • HSBC
  • Barclays
  • TSB
  • Metro Bank
  • Yorkshire Bank
  • Santander
  • Revolut
  • NatWest/ RBS
  • Lloyds Bank
  • Starlight Bank
  • Clydesdale Bank

These are the banks where you can apply for having an offshore bank account. Do not forget to check the interest rates and facilities. The team of Activate Global Limited will help you to compare all the facilities of these banks and then you can choose your bank according to your preference. 

  • Find a suitable and professional service provider:

In order to open a UK bank account setup for non-resident, you need to contact a professional service provider who can take care of the job. These agencies set up your offshore bank account legally and fulfill all the necessary formalities on your behalf. Some recommendations or references are also needed when you want to open an offshore bank account in the UK as a non-resident. Activate Global Limited, the most reliable agency visits the bank on your behalf and provides the reference. They also recommend you to the banks they are partners with. So, if you are planning to opt for an offshore bank account in the UK you can contact Activate Global Limited without any hesitation.

  • Application and the proposal form:

The next step is to send your application to the bank. The banks will offer you a proposal form or a bank account opening form. You need to be very careful while filling up the form as on the basis of your details, the banks will decide if they will allow you to have an account or not. You may require some professional help to get the job done right. Activate Global Limited is always there to help you out.

  • Documentation:

After filling up the proposal form you need to submit the same and also some documents such as a valid photo ID, address proof, etc. If you want to opt for a business bank account, then some more documents such as a copy of the certificate of incorporation of your company and some other documents will be required. 

  • Verification:

After all these steps are completed, you will have to wait for the bank to verify your details. For identity verification, the bank may ask you a few questions too. If you book the services of Activate Global Limited related to your UK bank account setup for non-resident, they will initiate and organize the process for you.

  • Money deposit:

Now comes the point when you can deposit your money after your application has been accepted by the bank. However, you need to remember that you can’t get cheques or debit cards delivered instantly. The UK banks take around 30 days to deliver these to you. During this time you can do the banking online. 

So, trust Activate Global Limited and the team will make the entire process quite easy for you.

Advantages of having a UK bank account as a nonresident:

  • You get multiple options when it comes to the currencies which means, your offshore account will be a multi-currency account.
  • If you opt for a UK bank account as a nonresident, you do not have to pay any currency conversion fees that you have to pay if you try to make any international transactions otherwise. 
  • You get relaxation in tax also.
  • An offshore company helps you bring a change in your financial condition because of the policies related to asset protection.
  • Your money remains secured and privacy protection is also provided by the UK bank.
  • Interests are high and you also get the opportunity to trade globally.

Contact Activate Global Limited for more information.