If your attempts to set up an account with an English bank have been unsuccessful, there are other ways to obtain what you are looking for. With our professional support, you can open both a corporate and a personal account with a stable financial company located in London.
How a foreigner can open an account in London
The recent trends in the British banking sector make banks double cautious when it comes to servicing ‘potentially risky’ clients. If the applicant’s business is not perfectly transparent or not totally clear for the bankers, they will deny service. Besides, foreign business people automatically qualify as ‘potentially risky’ clients especially if they come from outside Western Europe.
Those lucky ones who have managed to set up an account in a British bank have to follow strict regulations now. All their transactions are meticulously inspected and they have to prove the cleanness of their business on a regular basis. The reason for this is the bank’s desire to remain absolutely legal in all its operations and to avoid any possible suspicions on the part of the regulatory authorities.
However, not everything looks so gloomy in the British financial service market. Where there is demand, there will be supply. Fintech companies are growing rapidly in Great Britain. Recent changes to the country’s legislation have contributed to this growth considerably. Electronic money is legal now as it is placed on the same footing with the banknotes and coins. Electronic money circulation is performed via payment systems or Electronic Money Institutions (EMI). EMI’s act in accordance with the EU Directive 110 from 2009 and they transfer their clients’ funds to third parties on the clients’ request. The regulatory body for these Institutions is the British Financial Conduct Authority (FCA).
We invite you to consider the opportunity to apply for services to one such EMI that has been working in the City of London since 2009. This Payment Service Provider (PSP) holds a corresponding license and it is registered in England and Wales.
The PSP was established by a group of experienced bankers who had grown disappointed in the traditional banks operating procedures. They brought their professionalism and combined it with advanced financial technologies and individual approach to each client.
What makes this EMI specific is the club principle that it applies to some of the services. In addition to several traditional banking products, there is a special offer that is available only by invitation.
You also will be pleased to know that the EMI keeps the clients’ money in separate accounts with the world leading banks. The company maintains its liquidity at 100%.
What benefits does the corporate account with the London EMI bring to the non-resident client?
The owner of a foreign company will gain a great number of advantages when he or she sets up a corporate and a personal account with the London EMI. The main advantages are as follows:
- Exhaustive account information in English on a user-friendly company website;
- Multifunctional Internet banking in English;
- English speaking support team;
- A simple procedure of account opening;
- Fast international transactions within SEPA zone;
- Multicurrency British IBAN accounts for making and receiving payments;
- SWIFT payments;
- Target2 electronic payments;
- A personal IBAN for making and receiving payments;
- Beneficial service conditions;
- A personal manager;
- Multiuser access to the account;
- Services are provided by real people, not chat bots;
- DUO Security double-stage authentication technology to secure trouble-free use of the payment system.
The British EMI provides popular online banking services catering to international traders, holdings, financial institutions, and so on. All the transfers are made within one day. This holds not only for Great Britain but also for Europe, Russia, China, Middle East, and Africa.
Who can open an account with the London EMI?
Any company that conforms to the EMI requirements (which are far from strict) can establish a corporate account there. It is important to remember, however, that the fintech company that we are advertising here builds its relationships with the clients on the club principle. One possibility to acquire services from the British EMI is obtaining a recommendation from a client company. Preference is given to international corporations.
If you cannot supply such a recommendation, you can set up a corporate account with the payment system anyway. However, in this case you will have to go through a stringent due diligence procedure. Your business operations will be scrupulously analyzed, your company Due Dueling performed, and your major counteragents studied.
When considering an application for services, the EMI employs most up-to-date KYC (Know Your Client) instruments. They allow performing the due diligence check quickly: opening an account with the London EMI normally takes one business week.
A personal interview with the key person in the company plays an important role in the decision-making process. Before applying for services to this PSP, you have to take into consideration some restrictions that apply. In this way, you can form an understanding of your perspectives to acquire financial services from the British payment system.
Unlike many other PSP’s, the London payment system does not put any restrictions on the company and its UBO’s (Ultimate Beneficiary Owners) country of origin. Not only EU-registered corporations can establish business accounts with this PSP. In fact, it services companies from over 190 national states.
Restrictions on company activity types
Companies that deal in non-regulated Forex trade, cryptocurrencies, and gambling are not eligible to apply.
The preferred company activity types:
- Import/ export. Special preference is given to the traders that do business not only on the traditional trading platforms but also in the developing markets.
- Digital service providers: IT developers, digital advertisers, electronic traders, and so on.
- High liquidity holding companies earning interests on their international assets.
- Financial institutions: asset management, investments, profit distribution, and so on.
A corporate account and a personal account for the company owner in London: the conditions
The fintech company that we recommend specializes in international trade payments and transboundary deals. It provides for fast movement of moneys in accordance with the clients’ requests. Regardless of the distance and time zone difference, swift transactions are guaranteed. International traders interested in making and receiving timely payments are sure to appreciate the PSP services.
You are also going to appreciate the fair tariffs that the London payment system applies:
- The PSP does not have any additional charges for the swiftness of the transactions. All the transactions are made within one business day.
- All incoming payments are free of charge.
- A fixed price is charged for all outgoing payments.
You have to bear in mind the following conditions:
- US dollar transactions to Ukraine, Belarus, Armenia, and Azerbaijan are not possible.
- US dollar transactions to Russia and Kazakhstan are allowed.
- The account opening fee is 2,000 EUR.
Account and transaction currencies
The PSP clients are free to open accounts and make transactions in EUR, USD, and GBP. On a special request, you can make transactions in other world currencies (up to thirty in number). Exotic currencies can also be used for savings accounts.
The payment system supports currency conversion in real time. For large amounts, special conversion rates apply.
You can establish the following types of accounts with the London payment system:
- A corporate account.
- A personal account. You can set up a personal account with the PSP if you are a citizen of Great Britain or if your company has a corporate account there.
One of the specifics of this particular payment system is its ability to make instant payments. Local payments in British pounds take mere seconds to go through. You can receive payments from merchant accounts such as Amazon or PayPal, for example. Direct debiting function is also available. Besides, the PSP offers a beneficial billing plan to startup businesses.
A mandatory requirement to those opening a business account with the London PSP is a minimum deposit of EUR 2,000. In addition, the minimum balance on the account shall not go under EUR 2,000 in the future.
London PSP clients who have corporate and personal accounts there are eligible to acquire pay cards from the PSP. There is a restriction, however: only the companies registered within the EU can obtain pay cards.
|Incoming payments||FREE OF CHARGE|
|Outgoing payments within SEPA zone||EUR 8|
|Local transaction in pound sterling||GBP 0.60|
|International transaction||EUR 50|
|Up to EUR 250,000 per year||EUR 100|
|Up to EUR 5 000,000 per year||EUR 500|
|From EUR 5 000,000 per year||EUR 1,000|
The PSP clients also have to pay monthly fees that are referred to as members’ dues. The amount of the due depends on the volume of the client’s financial operations. The minimum due is 50 pounds and it covers the personal manager support and transboundary depository services.
The account opening fee of EUR 2,000 is charged only when the account has been opened.
Lawyers and developers can make use of a special financial instrument that allows separating the money coming from the clients from the operational capital.
How to open a corporate and a personal account with the London EMI
A representative of a foreign applicant company has to fill out the application forms in order to establish an account with the British payment system. Generally, the process of account opening consists of the following main steps:
- Preapproval of the applicant company profile.
- Completion of the application form.
- An interview with the company beneficiary.
- Submission of scan copies of the application documents via e-mail.
If the company is registered in British Virgin Islands, the United Arab Emirates, and other suchlike jurisdictions, apostilled application documents shall be delivered by a courier.
Here is what you should expect when going through the application procedure:
- Step 1: Registration
To launch the account opening process you have to register with the system. Your personal manager will give you the registration link.
This step is going to take only a couple of minutes. However, the registration shall be performed by an authorized person who will then fill out the KYC form on behalf of the company. If one person completes the registration form while another one completes the KYC form, the London PSP management shall be informed about it in advance.
- Step 2. Risk assessment
After the registration is complete, you will receive a unique link to the KYC form that you will have to fill out. Under normal circumstances, completing this form should not take more than half an hour.
Below we will provide the list of documents that you will have to submit when applying for account opening with the British PSP. The documents include:
Company constitutive documents;
Business model description with the list of counteragents and sales markets.
- Step 3. Interview
You will then be interviewed by a PSP manager via a video-conferencing application such as Skype, for example.
The procedure of opening a corporate and a personal account with the London payment system
- In order to set up a non-resident corporate account with the British PSP please contact our specialists at email@example.com.
- Cover the cost of our professional services. You can use the payment method of your choice. We accept bank transfers, credit card, PayPal, WebMoney, Western Union payments, and Bitcoins. The cost of this service starts at 2,999 EUR.
- Collect the required application document package. All the documents have to be written in English. If the original documents are in a different language, they have to be translated into English by a sworn translator and translations apostilled.
The application document package for setting up a corporate and a personal account with the London PSP
- Company beneficiary’s résumé;
- Company beneficiary’s passport (a legalized copy of);
- Two samples of business contracts that the company has made;
- A description of the company fixed assets;
- Proof of company address;
- Corporate (constitutive) documents.
Important: The British PSP Compliance Department may request additional documents. Sometimes, the documents will have to come with an apostil. All the requested documents shall be submitted promptly.
The terms of opening a corporate and a personal account with the London EMI
In order to successfully establish a corporate and a personal account with the British payment system you have to collect the full package of application documents and make high quality scan copies. Besides, you have to know how to answer the questions found in the online application and KYC forms.
We have been helping our clients open different kinds of accounts for more than twenty years already. With our professional assistance, the tasks described above will turn out easy for you.
If the application process goes well, the account with the London PSP will be opened within five working days.
If you are interested in the opportunity that we have advertised here, please write to us to firstname.lastname@example.org. We will be happy to help you.