Learn how to open a UK corporate account for your company. Despite the European banks policy of toughening the choice of customers, you will be able to get your account relatively easily. We offer our assistance in cooperating with a British digital bank.
About a British digital bank
Digital banking services are provided by an international company specializing in financial technologies. The company obtained the right to provide banking services by receiving the relevant license. The digital bank’s office is physically located in London, but it provides services all over the world.
The banking license was issued by the European Central Bank through the Bank of Lithuania. Financial company we recommend provides conventional services: opening and maintaining of current accounts, consumer and business lending, overdrafts. Customer funds are protected by Barclays/Lloyd’s Banks.
Throughout 2019, the British fintech company has successfully mastered the new niche, which was previously owned exclusively by banks. Its range of services is quite conventional for a banking institution with the only difference that now this service is available for more companies and is much cheaper. The geography of services is quite broad: Great Britain, France, Germany, Poland, the United States in the foreseeable future, and then Canada, Singapore, Japan, Australia and New Zealand.
Benefits of the British digital bank account for a foreigner
At the time the digital bank started its operations (the most popular of which were current accounts and the issue of debit payment cards), it already had about 3 million customers. About 10,000 accounts are opened daily. In the nearest future, the digital bank plans to increase its customer base to 100 million.
The main advantages of opening a corporate account with a British digital bank are:
- Free opening (no commission for opening and activating the account) and a tariff with the free monthly account support.
- A digital account open with the digital bank we recommend will cost the companies 10 times less compared to a classic European banking institution.
- The speed of payments is the fastest in Europe.
- Customers are offered a complete range of services such as the current account maintenance, convenient interface, competent support in English.
- The main information about the digital bank is available in the website in all languages used in Europe.
- Free IBAN number for customer’s account.
- 24-hour support in English.
- Online banking in English.
- Access to the account via mobile apps, contactless payment service.
- Issue of multifunctional payment cards.
Who can open a corporate account with a British digital bank?
To open a non-resident corporate account with a British digital bank, it is necessary to find out whether it will be able to provide services for you. The fintech company has territorial restrictions related to the specifics of the banking license. In addition, due to the entry into force of the 5th European Directive, the client will have to disclose the beneficiary data to the digital bank. This is necessary to verify that there is no involvement in terrorism and money laundering activities.
Let’s find out more about the requirements for customers of the British digital bank. Thus, the following persons and companies can open a corporate account with a British digital bank:
- Private Limited Company (LTD);
- Public Limited Partnership (PLC);
- Limited Liability Partnership (LLP);
- Private traders (Sole traders);
- Unlimited companies.
Companies and freelancers whose activities may be related to the use of other people’s funds will not be able to open business accounts. Associations, charities, foundations (such as venture capital firms), public sector companies, trusts, special projects (SPV) and cooperatives will be denied opening an account with a British digital bank.
British digital bank services are available to companies or individuals (entrepreneurs) (including freelancers) who are registered or can confirm physical presence in the European Economic Area (EEA) and Switzerland. This means that when applying for a corporate account, you must provide proof of the legal (corporate) address.
Restrictions on activities
To open a corporate account with a British digital bank, a non-resident will not only need to confirm the company’s location, but also to point out the type of activity it is engaged in. This is due to the monitoring that the European authorities have obliged the banks and financial companies to carry out.
Account opening will be denied to those companies and entrepreneurs (freelancers) who are engaged in the following types of business:
- Weapons, nuclear weapons, arms or defense manufacturers;
- Adult entertainment, sale or advertising of sexual services;
- Art dealers and auction houses;
- Industrial, chemical or legal companies;
- Cannabinoid-related businesses;
- Customer money processing firms;
- Crowdfunding platforms;
- Cryptocurrency firms;
- Dating escort services;
- Funds similar to venture capital funds;
- Gambling firms;
- Non-profit, political and religious organizations;
- Pawn shops;
- Pension schemes;
- Merchants of precious metals and stones, except for jewelers;
- Selling of pre-owned cars or heavy-duty vehicles;
- Special Purpose Company (SPV/SPE);
- Quasi-cash merchants;
- Non-regulated currency business;
- Non-regulated loan business;
- Non-regulated money-servicing (MSB);
- Non-regulated money transfers.
A potential customer of the British digital bank should not be associated with the exchange, transfer or management of the third-party funds. For example, investment firms that work with the funds of their clients and place them in financial institutions on their behalf.
Corporate account with a British digital bank for a non-resident: terms and conditions
The British digital bank provides non-residents with the most convenient and profitable terms and conditions for cooperation. Thus, when opening a corporate account, you do not need to make a minimum deposit and to ensure a minimum required balance in the future. Learn about all the conditions of cooperation.
Currency for opening and making transfers
A non-resident can open a corporate account with a British digital bank in pounds sterling (GBP) and euro (EUR) or take advantage of the offer and have at their disposal a more multifunctional toolkit. Thus, there is an option of opening a multi-currency account, transactions via which can be carried out in 28 world currencies.
An exceptional feature of business accounts is that customers can not carry out transactions with cryptocurrency via these accounts. This option is only available to personal account holders. This is due to the prohibition to serve companies associated with cryptocurrency.
Types of accounts
It is offered to open a corporate account with different functions with a British digital bank:
- current account in GBP and EUR;
- multi-currency current account.
Current accounts can be opened in GBP (with a unique sorting code and account number) and EUR (with a unique IBAN). They are best suited for local transactions. You can create multiple client accounts, and share each account with a different employee. Multiple client accounts can help you to divide costs, for example, operational transaction costs.
You can keep, transfer and exchange your money in the following currencies: GBP, EUR, USD, ZAR, TRY, SGD, SEK, SAR, RUB, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, AED, HRK, BGN, QAR, THB.
Companies registered in Poland and Norway receive data on their local accounts in Polish zlotys and Norwegian crowns respectively. Save money by sending funds abroad in the form of local transfers with account details in GBP, EUR, PLN, NOK. Choose direct debit in EUR to make your current payments easy. The British digital bank has an efficient and transparent way of cooperating with customers in Germany and China.
Using a multi-currency account, the British digital bank’s customer can send and receive money into their account locally and internationally without incurring losses due to exchange transactions. It is possible to manage and track of all your accounts and transactions in the real time on a single panel.
We recommend: Check out which of the presented types of current accounts are appropriate for your business. Which currencies will be the best for your company’s account.
Types of bank cards
Customers can order payment cards from a British digital bank. It issues physical Visa, Mastercard and virtual (digital) instant cards. The cards are multi-currency, so you can issue many cards for a single current account, or connect a single card to multiple accounts.
Payment card issue is not charged, there are no hidden service fees. It is possible to make any transactions in 150 world currencies using payment cards (physical and virtual). It is possible to issue virtual payment cards for making one-off payments. Then, after use, the card will be disabled automatically.
Corporate cards allow tracking and managing of the expenses made by employees to whom these cards were issued. You can set a transaction limit, locations allowed for making transactions, and other restrictions, as well as remote temporary “suspension” of the card.
Special offer of a metal payment card issued by a British digital bank is also available. It is a unique offer. The card not only has special designer and physical properties, but also provides access to more services in the form of a 1% cashback, available concierge service and others.
Remote access to your corporate account
British digital bank has no branches, so it uses Internet banking for remote management of corporate accounts. The digital bank offers to use a safe and very convenient payment service.
Managing your business’s finances has never been easier. Browse the payment review with information about the schedule and status of the payments made. Send and receive money in 28 currencies with the local and international bank account details. Exchange and transfer money without losses, exchange rates and hidden commissions. Save money by sending funds abroad in the form of local transfers with account details in GBP, EUR, PLN, NOK.
Here is how you can set up online banking for your business convenience:
- Set up a system for making automatic payments. If you plan your payments you can avoid forgotten or late payments.
- Set up repeated payments, such as utility bills and other regular bills.
- Set up a direct Euro transfer to make paying regular bills easier.
You can also set up your accounts using mobile banking apps. They are available for download through Google Play or the App Store. You can install them on Apple Watch, iPhone or iPad with iOS 10 or up, as well as on smartphones with Android 6.0 or up. The minimum screen size is 3.5 inches. Unfortunately, Android tablets are not supported currently.
Opening and monthly maintaining of a corporate account is free. Such a package ensures that your account is accessed by no more than 2 people and you make no more than 5 transactions per month. There are packages with monthly fee in GB pounds of 25, 100 and 1000. The most expensive plan involves unlimited opportunities for the customer.
Freelance entrepreneurs are offered two plans of maintaining a corporate account with a British digital bank. The fully free package allows up to 5 local transactions to be carried out. An international payment on such a package will cost the customer 3 pounds.
The second plan offered to freelancers costs 7 pounds per month. It includes up to 20 local and up to 5 international transactions.
How to open a corporate account with a British digital bank
To open a non-resident corporate account with a British digital bank, it is necessary to get registered and present all the necessary documents. We will help you with opening your account remotely. This means you will not have to come to London (to the bank’s office) specifically for this purpose.
The package of papers required for opening a corporate account with a British digital bank
To register an account you need to scan the originals requested. Conventionally, notarization of documents is not required for companies from European countries.
The director and founders of the company will have to photograph their valid state ID with their picture and provide their selfie with the document.
When checking the information provided by a potential client, the British digital bank staff will verify whether the applicant is actually working in the specified jurisdiction for which the service can be provided.
Documentary proof of the work address is a proof dated no later than 3 months before the application date. These can also include the following documents:
- The office lease contract (the contract must be valid for at least six months, and the contract must be valid on the day of registration);
- Three invoices in a row and a contract with your provider (it must be valid on the day of registration);
- Utility bills such as electricity, water, telephone; or an employee’s payment sheet with the proof of their address in the EEA or Switzerland, as well as their ID indicating their right to reside in the EEA or Switzerland.
British digital bank also accepts the following documents which may be required for further clarification:
- A statement from your bank account with a non-digital bank;
- An extract from the National Companies Register with an operating address;
- A customer contract with the range of goods or services and where they are provided;
- State correspondence such as court orders, or traffic police infractions for driving offences.
If you are a freelancer working from home, you can use your corporate address. In this case the following documents will be accepted:
- A TV license. Please note that mobile TV subscriptions are not accepted;
- A confirmation of rent payment such as a rent receipt;
- State correspondence such as court orders, or traffic police infractions for driving offences;
- The lease agreement for your house. Please note that if you live and work in the same office, the bank may ask for an additional confirmation of your work address.
The following documents will not be accepted:
- invoices and payment bills sent to the corporate address not owned by the applicant,
- bank statements from certain digital banks,
- addresses of accountants or company registration services.
Corporate account opening procedure:
- To open a corporate account with a British digital bank, please send us a request for this service to firstname.lastname@example.org.
- Make a prepayment for our services. The cost will be from EUR 2,999. You can make payment in a way the most convenient for you: bank transfer, payment card, WebMoney, PayPal, Western Union.
- Once we receive your payment we will get completely available for working with your application for opening your corporate account. Please note that the online form needs to be filled out in English. It is small, but you will need to provide all the requested information.
Once the application is completed and scans of all the requested documents are attached to it, the client will get to the short queue. After processing the information provided, the bank’s employees will contact the client within a week to confirm a number of details.
It is important: Be prepared that the back office of the British digital bank might request other documents. We will help you figure it out.
Timeframe for opening a corporate account with a British digital bank
The client’s corporate office is activated within 15 minutes. It is followed by a review of the documents provided. It takes 1 to 7 days. But it may take a little longer if the British digital bank is processing a large number of applications at the time you will apply.
Please contact us by email to email@example.com if you wish to open your main corporate account in Europe.