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Opening a business bank account in the UK is mostly a question of bank policy, not company law. GOV.UK states that a UK private limited company needs at least one director aged 16 or over, that directors do not have to live in the UK, and that the company must have a UK registered office address. Since 18 November 2025 a new director must verify their identity with Companies House to be appointed, and a new person with significant control (PSC) has 14 days to confirm the same. Government guidance on business.gov.uk adds that limited companies must have a business bank account.
The residence rules come from the providers. The law that binds the bank is the Money Laundering Regulations 2017: under regulation 28 it must verify the company’s name, number and registered office, take reasonable measures to verify its directors and constitution, and identify its beneficial owners.
UK banks are authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the PRA and the Financial Conduct Authority. E-money institutions such as Wise and Airwallex are authorised by the FCA alone, and the FCA register shows which kind of firm you are dealing with.
The Financial Services Compensation Scheme covers deposits at a UK-authorised bank up to £120,000 per eligible depositor per bank, the limit since 1 December 2025, and generally protects companies’ deposits whatever the company’s size, though most regulated financial firms are excluded. Money at an e-money institution is not FSCS protected but safeguarded, and the FCA warns that after a failure it may take time to come back and may not be the full amount.
Summarised from each provider’s own pages in October 2026.
| Provider | Type | What it publishes about owners and directors abroad |
|---|---|---|
| Barclays | Bank | At least one UK resident on the application |
| NatWest | Bank | At least one UK resident on the application; business registered for UK income or corporation tax |
| HSBC UK | Bank | Small Business Banking Account for UK tax residents |
| Lloyds | Bank | UK resident with a UK mobile and a UK trading address; no Companies House changes in the last 4 days |
| Starling | Bank | Every PSC and every director with access living in the UK; no corporate shareholders or holding companies |
| Monzo Business | Bank | UK-based Ltd, tax resident only in the UK; no dormant companies |
| Tide | E-money platform, accounts held with ClearBank | Directors may live overseas but need a UK mobile number and a phone on a UK app store; no shell companies |
| Revolut Business | Bank | Company with a provable physical presence in the UK or the EEA; applicant living in the UK, the EEA, the US, Australia, Singapore, India or listed territories |
| Wise Business | E-money institution | No director residence rule published; if the registered and trading addresses are in different countries, only services available in both |
| Airwallex | E-money institution | No residence rule published; ID and address of every director and every owner of 25% or more |
For a full account with a UK bank, the Department for Business and Trade’s guidance for overseas-owned companies bypasses the online forms. Contact the bank’s central inward investment team, usually in London, not a branch, the website or a call centre, and explain that the owners or directors are abroad and that you need a UK account, not an offshore international one. The bank will need to meet at least one company representative in person in the UK to sign the mandate, checks on foreign directors are usually carried out through solicitors or accountants in their country, and the guidance allows 4 weeks to 3 months.
A fintech account, which the same guidance calls a good short-term arrangement while a full account is arranged, can be applied for online from abroad with Wise or Airwallex, and with Revolut if the company proves a physical presence in the UK.
Under regulation 30A of the Money Laundering Regulations every UK bank and e-money institution must collect an excerpt of the company’s PSC information from Companies House before the relationship starts, and report any material discrepancy with what you tell it. A PSC holds more than 25% of the shares or voting rights or otherwise controls the company, so register and application must match. Expect to provide:
An account opened in a company’s name stays the company’s after a share sale, but the bank must look at its customer again: regulation 27(8) of the Money Laundering Regulations requires fresh due diligence when circumstances relevant to the bank’s risk assessment change, and a new owner is such a change. Tide says new people with significant control must meet its criteria and pass its acceptance process, or the account may be closed. Starling’s rule that every PSC lives in the UK puts a non-resident buyer outside its published criteria, and Monzo does not support dormant companies, which a shelf company is until it trades.
So complete the share transfer, have incoming directors verify their identity with Companies House, file the changes so the PSC register is right, and only then go to the bank. Lloyds, for one, will not open online for a company whose register entry changed in the previous 4 days.
We can supply a ready-made UK shelf company or form a new Ltd, and help prepare the bank or e-money application. The provider decides, and nobody can promise an account. Our guide to a shelf company with a bank account explains how an existing account changes hands.
A UK account has a six-digit sort code and an account number, which GOV.UK forms accept at 6 to 8 digits. From abroad the same details sit inside a 22-character IBAN: GB, two check digits, a four-letter bank code, the sort code and the account number, as in NatWest’s example GB99 NWBK 1234 5612 3456 78. The UK stayed within the SEPA schemes’ geographical scope after Brexit, so a provider that has joined them can send and receive SEPA euro transfers; ask whether yours has.
Yes, but not everywhere. UK law lets directors and shareholders live anywhere, so the limits are policy: Barclays and NatWest need at least one UK resident on the application, and Starling needs every PSC and every director with access in the UK. Wise and Airwallex publish no residence rule for directors, Tide accepts an overseas home address with a UK mobile number, and Revolut takes applicants from the EEA, the US and other listed countries if the company proves a UK presence.
For an e-money account, yes: Wise and Airwallex verify businesses remotely and Tide can approve an online application within minutes. The high-street banks’ online forms are built for UK residents. For a full account with a UK bank, the government’s guidance for overseas-owned companies says the bank will need to meet at least one company representative in person in the UK to sign the mandate.
You can buy a company whose account stays in its name, but the bank’s approval does not pass with the shares. A new owner obliges the bank to repeat due diligence under regulation 27(8) of the Money Laundering Regulations 2017, and providers test incoming PSCs against their own rules. Incoming directors must also verify their identity with Companies House. Update the register first, then let the bank review the new owners.
Not with the mainstream UK business accounts: Lloyds requires a company registered in the UK and Starling one registered at Companies House. Government guidance for overseas companies starts with registering the company in the UK, then a UK business plan and an approach to the bank’s inward investment team. Wise tells you at sign-up whether it supports businesses from your country.
At a UK-authorised bank, up to a limit: the FSCS protects eligible deposits up to £120,000 per depositor per bank, and generally covers companies whatever their size, though most regulated financial firms are excluded. Money with an e-money institution is outside the FSCS. It is safeguarded instead, and the FCA warns that after a failure it may take time to come back and may not be returned in full.
For a full account at a UK bank, the government’s guidance for overseas-owned companies allows 4 weeks to 3 months. Online products are quicker for applicants who qualify: Lloyds says an account could be open in 24 hours for eligible UK residents, without guaranteeing it, and Wise says a review needing extra documents usually takes up to 10 working days.