- Opening a bank account in the United Arab Emirates
- Open an account in Cyprus
- Opening a bank account in Mauritius
- Opening a bank account in the British Virgin Islands
- Opening a bank account in Switzerland
- Opening a bank account in Singapore
- Opening a bank account in Puerto Rico
- Opening a bank account in Belize
- Opening a bank account in the United Kingdom
The United Kingdom is renowned for its well-established and outstanding legal system providing stability and fair legal rulings to its corporate and private sector and most certainly the banking sector is no exception. UK account holders enjoy enhanced fund security and customer data protection protocols. More so, history shows that the financial institutions in the UK benefit from explicit backup by the state, unlike any other sector in the United Kingdom’s economy, which make them less prone to bankruptcy and loss of depositor’s funds during an economic crisis. Another major benefit of banking in the United Kingdom is the pristine reputation of their financial institutions and the concept of transparency, compliance and trustworthiness that is customarily relayed on to the account holders. However, obtaining an account in a UK bank is not a simple process and although the financial institutions and the Kingdom in general are quite welcoming to non-residents and foreign investors, evidence of local physical presence would, in most cases, be a prerequisite for successfully opening an account. Furthermore, it is worth noting that simply incorporating a UK company will not grant you the automatic right to a local bank account, unless you can show sufficient evidence that your business is headquartered, managed or operating from the territory of the United Kingdom. UK banks and the local government are also very stringent on solid compliance procedures and the source of funds coming into the country. In fact, it is one of the only countries in the world that have out-of-court procedures for confiscation and freezing of assets, including bank account deposits if no satisfactory proof of funds can be provided, regardless of the legitimacy of their origin.
When it comes to bank choice, the United Kingdom has a lot to offer. In fact, currently, the UK has the fourth largest banking system in the world, consisting of over 300 well-established and globally renowned local banks as well as subsidiaries and branches of major international financial institutions. Some of the leading names in the United Kingdom are HSBC Holding, Barclays PLC, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered PLC, NatWest Group, Santander UK among many others.
At Arnos, our experts have vast experience of working with the UK corporate, legal and banking sectors. We can offer invaluable advice and assistance relating to bank account opening and maintenance, compliance portfolio preparation, business set up and document drafting. Our lawyers are also very knowledgeable in the UK legislative framework and can provide legal support if the need arises. Our team is well equipped to handle cases of any complexity and offer our clients excellent banking and corporate solutions on a global level. Contact our experts today for a free consultation.
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