After starting a business in UK, the next step could be to open its UK-based bank account. Traditional banks might be more stringent like requiring you as owner visiting the bank in person. Almost all will have minimum balance requirements. Wise though not a bank is different that can take care of your banking needs by strength of its software and partnerships with regional banks.
Wise was preferred by us over others while opening a business account (not calling it a bank account but serves similar functions) for the following reasons:
- No need to visit in person. You can open the business account for your business while residing in your home country by online submission of documents.
- No minimum balance requirement. Initially you need to make a small one time payment (16 GBP as we opened). You will be allotted a bank account no., Swift Code after that.
- Passport of director not mandatory.
- Local landline no. or mobile phone not mandatory. You can use existing mobile no. of your home country.
Our experience while opening a bank account for private limited company incorporated in United Kingdom:
In case you have incorporated a private limited company, here is a relevant link to know more: Opening a Limited Company Bank Account – Everything you need to know