Opening a bank account for a UK tax-resident company: when you opened a tax-resident company in the United Kingdom, you're going to want a British bank account so you can start trading as soon as possible. You can do this yourself, via local banks' online application processes or leave it to an experienced business start-up agent like Coddan. This is a far better option if you don't particularly understand banking in the Great Britain and want an account opened with expert help.
As part of our comprehensive tax-resident company start-up services, we can provide introduction to banks in the UK for the international customers, and you can easily make an application using our online form. You can also benefit from a choice of local banks, which is especially good for clients who may have a preference for one, or may not wish to deal with a certain institution due to past difficulties.
We will arrange the necessary paperwork and when your chosen bank receives it they will carry out their usual checks; these include verifying the applicant's identity as well as examining their credit history. At the outset, you'll need to provide us with certain details, including your full personal information, bank accounts currently in your or your limited company's name, financial information concerning your income and expenditure, and details about your business itself.
A private company director or secretary can open a business account, as well as another person who is given the authority through power of attorney, and they will usually need to visit the bank branch in person. In some cases, especially where the applicant lives abroad and may not be able to travel to the United Kingdom for a meeting with the bank, we can help in liaising with the institution.
We would need, however, to be certain that your company limited by shares intends to strictly adhere to all the private company reporting and accounting laws in the UK. We can also help in this compliance with our range of post-formation services, from bookkeeping to preparing and filing annual reports and accounts.