The UK has a reputation of being one of the main European financial centres. It is ranked as the 4th largest in the world. Despite the Brexit it remains to be competitive and stable, though it is not absolutely clear how the Brexit will impact on the UK banking sector.
Currently, the banking sector is dominated by a few largest bank, including Big Four Banks (HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group), which are well-known all over the world. These banks offer exceptional banking services for private individuals and companies, though in total there are more than 300 banks serving local and international clients in the UK. With this number you can be sure that you will find a bank that will be a good fit for your personal wealth management and business needs.
Non-resident clients enjoy the same benefits as local clients and are required to comply with due diligence procedure. With the AML and KYC regulation, potential clients are investigated tightly. Together with corporate or personal identification documents, banks require to prove the source of funds origination. Some banks open accounts only if a client is referred by a particular bank or financial institution. It is important to have a reliable bank history.
Individual non-resident clients are usually requested to present proof of ID and proof of address, referral letter and documents verifying the source of money. Foreign corporate clients are required to present proof of address and ID for each shareholder, director and beneficial owner as well as corporate documents such as articles of association, certificate of incorporation, certificate of good standing. All documents should be translated into English and accompanied by a notary certificate. All clients fill in application forms, questionnaires and other necessary documents.
It may take up to several months before your account is approved and you can finally open the bank account. Clients with UK bank accounts enjoy numerous attractive perks such as beneficial investment products, access to modern and profitable banking products, deposit guarantee scheme, etc.