Are you a non UK resident struggling to open a business bank account?
If you’re one of the thousands of foreign nationals who move to the UK each year to set up a business and contribute to the thriving economy, one of the main things you’ll need to do is open a dedicated business bank account. However, most of the high street banks are tightening their security to combat fraud, so it’s often quite difficult to open an account if you don’t have a UK passport, no matter how long you’ve lived in the UK.
Why is a business bank account important?
Whether you are registered as a sole trader, a limited company, or a business partnership, you’ll need to keep track of your finances in order to file your tax return each year. Here are just a few of the benefits of having a business bank account:
- A separate bank account is not a legal requirement for a sole trader but it helps you to keep track of your business-related finances more easily.
- Limited companies legally need to have a business bank account as their finances need to be kept separate from personal finances.
- When it comes to filing your tax return or being audited by HMRC, a business bank account makes it easier for your business income and spending to be identified.
- It is safer and more traceable than only dealing in cash.
Business banking the BZX way
If you are not a UK national you may struggle to open a business bank account with the major high street lenders, but that doesn’t mean your dream of running your own business must come to an end. Here at BZX we offer business accounts for non resident UK business owners, whatever your situation may be. Contact our helpful team today to find out more about our great rates on business banking