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This package is specially designed for non UK residents, who need a business payment account opened as soon as possible, but are unable to travel to the UK. Payment Accounts offer additional benefits, including low transaction charges, favourable exchange rates, a fast account opening procedure and an online facility to make international payments. Package price includes everything to satisfy account opening requirements, as well as other conditions, including documents in the correct format and various formalities.
What is included in a package:
- UK LTD (limited by shares) company registration and official filing fees
- Payment Account Application assistance with Online Platform (multiple currencies included)*
- Individual IBAN and UK format Sort Code and Account Number****
- Registration Address in London (details)
- FREE UK Telephone Number Setup (details)
- Company Documents in Paper Originals
- Tax Office (HMRC) Registration for Corporation Tax
- Registration Certificate in pdf. format
- Memorandum and Articles of Association in pdf. format
- Company Authentication Code (details)
- Online Order Tracking
* subject to approval by Payment Institution.
**** UK format Sort Code and Account number may not be available with some providers. Please, let us know if this is an absolute requirement for you at a time of application.
Key advantages of this package:
- Suitable for most non UK residents with a clear business idea/plan/description
- This is the most complete package that includes full set of documents
- Registration address included
- Fast payments, usually within 72 hours**
- Payment Account usually takes up to 5 working days to open***
- Payment Account can be in any major currency or multiple currencies according to your needs
**depending on time submitted, currency and destination.
***from when fully completed account application and supporting documents are received
What is a Payment Account (PA) and what is the difference between a PA and a Bank Account:
A Payment Account (sometimes called Fintech Account) is an account provided by a Payment Institution - a financial organisation that holds a valid license issued by the Financial Conduct Authority in the UK or EU. Payment Institutions provide private and business accounts, enable you to receive and send payments worldwide (SWIFT, SEPA, Faster Payments), exchange currency as well as enable you to check your account details, statement and transactions via an online platform.
One of the major differences between a Payment Institution and a Bank is that a Payment Institution cannot lend you money or offer deposit accounts. The account opening procedure is much faster and straightforward for a Payment Account.
Payment Institutions now offer individual account details, just like banks, therefore user experience is very similar and you're able to include your payment details on invoices as well.
Some other advantages of Payment Accounts:
- suitable for residents of most countries and companies of most jurisdictions
- can be set up remotely with identification process being completed without the need to travel
- takes only about 5 days to activate**
- online payment platform for currency exchange and international payments
- additional confidentiality of account transactions and signatories
- lower transaction charges compared to many EU banks
- fast payments, usually within 24 hours***
- Payment Account can be in any major currency or multiple currencies according to your needs
**from when fully completed account application documentation is received
***depending on currency, destination, time sent
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Example of how your account payment details would look like:
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Account name: YOUR COMPANY NAME
Bank name: PAYMENT INSTUTUTION NAME
Bank Address: ADDRESS OF PAYMENT INSTITUTION
IBAN: BE00000000000000
SWIFT: EXMPLXXX
*** Please, note that the above is only an example of the format and does not represent the actual bank details.
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What documents will be required from you:
- One valid photo ID (EU ID card or passport) copy certified by either Lawyer, Bank Manager, or Chartered Accountant
- Two proofs of residential address not older than 3 months (i.e. utility bill or bank statement) copy certified by either Lawyer, Bank Manager or Chartered Accountant;
- Beneficial Owners Declaration (we will send form) filled out and signed;
- Account questionnaire and CV of beneficiary (we will send form);
NOTE: if you're not able to supply ALL OF THE ABOVE documents, particularly proofs of RESIDENTIAL* address, please, do not apply as your application will be rejected. If in doubt, please, contact us first.
*proof of residential address can be any of the following documents and must contain your name and residential address: gas bill, electricity bill, landline (not mobile) phone bill, landline broadband internet bill, annual property tax bill, private bank account statement (1st page with address only), social security bill. If you're not sure about a certain document, please, send us a copy by e-mail for verification before you apply.
Who will have an access to company payment account:
Typically the company director becomes a signatory of the payment account, however you can instruct us to include any additional signatories to the account. Any additional signatories must also supply the above Due Diligence documents.
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