Business Account With a UK Payment System: Benefit From Speed and Convenience

Opening a corporate account is not an easy thing to do. First of all, you have to decide whether to open an account in your home country or abroad. If you choose the second option, you will have to find an appropriate jurisdiction and a bank to entrust your operations to. There are banks, neobanks, and payment systems, and you will have to choose one of them. And this is not a perfectionist’s frenzy in an attempt to find the best banking institution but just a way to open an account that will satisfy your needs.

We are a team at the International Wealth portal, and we know these problems very well. That’s why we provide the service of selecting the best jurisdiction and financial institution that will match your needs free of charge. One of the best opportunities at the moment is the UK payment system, and you can read more details on UK corporate account features on our portal. Additionally, you can follow the link to book an individual session with our expert.

Some of our services are free, and some cost: if you want to open a personal or a corporate account in virtually any bank in any jurisdiction on a first attempt and without much hassle, you can buy a turnkey package and enjoy working with a fully-operational account in no time. We will help you make a decision you will not regret. If we see that you want to choose a bank that will not be optimal in your case (for example, the commissions will be too high when you transfer money to your partners from China), we will point it out to you and offer alternatives. In short, we are here to help!

UK Payment System Overview

The UK payment system we want to propose is based in England and Wales and regulated by the Financial Conduct Authority. It ensures the security of your funds by keeping them in accounts in the UK to protect them against any illegal activities, like unauthorized deductions or theft.

Take advantage of the following financial services:

• Easily open personal and corporate bank accounts
• Make seamless transfers using SWIFT, SEPA, and FPS payment methods
• Exchange multiple currencies without much hassle
• Plastic and virtual debit cards are on the verge of being launched, so follow the news!
• Enjoy round-the-clock customer support
• Open an account without leaving the comfort of your home
• Appreciate the high speed of account setup: 1 day for individuals and no more than 4 days for legal entities
• The UK payment system onboards high-risk companies as well
• Enjoy an extensive list of financial products using a secure online platform or a mobile app

If you have any questions, please do not hesitate to click on the provided link and reach our experts!

Corporate Account: Detailed Information

The UK payment system offers multiple features to corporate customers, freelancers, or sole proprietors. Some of them may well match your priorities:

• There are 2 tariff plans called Solid Rock and Sheer Cliff. The second one applies if your company has a complicated structure and the level of associated risks is quite high.
• You are not required to pay any application fees.
• If you need foreign exchange services, you will have more than 100 currencies to choose from, and the rates of the UK payment system are quite competitive (0.6%).
• The system accepts SEPA/BACS payments
• Each corporate account comes with a unique IBAN
• The payment system has state-of-the-industry data protection measures in place
• And if you are worried about the security of payment systems, we would like to assure you that it is in no way inferior to the best banks.

We will provide support to you at any stage of account opening.

Allowed High-Risk Companies

The UK payment system does not work with absolutely all companies, and you will find a list of restricted industries below. Here are the types of companies that are allowed to open a corporate account:

• Companies that operate in the oil and gas industry
• Entities engaging in event and entertainment activities
• Businesses that provide adult entertainment content
• Venture companies that deal with real estate
• Companies that develop/publish video games
• Enterprises working in the mining/extraction industry
• Businesses selling and manufacturing tobacco and tobacco-related products
• Gambling businesses within the UK and/or EEA

Restricted Countries and Businesses

There are 70 jurisdictions that are not serviceable by the UK payment system. However, there is a loophole: if an individual has a residence permit or permanent residence in a country that is not on the list, he or she can open an account for himself/herself and his/her business.

Here are the types of companies that cannot open a corporate account with the UK payment system:

• Businesses that provide dating services
• Companies that deal with the collection of debts
• Entities that are in any way related to military, defense, or dual-use products
• Organizations that sell human organs
• Companies that distribute malware
• Businesses that operate money transfers without a proper license
• All kinds of telemarketing and multi-level marketing businesses and organizations
• Entities connected with charitable and non-governmental organizations
• Undertakings that deal with mini-bonds
• Ventures that distribute fireworks and other pyrotechnic devices
• Organizations that act as government representatives/agencies
• Companies whose activity is connected with counterfeit products
• Entities that offer such services as fortune-telling or hypnosis
• Organizations affiliated with political parties
• Businesses that trade in drugs or any other banned or controlled substances

You can see a full list by clicking on the above link.

Conclusion

You can follow the above link to see the tariffs from the UK payment system and the list of documents you will need to submit. Our services will help you open an account on a guarantee basis: we will thoroughly check your documents and give you recommendations on how to fill out the forms. The operators do not see you, so you will be accepted or turned down on the basis of documents. This explains why proper documents are of paramount importance.

Delegate the administrative side to us and concentrate on your business!