UK start up advice

UK Start up advice is provided from the moment we explore your intentions for growth.

We know that setting up a business in a foreign country is like entering the unknown.

Many of our American clients attempt to try and replicate their US employment contract with the UK hires - however are shocked to discover the UK legal system does not allow for this. For example Employed at Will is illegal, UK employees have rights to protect them from being 'fired at will'. 

If setting up a partnership in the UK or setting up a charity in the UK our advice is tailored to each individual's circumstances. We understand your issues and work through them to ensure that your UK setup is as smooth as possible.

Likewise, whether you are interested in start-up grants or some general start up advice, it may be that our UK business guides can be of some general assistance and fact finding, or contact us for case specific advice. 

 

Opening a UK bank accountuk bank account

Most overseas companies trading in the UK will require a UK bank account to conduct business. We work with multiple banks to support our clients, however the process can be lenghty.

Before setting up a bank account for their new customers, UK banks must undertake customer due diligence, which is part of the anti-money laundering (AML) regime and is a key requirement of the Money Laundering Regulations 2007 in the UK. The account opening process can typically take approximately two months from start to finish.

As Chartered Accountants we are also required to carry out checks on our clients before we can act on their behalf. These checks, known as “Know Your Client” procedures, consist primarily of identification of the client, the source of their funding and their ultimate beneficial owner(s). The main UK banks will usually accept the due diligence procedures we perform on our clients’ behalf and, with your permission, we can pass the information onto the chosen bank, thereby reducing the time involved in opening the UK bank account.

Until your real account is operational, we provide a temporary - Client Trust Account. These accounts will usually be named "KB&CO Re: Client".  

Operating your UK bank account

We operate electronic banking for the majority of our clients and make most payments by this means including payroll payments to the emlpoyees and HM Revenue and Customs. Payments can be authorised by the client via e-mail or authority can be delegated to us for routine payments. Equally we are usually appointed cheque signatories where appropriate to facilitate manual payments. This is more efficient and enables us to keep costs down while providing UK support to your team whether those based here or overseas. 

Please contact us if you need some assistance in opening a UK bank account, or require help with running your UK finance.