Unlock the Power of Foreign Accounts Opening

To open bank accounts in Hong Kong and Singapore, personal visit is a must. 

However, for other jurisdictions, such as Switzerland, Mauritius, St Vincent etc, you can leave most of the work to our expert team and enjoy the benefit of remote application. The whole procedure can be completed online and via courier (apart from a few exceptions).

Better yet, a customised personal meeting with our partnered Bank Account Manager can be arranged if you wish.

Read more:

• Why open an offshore bank account?
• Open offshore bank account

As an experienced company formation expert with ten years of experience, I suggest that companies should carefully consider their options when choosing a business savings account in the UK to maximize financial management and returns.

Important Things to Consider When Selecting a Business Savings Account

1. Access Requirements

   Companies also need to consider how frequently they will need to withdraw their money. Instant access accounts offer flexibility but they typically have lower interest paid on them, whereas notice accounts and fixed accounts pay higher interest but restrict withdrawal.

2. Interest Rates

   AER comparison is the most important. Notice period or fixed account terms longer than others will tend to offer more returns, but the company must weigh against its liquidity needs.

3. Deposit Requirements

   All savings accounts are equipped with a minimum and a maximum deposit limit. Some can require a hefty opening deposit, while others can allow small balances with low rewards.

4. Provider Reputation

   Selecting a reputable bank or financial company guarantees the security of money as well as trusted customer service. Reputable providers are more likely to provide FSCS protection and better financial strength.

5. Fees and Additional Terms

   Others deduct monthly fees, withdrawal fees, or interest rates based on the size of the deposit. One should review these conditions to make sure that the account is suitable for the company's financial policy.

Types of Business Savings Accounts in the UK

1. Instant Access Savings Accounts – Allow instant withdrawals but often offer smaller interest rates.
2. Notice Savings Accounts – Give notice periods (30, 90, or 180 days) before withdrawals but offer better rates.
3. Fixed-Term Savings Accounts – Tie money for a period (e.g., 6 months to 5 years) in return for higher interest rates.

Through establishing financial needs, liquidity requirements, and interest rate benefits, firms can select the most suitable savings account to maximize cash flow management and return. It is advisable to examine UK banks' and financial institutions' existing account products to make an informed decision.

Having a merchant account in the UK is crucial for merchants who wish to accept card payments online or within a physical store. This includes meeting bank requirements, gaining compliance, and choosing the provider.

The process of getting a UK merchant account is as follows:

1. Create a UK-Registered Business

   Most merchant service providers require the business to be a Limited Company (Ltd) or Sole Trader in the UK. A UK business address and an open company bank account are typically required.

2. Choose a Merchant Service Provider

   Merchant accounts can be provided by banks, payment processors, and independent merchant service providers. The provider is the volume of transactions-dependent, industry type-dependent, and desired payment mode-dependent.

3. Obtain vendor documentation

   The following documents are generally needed to open a merchant account:

   • Company registration documents (Certificate of Incorporation, Memorandum & Articles of Association)
   • Director and shareholder information
   • Business bank account details
   • Proof of business activities (website, invoices, contracts)
   • Compliance documents (AML/KYC policies if applicable)
4. Pass Risk Assessment

   Providers assess the business based on transaction history, industry risk level, chargeback ratio, and compliance standards. High-risk businesses (forex trading, adult services, CBD) may require specialist providers.

5. Set Up a Payment Gateway (for Online Transactions)

   For e-commerce businesses, a payment gateway setup is necessary to connect the merchant account with the online store or website. Most of the providers offer an all-in-one package consisting of a payment gateway and fraud protection software.

6. Agree on Processing Fees and Terms

   Transaction fees, monthly charges, and possible rolling reserves are levied by merchant service providers on the basis of risk level and transaction volume. Terms can be negotiated to optimize cost and cash flow.

7. Activate the Merchant Account

   Once approved, the merchant account is linked to the business bank account, and card payment can be accepted. Continuous compliance monitoring and chargeback management guarantee account stability.

With proper documentation, readiness for risk assessment, and the right provider, it is simple to have a UK merchant account, facilitating payment processing to run as smoothly as feasible for the business.

Dubai is home to numerous high-end private banks for high-net-worth individuals (HNWIs) and corporates. Based on specific requirements such as wealth management, investment guidance, offshore banking, and structuring a corporate organization, the "best" private bank is ascertained. Following my 10-year experience as a consultant of corporate services with a focus on offshore business solutions, I am able to highlight some of the best private banks in Dubai.

1. Emirates NBD Private Banking

Emirates NBD is one of the bigger financial institutions within the UAE with a solid established private banking arm. It has tailored wealth management solutions, investment guidance, and access to global financial markets. This bank best suits HNWIs who prefer regional experience but with global influence.

2. Mashreq Private Banking

Mashreq Bank's private banking unit is unique because it has a tailor-made approach, wherein it offers tailor-made investment schemes, estate management, and offshore structuring. It has strong digital banking features and can be recommended to customers who like seamless online interaction with their portfolio.

3. First Abu Dhabi Bank (FAB) Private Banking

FAB is the UAE's largest bank and boasts excellent wealth management and investment advisory solutions. Its private banking division gives access to world markets, offshore accounts, and structured investment solutions appropriate for ultra-high-net-worth investors.

4. Julius Baer Middle East

Julius Baer is a private Swiss bank that has a well-established presence in Dubai. It provides wealth management, asset protection, and global banking solutions. It's a good choice for clients looking for Swiss banking expertise mixed with UAE market expertise.

5. Lombard Odier Dubai

And yet another top-tier Swiss private bank, Lombard Odier, provides discreet wealth planning, offshore banking, and family office solutions. These are precisely suited for ultra-HNWIs seeking discretion and bespoke financial plans.

Selecting the optimal private bank is a function of investment objectives, risk tolerance, and whether you need offshore banking facilities. If regional banking knowledge is what you are looking for, Emirates NBD and FAB are good choices. If Swiss-style wealth management is what you need, Julius Baer and Lombard Odier are good choices. For a combination of innovation and tradition, Mashreq Bank is the way to go.

Yes, a business can have more than one bank account in the UK. There are no legislative provisions prohibiting a company from having multiple accounts, and there are various companies that have more than one account for efficient financial management.

Having more than one account allows for the segregation of income, expenses, payroll, and tax payments, streamlining financial monitoring. Companies that conduct international business tend to have multi-currency accounts to reduce exchange rate fluctuations and transaction costs. Diversifying funds among various banks also minimizes operational risks in the event of technical breakdowns or changes in banking policy.

Most firms maintain a number of accounts to take advantage of different banking benefits, such as lower charges on transactions, improved interest rates, or professional services. There are banks that offer better online banking facilities and others that offer tailor-made financial products for some industries. By having more than one account, firms can optimize their banking relationships as per their needs.

Compliance-wise, UK banks follow stringent due diligence procedures under Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Opening multiple accounts necessitates submitting incorporation documents, business address proof, director or shareholder information, and financial data. Multiple accounts are convenient, but caution should be exercised to keep all accounts openly used and for legitimate business activities.

Another consideration is the cost of having more than one account. Some business accounts have monthly charges, transaction fees, or minimum balance requirements. Companies need to weigh whether the benefits of extra accounts are worth the expense.

Generally speaking, having more than one business bank account in the UK is not just permissible but often a sensible choice for businesses wanting to enhance financial organization, risk management, and banking efficiency. Businesses should nonetheless consider their particular needs, weigh up banking options, and confirm regulatory compliance.

The United Arab Emirates (UAE) has 22 local banks, which are regulated by the Central Bank of the UAE. The banks provide a full range of financial services, including retail, corporate, and Islamic banking services, to individuals, corporations, and government entities.

The UAE banking sector is diverse and is comprised of both conventional and Islamic banks. Some of the well-known local banks include Emirates NBD, First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank, and Mashreq Bank. They offer specialist bank services to a range of customers, from small businesses to multinationals.

The UAE is home to a strong Islamic banking industry, and banks such as Dubai Islamic Bank, Abu Dhabi Islamic Bank, and Sharjah Islamic Bank offer Sharia-compliant banking. These services appeal to both local and international customers who desire ethical and interest-free banking services.

The UAE banking sector is highly regarded for its strong regulatory framework, innovation in technology, and customer-centricity. UAE banks have made large investments in digital banking, with seamless online and mobile banking services that are attuned to the needs of modern businesses and individuals. Multi-currency accounts, trade finance solutions, and wealth management services are offered by various local banks to support business growth and cross-border transactions.

For businesses registered in the UAE, the presence of a number of local banks makes financial management flexible. Companies can choose banks based on their services, interest rates, transaction charges, and online banking options. A number of banks also offer customized corporate bank solutions, including offshore bank accounts for international business owners.

Having a strong economy and stable banking sector, the UAE continues to be a hub for multinational companies and foreign investment. Whether for business expansion, trade finance, or wealth management, whatever the business needs, UAE local banks provide total financial solutions to serve diverse business needs.

When selecting a bank in the UAE, businesses must consider banking fees, online banking services, corporate account services, and compliance requirements to enjoy a smooth banking experience.

Yes, bank of America also has a presence in Dubai through its Merrill Lynch International branch within the Dubai International Financial Centre (DIFC), where it offers mainly corporate and investment banking. It has dealings with institutional clients, wealth management, and financial advisory in contrast to the usual retail banking. Personal banking enthusiasts have available to them the local and international banks in Dubai that offer the full range of financial solutions.

Bank of America (BoA) has representation in Dubai, primarily through its Merrill Lynch International office in the Dubai International Financial Centre (DIFC). The office is operating under the name "Bank of America (DIFC Branch)" and is regulated by the Dubai Financial Services Authority (DFSA). Bank of America also operates a representative office in Abu Dhabi.

The UAE business of the bank is focused on corporate and investment banking, wealth management, and advisory. It has institutional clients, multinational corporations, and high-net-worth individuals as its main clients. Its activities include arranging investment transactions, financial advice, and trading in a variety of financial products. It does not engage in conventional retail banking business in Dubai or elsewhere in the UAE.

For customers looking for simple banking services such as personal checking or savings, consumer loans, or ATM facilities, Bank of America does not exist in the UAE. Customers can avail themselves of domestic lenders such as Emirates NBD, First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank, and Mashreq Bank. These providers all have a full range of banking facilities for customers and businesses.

A few of the overseas banks, including Citibank, HSBC, Standard Chartered, and Barclays, have a retail banking outlet in Dubai and provide a possible alternative for expats and businesses requiring international banking.

For Bank of America customers going to Dubai, it should be noted that even though Bank of America ATMs are off limits for them, they can continue to withdraw cash from other banks' ATMs at a price, though with attendant charges. Pre-trip inquiry with Bank of America on international transaction charges and currency conversion charges would avoid the cost.

Briefly, although Bank of America operates in Dubai as a corporate and investment bank, it does not provide retail banking services within the UAE. Those seeking personal or business banking products or services can explore the many local and foreign banks in Dubai that deal in different financial services.

This is a must. Most banks require the company KYC documents to have a certain degree of legal notary as eligibility.