Let's answer some of your questions.
Here you'll find everything you need to know before getting started with Open.
About Open
Can I open a business bank account in the UK/EU as a foreigner?
Most definitely, yes. But as you already know, that's a tedious process. Depending on your business size or type, the difficulty may increase. At Open, we can assist you in this challenging process and handle the work end-to-end.
How much does it cost?
The price depends on the difficulty of your case. We charge a “success fee", meaning you only pay is if we get your account opened. A ballpark figure is €1,000 to €5,000 per account – which is 2-10x lower than the market price for similar services.
What questions will you ask me in the questionnaire?
We want to make the process of opening a bank account as easy as possible for you. That's why we won't bombard you with a ton of questions. All we ask is to fill in a short questionnaire that helps us find potential weak spots in your application and allows us to pair you with the right banking partner to suit your needs.

Here are some sample questions from the questionnaire:

  • Why do you need a UK/EU business bank account?
  • What currencies do you need?
  • What's the size and nature of your business?
  • What's the expected volume of transactions per month?
  • What's your annual turnover?
What documents do I need to provide?
After you fill in the questionnaire, we'll pair you with an account manager who'll make sure you provide all documents the bank might request. Once you submit the documents, the bank will verify the information and run a routine compliance check to ensure you meet all legal and AML requirements.

A typical UK/EU bank might usually ask for the following:

  • Company's shareholding structure.
  • Certificate of incorpotation.
  • Business plan, including future projections.
  • Description of the company's activities.
  • Proof of identification for the company directors – a passport or an ID card.
What is Silverbird?
Silverbird is our parent company. It is a digital bank for the global market. We offer multi- currency business accounts with local EU/UK bank details, designed for international trade. We abide by the same rules & regulations in every country we operate in. What sets us apart is our mission to make business banking inclusive – we treat our customers as friends, not threats.

By having an account with Silverbird, you will benefit from perks such as:

1. Local EU & UK IBANs. Which will allow you to build trust with local customers and business partners.
. We offer support for easy payments all over the world.
3. Multiple currencies. Hold, send & receive money in EUR, GBP, USD, CHF and 20+ other currencies.
4. 100% online. And the best part: you can get started in just ten minutes by filling out an application on our website.

Joining is easy. Just go to www.silverbird.com and click 'Open Account'.
    How do you pick which banks to work with?
    We work with Tier-1 banks, such as Barclays, HSBC, and Lloyds. Our team has 20+ years of experience solving the most challenging banking hurdles you might face. We also use the same AML screening process as most of our banking partners do. That's why we pre-screen your business to identify weak points and fix them before it's too late and help you identify the banks that meet your specific needs.
    How has the COVID-19 impacted opening business bank accounts?
    The pandemic has proved to be a bottleneck for non-residents looking to open UK business bank accounts. For example, due to demand, HSBC has scaled back the number of bank accounts they're opening, creating a waitlist. National lockdowns have also closed bank branches, meaning in-store visits to provide proof of identity and residency may be delayed. Make sure to research how each bank is responding to COVID ahead of time.

    At the same time, more banks are offering fully remote access for non-residents seeking to open bank accounts. Make sure to go on our Documents and Banks page to check out the full list of banks and which ones offer remote account opening.
    Do you need to be a resident of the country to open a business bank account?
    In some countries, yes. But almost every jurisdiction has a workaround which will help you during account opening. For example, in Estonia you can open an account as account as a non-resident if you have strong ties to Estonia such as owning an Estonian business or property. You can also apply online on the official website and pick up the e-residency card at the nearest embassy once your application is granted.

    Whereas in the UK, there's no requirement to be a UK resident in order to open a business bank account –– but it makes the process much simpler.

    To qualify as a resident, you'll need to live in the UK for half of the year (183 days) or more and provide proof of a residential address (not an office or commercial property).
      What common mistakes do people make when opening a business bank account?
      We do our best to help our customers avoid pitfalls, yet just one misstep may set you back to square one. So it's better to avoid these common mistakes when opening a business bank account so that you don't waste your money and time:

      1. Not choosing the right bank — different banks would have a different set of terms and products that may or may not be a good fit for your business. Make sure that you choose a bank that would benefit your business the most.
      2. Missing information during the application process — before you apply, triple check on the documents that are needed and be sure to complete the application form. Carelessness, even though unintentional, may cost you the opportunity.
      3. Not understanding your chosen bank — as a potential client, it's your job to make the bank trust you enough that they are comfortable to serve your needs. Be sure to learn what they like or dislike and the right strategies needed to gain their trust.

      Don't make these mistakes and ask for help if you need to!