UK private limited companies frequently invoice in US dollars, work with American customers and receive platform payouts in dollars. Holding those funds only in sterling can mean a conversion on every inbound payment. This guide explains the common hurdles for non-resident founders and how to prepare for a USD account.
Why UK companies need a USD account
A USD account in the company's own name allows dollar receipts and payments without repeated conversion and gives the company's accountants a clear multi-currency record.
Why applications can be difficult for non-resident founders
- Resident-director expectations: Many high-street banks expect at least one UK-resident director and may require a branch visit.
- Address requirements: Some challenger banks and fintechs that accept non-resident directors still expect a genuine UK trading or residential address, not just a registered office service.
- Companies House accuracy: The company name on an application should match Companies House exactly, including punctuation and the use of "Ltd" or "Limited." Mismatches are a common reason for delays.
- Tax obligations still apply: A UK company may have Corporation Tax and VAT obligations wherever its directors live. Banking does not change this, but it is worth confirming with an accountant.
Documents you should expect to provide
- 1Exact company name and Companies House registration number
- 2Details of every director and Person with Significant Control
- 3Government-issued photo ID and proof of residential address for every director and Person with Significant Control
- 4Registered office address
How to prepare
- Review your Companies House record. Confirm the company name, number, directors and Persons with Significant Control are accurate.
- Prepare identity documents for every individual. Collect passports and recent proof of address for each director and Person with Significant Control.
- Describe your activity clearly. Explain customers, suppliers and expected dollar volumes.
Frequently asked questions
Can a UK Ltd open a USD account without a UK-resident director?
Some providers accept non-resident directors and others do not. Confirm requirements with each provider before applying.
Do I need a personal UK address?
It depends on the provider. Ask which addresses it accepts for the company and for directors.
Questions to ask any provider
Whichever bank or financial technology provider you consider, ask for written answers to the same questions so you can compare like with like:
- Who holds the account? Identify the institution named in the account agreement and how deposits held there are protected.
- Which payments are supported? Confirm inbound and outbound ACH, domestic wires and international wires, plus any limits or restricted countries.
- What does it cost in total? Ask for setup, monthly, per-transaction and currency-conversion charges in one written schedule.
- How is onboarding completed? Confirm whether verification can be completed remotely and which documents must be certified, apostilled or translated.
- What happens after approval? Ask how often the provider refreshes due diligence and what information it may request later.
This guide is general information for business owners. It is not legal, tax or financial advice and does not describe the products, terms or eligibility requirements of any specific provider. Requirements change, so confirm current rules with your registered agent, accountant or adviser and with the provider you choose.