Embrace the convenience of starting corporate multi-currency accounts remotely within the renowned UK payment system. At International Wealth, we facilitate establishing seamless connections for companies operating in high-risk sectors. With an official license dating back to 2017 and a strong presence spanning five countries (including a central hub in London), our payment service provider stands as a symbol of reliability.
The process of setting up a corporate multi-currency account within the UK payment system can be accomplished swiftly, within five working days.
Table of Contents
- UK Payment System: Corporate Account Advantages
- Eligible Business Categories for the UK Payment System
- Countries Excluded from the UK Payment System
- Opening a Corporate Multi-Currency Account: Required Documents
- Document Review and Approval
- Commissions and Fees
- Opening Accounts in the UK Payment System: Key Points
UK Payment System: Corporate Account Advantages
The UK payment system is a seasoned player in serving global clients. It offers a wide range of services and opportunities, including:
- Multi-Currency operations: Seamlessly manage up to four major currencies and make transactions in more than 200 currencies.
- Global Reach: Effortlessly send funds to over 170 countries worldwide.
- Individually-Tailored IBANs: Revel in the benefits of having a personalized IBAN designed to optimize your banking transactions.
- Trusted Payment Intermediary: As a recognized intermediary for Visa and Mastercard, the UK payment system ensures a secure and dependable payment processing experience.
- Swift, SEPA, and Target2 Excellence: Harness the power of rapid and efficient worldwide transfers.
- High-Risk Partnerships: Actively seeking collaborations with businesses operating in high-risk industries, we provide customized solutions to address unique requirements.
- Comprehensive Banking Suite: Access a comprehensive suite of banking services, including an e-wallet for digital transactions and a mass payout system, all consolidated into a single product.
- Effortless Onboarding: The UK payment system offers a swift and streamlined onboarding experience and promises to complete the process within five working days.
For more details or to initiate your journey with the UK payment system, do not hesitate to contact International Wealth consultants.
Eligible Business Categories for the UK Payment System
The UK payment system classifies businesses into three distinct risk levels for potential collaboration:
Level 1, Low Risk:
- Online education
- IT and software development
Level 2, Medium Risk:
- Ticket purchasing and travel
- Resellers of digital goods (game keys, accessories, etc.)
Level 3, High Risk:
- Licensed FOREX
- Licensed betting
- Licensed gambling businesses
The UK payment system explicitly refrains from collaborating with non-licensed (unregulated) high-risk businesses.
Countries Excluded from the UK Payment System
The UK payment system follows specific policies prohibiting collaboration with particular countries. Transfers to and from such jurisdictions are not supported, and individuals from these nations may not hold more than a 20% stake ownership in any company intending to partner with the payment system. However, exceptions apply to individuals with residency permits from other countries or those permanently residing outside their native country.
The list of unsupported countries includes the following:
- North Korea
- United States (transactions possible under specific conditions)
Opening a Corporate Multi-Currency Account: Required Documents
Please prepare the necessary digital scan documents regarding the company, its directors, and beneficiaries to ensure a seamless onboarding process. Below, you will find the list of documents required by the UK payment system from potential corporate customers:
- Certificate of incorporation (apostilled and/or notarized).
- Memorandum and articles of association (apostilled and/or notarized).
- Document confirming the appointment of the company director.
- Business profile, ACRA compliance, and financial profile from Singapore’s ACRA, (apostilled and/or notarized).
- Proof of the company’s legal address.
- Tax identification document.
- Ownership structure certificate with the ultimate beneficial owner’s signature (for complex structures), notarized.
- Contracts with clients or suppliers (optional).
- Active website (optional).
- Bank statements for the past six months (optional).
- License (if required for the business).
The company’s director and shareholders should provide:
– a passport;
– proof of residential address (over the last three months).
The ultimate beneficial owner must submit the following documentation:
- Proof of residential address (over the last three months).
- A selfie holding their ID.
- Proof of professional experience (CV or LinkedIn profile).
- Verification of their source of funds/wealth.
For specific details on the document checklist or any additional information, please contact International Wealth experts.
Document Review and Approval
Within the UK payment system, document review and approval typically take five business days, after which a decision is made regarding account opening.
Commissions and Fees
The fees and commissions of the UK payment system vary depending on your risk parameters.
Risk Levels 1 and 2:
Account opening fee – EUR 500-1500
Monthly payment – EUR 100 – 200
Incoming transfers and payments:
- SEPA | 0.1% – 0.2% fix EUR 2.5
- SWIFT | 0.1% – 0.3% fix EUR 12.5 | From 0.5% fix EUR 2.5
Outgoing transfers and payments:
- SEPA – 0.2%-0.4% fix EUR 2.5
- SWIFT – 0.2%-0.5% fix EUR 2.5
Risk Level 3
Account opening fee – EUR 2000
Monthly payment – EUR 300
Incoming transfers and payments:
- SEPA – from 0.5% fix EUR 2.5
- SWIFT – from 0.5% fix EUR 2.5
Outgoing transfers and payments:
- SEPA – from 0.5% fix EUR 17.5
- SWIFT – from 0.5% fix EUR 70
Opening Accounts in the UK Payment System: Key Points
- For comprehensive information on the current fees and requirements of the UK payment system, please consult International Wealth experts.
- To start the account opening process within the UK payment system, a service fee of EUR 2,999 is applicable per corporate account.
- Make sure you submit all the necessary documents for verification. In case of missing documents or errors, International Wealth experts will guide you through the necessary corrections to avoid potential rejections from the payment system.
- After the UK payment system fee has been settled, wait for their decision.
- Upon getting a positive decision, you will receive your account details, enabling you to initiate transactions.