Banking license in the United Kingdom

Obtaining banking license in the UK is a task that only a group of professional lawyers can cope with. Interaction with foreign legislation implies detailed examination of all regulations, and work in the financial sphere does not tolerate legal errors.

In order to become the owner of a certificate for conducting banking activities, it is necessary to register own company in the territory of England.

Based on the characteristics of various organizational and legal forms, it is possible to conclude that the best structure for development in Great Britain is LLC or OJSC (LTD).

The regulator of the commercial market and the country's main financial management commission is the Financial Conduct Authority. Inspection does not depend on ministries and is a private enterprise, which guarantees disinterest in the promotion of specific corporations.

Banking license is a vague concept, and the commission may issue particular type of certificate depending on specific focus of activities of the applicant corporation.

Integrated license entitles to perform the following operations:

  • Maintaining trade on the stock exchanges in the Internet.
  • Interaction with futures contracts.
  • Trade in Forex structures.
  • Asset and securities management.
  • Providing advice to clients and depositors.
  • Granting of credits, mortgages, as well as keeping user's finances.
  • Currency exchange, provision of capital insurance services.

Since it is impossible to obtain permission for banking activities in England independently, we recommend you to contact Law&Trust.

Our lawyers accept the counterparty's application and begin work, including a number of stages, among them there are the following:

  • Registration of LTD in the territory of the United Kingdom.
  • Opening account with the authorized capital in the presence of one of the directors of the applicant corporation.
  • Filling out the official application form and exchanging the initial documentation for compiling complete list of documents.
  • Contribution of state fees for consideration of the application.
  • Preparation and submission of documentation in the jurisdiction of Great Britain.
  • Legal support during the entire period of consideration of the package of documents.

Requirements for obtaining banking license in the UK

Personnel, in particular the executive director, should submit documents on education, as well as certificate of proper qualifications and extract from the employment record book with confirmation of work experience in managerial positions to the expert commission.

During the corporation's period of operation, the director should reside in the territory of England, and the regulator reserves the right to verify the location of the manager by phone or through the Internet. In case of violations, license can be revoked.

The founder of LLC can be natural person, and there are no requirements regarding his citizenship and location.

In addition to the executive director, another manager is appointed, and he can be non-resident, and employee who provides continuous support of communication with the regulator shall be also appointed.

Obtaining license is impossible without having physical office in Great Britain. In addition to the presence of the building, basic communications, including Internet and telephony, should be carried out.

The structure should function and be fully suitable for work. The amount of the authorized capital depends on the scope of activities of the firm.

Copy to banking license in the UK

A copy of the certificate is an official legal document if it is notarized. Clients are advised to create both paper and electronic duplicates for publication on corporate sites and mailing to potential customers.

Copy of the license confirms your reputation and guarantees honesty in dealing with users.

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