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Setting up limited company bank account - director overseas

Is there any way of setting up a UK bank account for a limited company bank account with the sole director overseas?

Would they have to come to the UK to get it set up?

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By Hansa
06th Apr 2012 15:44

Non face-to-face bank accounts

It was the case that provided the bank knew you, that you could introduce the client company to the bank and the director could supply the kyc certified either by notarisation or by visit to a branch of that bank in their location.

However the FSA have been discouraging (but NOT preventing) banks from opening "non face to face" accounts in the last 4 years or so and banks will often (erroneously) tell you  they are "not allowed" to. This is not true, it is simply local policy of the bank concerned.  

In almost all cases where it IS possible, the bank will require an application with a business plan, evidence of contracts about to be entered into, a web-site (even if basic) 

Odd though it seems it may be easier to try with the IoM or the Channel Islands who continue to accept non face to face applications.  They are part of UK clearing so the location will make no difference to day to day operation of the account.

An alternative is to get the account "pre-approved" saying the director will visit to complete the formalities provided the bank confirms the account is acceptable subject only to his visit.  

If you are looking after this for the client I would say a fee of £500 to £750 would be reasonable. - I can assure you, you will earn every penny!  

 

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Some banks make this easier than others
I had this problem. In the end HSBC would open an account in the Uk if the individual visited an HSBC branch locally. Some pain but it got done.

Captain

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07th Apr 2012 04:42

Agree about HSBC

Captainblack wrote:

I had this problem. In the end HSBC would open an account in the Uk if the individual visited an HSBC branch locally. Some pain but it got done. Captain

This is made even easier if the ultimate beneficial owner is able to get HSBC Premier status - the requirement for this varies from country-to-country.

For example in Malaysia, where I have an HSBC Premier account, only £41,000 (200,000 MYR) is required in cash to achieve Premier status, which is less than I am required to hold on fixed deposit as part of the permanent residence programme there. Therefore something of a no brainer.

Depends which country you are talking about.

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By occca
07th Apr 2012 08:19

Thank you

Thanks for all the replies

The clients are likely to all be in Europe

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