Does a UK company need a UK bank account?

Does a UK company need a UK bank account?

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 An individual has incorporated a company in the UK and resides in Italy.

 

They are trying to open up an Italian bank account in the name of the UK company (which i think they will be unable to do), however if they are successful have said they will not open a UK account.

 

Does a UK limited company need to have a UK business account?

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By JeremyNewman
29th Jul 2011 13:30

No

There is no legal requirement for this.

However, I have a client who wants to set up an account with a bank in Ireland, and the Irish bank has said that they need proof of a UK account being opened before they can open one in Ireland. Clearly, their internal procedures require this, and your client may find the same thing with other banks.

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By Michael Mackin
29th Jul 2011 14:06

Thank you!

 Thank you for your response

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By frustratedwithhmrc
30th Jul 2011 11:51

But, by definition...

A company could setup a bank account with RBS, once established, request a bank account with the Irish Nationwide (or whomever) and then once established close the RBS account.

Another pointless hurdle introduced to 'comply' with KYC and MLR-type regulations no doubt.

 

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By dolomites
24th Oct 2011 18:42

similar situation

I am in the process of incorporating a company in the UK but reside in Italy. I need both sterling and euro account, although the UK banks offer v unflexible and costly euro accounts. Is it legally acceptable to open an account in Italy for this UK company ie. for UK accounting purposes. Why do you think that this is not possible to do in Italy?

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