I have a new startup client looking for a business bank account. The company is UK registered, trade will be UK based and the directors are British BUT they are both French resident. I am really struggling to find a UK bank who can open an account for them without the directors having to undergo a face to face interview on spec.
This seems utter madness in a supposed European UNION but hey ho. Does anyone have any suggestions ?
Replies (9)
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Are you sure residence is the issue? Would all banks not insist on eyeballing all new customers even if they lived next door to the bank.
So you think residence outside the jurisdiction is indeed the issue. It seems you have shopped around already.
Only option now perhaps is to minimise the risk of the meeting being abortive by clearing as many issues as possible in writing an advance.
Overseas Clients
Ours all have to fly to the UK for their bank appointment, we do this all the time
Running a business in the UK
Why is it such an issue? Presumably they have other business to attend to the the UK that they can roll into the one trip. Incidently, what AML procedures did you undertake on the directors if they are French resident?
Same experience
I have experience of a company that has very similar arrangment to that you decribe. I believe Money Laundering Regs are at the root of the trouble.
Luckily the company in question was able to use an existing UK bank account for a different UK business (which had ceased trading). Not ideal!. The bank was happy for this to contiunue, but steadfastly refused to open an account in the company name despite the businesses having precisely the same particiaptors/owners as the old buisness - utter stupidity!
Eventually the matter was resolved, but only by appointing a UK resident nominee director.
Good luck!
Possible
I recall an instance a few months back when I needed to open up a company for my new client in the UK. They were based in the middle east but one of the directors had a UK address but did not want to come over to the UK.
Many of the banks have different procedures ro each other but I know some banks will carry out due dilligence with their overseas bank. It does take longer to open a bank account around 5 weeks.