Business account - UK company, Brit but French resident directors

Business account - UK company, Brit but French...

Didn't find your answer?

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)

Please login or register to join the discussion.

By johngroganjga
07th Sep 2013 14:31

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.

Thanks (1)
Replying to markW81:
By gerrysims
09th Sep 2013 16:43

the problem is

The problem is not that they want an interview but that the interview is the first step i.e. they can't complete an application process with the decision dependent upon the interview. So the client company's directors have to travel to UK on spec.

Also I have opened accounts recently (personal) without a face to face interview. This seems to be purely a requirement because the directors are not resident.

Thanks (0)
By johngroganjga
09th Sep 2013 16:48

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.

Thanks (1)
avatar
By occca
09th Sep 2013 16:51

Overseas Clients

Ours all have to fly to the UK for their bank appointment, we do this all the time

Thanks (1)
avatar
By Roland195
09th Sep 2013 16:55

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?

Thanks (0)
Replying to Ammie:
By gerrysims
09th Sep 2013 17:06

@roland

The business is a startup so they do not currently have a reason to travel to UK. It is an internet business so the development does not need to be done in UK.

Normal AML procedures - I am based partly in France so have personally met and checked them both.

Thanks (0)
By gerrysims
09th Sep 2013 17:00

Thanks both

I have shopped around the obvious candidates but was hoping there was a bank with a more open mind - perhaps using an associate bank in France.  These directors are both UK citizens with existing UK personal bank accounts and filing UK tax returns still, so hardly high risk.

Thanks (0)
avatar
By tonycourt
09th Sep 2013 17:58

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! 

Thanks (0)
avatar
By sash100
10th Sep 2013 00:06

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.

Thanks (0)