We have a client who lives abroad but is required to operate through a UK limited Co.
Does anyone know of any banks that will open a UK bank account for them? Barclays say NO!
Related resources
Replies (22)
Please login or register to join the discussion.
Forget it
I have had a number of such clients recently and they have tried all the banks without any success whatsoever. This is despite them living the EU and some having personal accounts here already.
Interesting
I have a client who has a UK company. He's resident overseas. He had no problem opening an account at Barclays right here in Ponte Carlo.
Mind you, he did call in at the branch to do it.
Not without one of them coming to the UK
I experienced this earlier this year and was met with a wall of "No". All the UK banks that I spoke to will require one of the signatories to the bank to come to the UK for face to face meeting.
Note the UK company isn't forced to operate through a UK bank, a bank in client's country of residence is fine - logistically how efficient this will be is another matter.
Must visit the bank
In all cases I remember the signatory was asked to visit the bank bringing usual ID and proof of address documents.
Otherwise NO was the answer.
It doesn`t cost a lot to come to UK for a day to see a business bank manager if all the appointments are booked in advance and required paperwork is prepared.
Really ?
It doesn`t cost a lot to come to UK for a day to see a business bank manager if all the appointments are booked in advance and required paperwork is prepared.
Surely the key piece of information is - "where does the client live ?"
Otherwise, that's a very sweeping statement.
For sure not on Mars
It doesn`t cost a lot to come to UK for a day to see a business bank manager if all the appointments are booked in advance and required paperwork is prepared.Surely the key piece of information is - "where does the client live ?"
Otherwise, that's a very sweeping statement.
Nowadays you can find affordable flights etc. irrespectively if the client lives in next door EU country or OZ/SA/USA or any other place.
The key point was "preparation" - if appointment is booked in advance and all the required paperwork taken care of, then the client only needs to pop to the UK for a day or so.
Scale
Nowadays you can find affordable flights etc. irrespectively if the client lives in next door EU country or OZ/SA/USA or any other place. The key point was "preparation" - if appointment is booked in advance and all the required paperwork taken care of, then the client only needs to pop to the UK for a day or so.
I would still imagine it depends on the scale of operations.
Offcourse money matters
Nowadays you can find affordable flights etc. irrespectively if the client lives in next door EU country or OZ/SA/USA or any other place. The key point was "preparation" - if appointment is booked in advance and all the required paperwork taken care of, then the client only needs to pop to the UK for a day or so.I would still imagine it depends on the scale of operations.
Everyone seems to be too concerned with reducing costs/cutting expenses etc.
What many are forgeting is that you need to spend some money in order to make more.
1. Does the business need UK bank acc?
Yes - Spend some money and come to the UK to open it
No - Do nothing
2. Can it afford to come to UK?
Yes - Stop discussion and buy tickets
No - Consider your business model viability and if still can`t afford then refer back to 1st question.
As simple as that.
Quite
Everyone seems to be too concerned with reducing costs/cutting expenses etc. What many are forgeting is that you need to spend some money in order to make more. 1. Does the business need UK bank acc? Yes - Spend some money and come to the UK to open it No - Do nothing 2. Can it afford to come to UK? Yes - Stop discussion and buy tickets No - Consider your business model viability and if still can`t afford then refer back to 1st question. As simple as that.
That's what I said. But not quite so eloquently.
eloquently
[/quote]
That's what I said. But not quite so eloquently.
[/quote]
Off topic - you caught me there with your comment. Needed to google "eloquently" meaning :)
Oh dear
Off topic - you caught me there with your comment. Needed to google "eloquently" meaning :)
Not quite as eloquent as I thought then.
:-(
That doesn't help at all
Nowadays you can find affordable flights etc. irrespectively if the client lives in next door EU country or OZ/SA/USA or any other place. The key point was "preparation" - if appointment is booked in advance and all the required paperwork taken care of, then the client only needs to pop to the UK for a day or so.
If it were as simple as coming to the UK for a face-to-face meeting it wouldn't be a problem. My clients have literally been in London for the whole week going round all the banks attending pre-arranged meetings and it is 'computer says no' from them all without exception.
In respect of the clients concerned: -
Some have UK personal banking alreadySome have long established overseas business banking with the local branches of UK banks.All are resident in the EU and of good standing.All are regular visitors to the UK
None of this helps.
I believe that Lloyds 'may' consider it if at least one director is UK resident. This would mean getting some friend or family member to be director, which is unappealing. Haven't tried this yet, but it seems to be the only way.
Begs the question ...
Have the banks said "no" or have they said "you need to come to the branch" ?
It helps if the obstacle is clearly stated.
Difficult
Have at look at this :
http://accountsco.com/uk-bank-account/
It might help. As he has a UK company he must have UK connections therefore the most obvious solution is to appoint a UK director (I've done this for a couple of companies where the directors are based overseas). In practice he or she won't have to do much if anything, but they of course still have the obligations imposed on them by the CA, so they need to be made aware of what they are potentially letting themselves in for.
yes
One of my clients moved from the UK to Spain, the only way she has been able to operate is to open a Spanish account in the name of the UK company (which was not easy).
According to HSBC website they will open an account provided you visit a Branch, but my Barclays manager just said no.
I`ve literaly helped to open a business bank acc in Barclays in October this year for a newly incorporated UK Co with non-resident director (he is resident in EU).
My experience:
Booked an appointment.
Received confirmation.
Picked client up from airport.
Attended appointment.
Presented ID and recent statement from the other EU contry`s bank as proof of address.
Answered usual questions regarding the business etc.
All done.
Did not see any resistance from Barclays to open a business bank acc for a UK company with non-resident director.
Agree
I`ve literally helped to open a business bank acc in Barclays in October this year for a newly incorporated UK Co with non-resident director (he is resident in EU).
Have to agree with v. Barclays will do it for you if you turn up at the branch.
they will?
I`ve literally helped to open a business bank acc in Barclays in October this year for a newly incorporated UK Co with non-resident director (he is resident in EU).Have to agree with v. Barclays will do it for you if you turn up at the branch.
Not my Branch obviously
Worth trying again?
I`ve literally helped to open a business bank acc in Barclays in October this year for a newly incorporated UK Co with non-resident director (he is resident in EU).Have to agree with v. Barclays will do it for you if you turn up at the branch.
Not my Branch obviously
Possibly it might be dependant on how willing business banking manager is to help your client.
Maybe worth trying to apply the same approach as often helps with HMRC Helplines - you got a reply you are not satisfied with? Hang up and call again - result might differ.
Try elsewhere
Have to agree with v. Barclays will do it for you if you turn up at the branch.
Not my Branch obviously
They have more than one branch.
Would it have been naughty to
Start the company with a UK resident director, open the bank account, appoint overseas director, UK director then resigns?