Ltd Co some foreign shareholders - struggling to open UK business bank acc

Ltd Co some foreign shareholders - struggling...

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I have a new client, UK Ltd Co, current shareholder/Director is in Germany, the business bank account has always been in Germany.  This Director has taken a perm role with government and no longer can/wants to be involved in this business, (although his wife will still hold shares).  Company is issuing new shares to 3 more shareholder/directors, One in UK (Who will now manage the business) one in Ireland and one in the US.  

German bank account is now closed, UK Director wishes/needs to open a UK business bank account for the company.

So far....Barclays - will only open an offshore account for them (Jersey or Isle of Man) and only if their turnover is over 5m (it is most definitely not!)

HSBC - will open one, but only if all the shareholders will attend a meeting in the UK - this would cost more than they are likely to make in profit this year!  Do you think in this modern day and age that they could have virtual meeting online?!

Any other recommendations for banking?

Thanks in advance!

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By taxwizard
29th Oct 2014 13:24

HSBC I understand can open a bank account without meeting the director but they need to do some checks and hence takes around 6 weeks.  I think most banks will take that long.  If they came to the UK then maybe it will take a week.  UK has strict money laundering laws hence they need to be diligent in all their checks and always better to verify someone in person

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James Reeves
By James Reeves
29th Oct 2014 13:33

Resign?

Just a thought.

`Can they not have all the non-UK directors resign, then perhaps appoint a second UK director (e.g. wife of current director)?  Meet with the bank and setup the bank account. Then resign the second UK director and re-appoint the non-UK directors (if required).

Or does that breach some aspect of the companies act?

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