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Getting a client a bank account

Getting a client a bank account

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We have taken on a 100% subsidiary of a French company, 1 French director, 1 UK director, the company is newly incorporated and just registered for vat, it will import kitchen equipment which is made in France by its parent, we are having real trouble getting a bank to even pick up the phone, I have exhausted all the usual contacts, has anyone good a good route to getting banking established, the French parent is of a good size and the UK subsidiary will require an audit and will hopefully grow, any ideas.

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By paul.benny
19th May 2021 07:53

Does their French bank have a UK presence? Or links with a UK bank?

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By CW2012
19th May 2021 10:13

That's a good question and I don't know the answer, worth finding out though

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By ospevack
19th May 2021 12:24

having a similar problem - seems to be due to bank's covid response closing branches - they will sign up a new company with one director online, anything beyond that needs a face to face meeting, all AML connected.

I've continually been told by the banks that the end of June will solve all problems. Tried with Barclays, Santander and Metro. The response has been universally the same - as Paul says, maybe their French bank will be able assist in organising a UK account.

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Replying to ospevack:
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By I'msorryIhaven'taclue
19th May 2021 14:03

Metrobank not wanting to play is something of a surprise - they normally trip over themselves for new business.

OP, I guess you will already have tried Starling Bank?

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Replying to I'msorryIhaven'taclue:
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By paul.benny
19th May 2021 15:35

Starling seem to be largely geared to owner managed businesses - so for example, AFAIK all transactions are single-approval. This may not be suitable in this case.

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By JD
19th May 2021 14:24

one has to wonder if your French connection can set up a HSBC account for a UK company, quicker than a UK HSBC branch can.

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Replying to JD:
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By paul.benny
19th May 2021 15:40

The OP in this thread https://www.accountingweb.co.uk/any-answers/sic-code-for-a-personal-inve... apparently got a new HSBC account open within two weeks.

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Replying to paul.benny:
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By CW2012
19th May 2021 16:09

That was quite a lively thread, I see Starling bank being mentioned, they seem a bit youth focused and Metro Bank wanted 50% uk shareholding, it would be nice if there was access to a reasonable high street bank.

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