open bank business account in UK for a LTD company

open bank business account in UK for a LTD company

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Hi everyone,
my names is Phil and i am from Italy and i live in Italy, i few months ego a opend a LTD in UK with a UK accountant, because a red that there wasn't any problem opening a business for non-residents in UK, now i met a guy who lives in the UK and i want him to be my business partener witha share of 15% of the company. Lately we are having problem opening a business account for my LTD, we tried HSBC but they refuse, With Barclays, the documentation is massive, and I cannot find a straightforward answer, natwest, monzo, starlingbank
One of the requirements is "All Persons of Significant Control (PSCs) of your Limited Company or LLP are UK residents and individuals rather than a company (i.e. no corporate shareholders).", i dont really trust about online bank account the reviews are not that good, they freeze account without even telling you. i'd rather have a phisycal bank. Whats the point let non-resident people open LTD when they struggle open up business bank account.
I hope someone who might had the same situation help and point me in the right direction, i'll appriciate that, thanks for your time

Replies (9)

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Stepurhan
By stepurhan
25th Mar 2024 08:55

Banks have become more risk averse in recent years, and it is a matter of fact that a non-UK director is an increased risk since they will be harder to pursue if things go wrong.

That said, I am unclear what "I cannot find a straightforward answer, natwest, monzo, starlingbank" is supposed to mean. My experience is that both Starling and Monzo are more ready to open accounts than the more traditional high street banks are not. Perhaps you need to accept that your preference for a physical bank just isn't goign to be achievable.

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By JCresswellTax
25th Mar 2024 10:09

Having looked into this fairly recently, I came to the conclusion it is pretty much impossible to open a UK bank account in your situation.

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John Toon
By John Toon
25th Mar 2024 11:26

If you want a proper bank account I'd speak to someone like Allica Bank or Cashplus Bank. You could also speak to your bankers in Italy and see if they have a UK connection.

Alternatively, you could open an e-money account like Wise, Airwallex or Revolut.

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Replying to johnt27:
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By FactChecker
25th Mar 2024 20:29

".. you could open an e-money account like Wise, Airwallex or Revolut"

but worth a read first of the salutary tale at https://www.accountingweb.co.uk/tech/tech-pulse/ps53k-scam-sparks-accoun...

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DougScott
By Dougscott
25th Mar 2024 12:01

Perhaps your partner in the UK could open a business bank account in a different limited companies name with 100 shares and then, once the account is opened, you could buy 85 shares off him? Of course you would have to tell the bank and they might close the account then so maybe that wouldn't work.

Maybe as someone else has said ask your bank in Italy if they can help you set up a UK bank account?

Another option if all else fails could be to have a UK personal bank account and run your business from that on behalf of the limited company.

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By DKB-Sheffield
25th Mar 2024 12:08

One to throw into the mix would be Fire.

Whilst based primarily in ROI, they do also operate in the UK. I've found they are quite good when opening accounts for UK companies with EU members, directors, and signatories. Potentially a risk thing... EU to EU, as opposed to UK to EU.

The main drawback is relatively high per-transaction fees. Not a problem if transaction values are generally higher-value. However, £1 transactions (in or out) would see a 30%-40% bank cost (per transaction charge is 30p-40p).

https://www.fire.com (I'm NOT affiliated to Fire)

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By Matrix
25th Mar 2024 21:24

An overseas client uses Metrobank, set up by their Inwards Investment Team.

There was an onboarding fee of >£1,000 and monthly fees of £120. I think there was quite a lot of time and work involved to get the account too.

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By I'msorryIhaven'taclue
26th Mar 2024 09:14

I'm guessing you need a UK company because you wanted to open a business in Italy, but the cost of opening a SRL are too expensive for you - 2000 euros to open a business plus the cost to maintain it, which is too much for you. Whereas the UK is cheap and the bureaucracy is better than opening a business in Italy.

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Replying to I'msorryIhaven'taclue:
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By I'msorryIhaven'taclue
26th Mar 2024 10:35

Maybe HSBC read your real reason for wanting a UK company over on UKBF!

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