Bank Account for UK Ltd

[Vediovis]

Hi everyone

Thanks for the good work.

I am currently seeking a bank account for a UK-based LTD company. Unfortunately, we have encountered difficulties with Revolut, which refuses to open an account for us.

At the moment, our company is in the software development phase, and the bank account would primarily be used to receive deposits from associates and to pay a few bills. However, we plan to transition into a marketplace platform in the future. At that point, we may consider changing our legal structure.

In the meantime, we are looking for a reliable banking solution that meets our current and future needs.

Any recommendations or advice would be greatly appreciated.

Thanks and cheers !

 

[Fulton Abraham Sanchez]

It's possible to establish an bank account in Antigua without the necessity of travel

Hi everyone

Thanks for the good work.

I am currently seeking a bank account for a UK-based LTD company. Unfortunately, we have encountered difficulties with Revolut, which refuses to open an account for us.

At the moment, our company is in the software development phase, and the bank account would primarily be used to receive deposits from associates and to pay a few bills. However, we plan to transition into a marketplace platform in the future. At that point, we may consider changing our legal structure.

In the meantime, we are looking for a reliable banking solution that meets our current and future needs.

Any recommendations or advice would be greatly appreciated.

Thanks and cheers !

 

[JohnLocke]

Did you try with some of the many other EMI's like Wise, Intergiro and so on ?

 

[Vediovis]

Revolut makes problems. Intergiro doesn't accept new customers. Wise can be a choice, but there's a fee.

 

[JohnLocke]

Wise can be a choice, but there's a fee.

Is Wise charging a FEE for new accounts now?

There is a list here which you may look at
https://www.offshorecorptalk.com/th...e-world-–-plus-a-bonus-challenger-bank.35959/

 

[Creocree]

Try Yoursafe, good choice for UK Ltd, also you can try PayDo and Fire. It largely depends on the time period for which you need to receive IBAN; in many places, onboarding takes up to two weeks.

 

[Vediovis]

I've been contacted by Calay Banking directly on this forum.

They want 5.000GBP to open a solution in Spain.

It is not what we're looking for, but it's good to know.

 

[AlicaFunk]

Too much to open a bank account, I would not in my very needs pay that for a bank account!

I see a ton of EMI's in the RESOURCE section of the mentor group gold, some of them are UK LTD only, wonder why it's a problem for you.
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/

 

[treasureinyou]

An under £50 with Wise isn't really anything for a business, even a one man startup

 

[John M]

The question is what is your citizenship and where is your residence, as these are more important than the company registration.

 

[Vediovis]

shareholders are a bit scattered around the planet. I'm French in France.

 

[cyprusbanker]

why don't open a some neobank account, it is easy and fast to do. As French citizen you won't have problems.

 

[CALAY]

I've been contacted by Calay Banking directly on this forum.

They want 5.000GBP to open a solution in Spain.

It is not what we're looking for, but it's good to know.

Thank you for your feedback.
Fees are always in relation to a SPECIFIC situation. We've contacted you to suggest arranging a video conference to gain a deeper understanding of your business situation and to discuss the potential for assisting you in onboarding your UK LTD with our banking partner in Spain.
During our conversation, we outlined the essential compliance procedures necessary to meet our partner's requirements applicable when the company opening the account does NOT have a real fixed establishment in the country of incorporation. It's worth noting that we provide tailored solutions on a case-by-case basis, and the proposed solution and associated fees corresponds to the estimation of work hours logged by our legal team in response to your individual case.
It could be more or could be less in a different case
I hope it’s clarifying the matter.

 

[Forester]

Revolut makes problems.

Wise too, unfortunately For a more detailed reasoning, look e.g. here If Wise is going to close accounts and is not the best, how diversify the money?

Intergiro doesn't accept new customers.

Well, they have a waiting list and it is manageable sometimes; but they do not accept UK companies at all; EEA only.

Try Yoursafe, good choice for UK Ltd, also you can try PayDo and Fire.

Do they onboard UK LTD's with non-resident directors? I guess this is a problem, see below...

It largely depends on the time period for which you need to receive IBAN; in many places, onboarding takes up to two weeks.

2 weeks are nice

I've been contacted by Calay Banking directly on this forum.

They want 5.000GBP to open a solution in Spain.

It is not what we're looking for, but it's good to know.

Well, interesting; thanks for sharing.

The question is what is your citizenship and where is your residence,

Exactly.

shareholders are a bit scattered around the planet. I'm French in France.

Well, as said above: UK LTD with non-resident director(s) => problem.
Shareholders scattered around the planet – it heavily depends on where exactly they are. Some countries represent a huge problem.
Try to check perhaps also Wamo and definitely Verifo, Zen.com, Interpolitan Money and Airwallex (UK). Paysera is generally worth checking, too; although I am not sure now whether they onboard UK LTD's but I guess yes... Do not omit Moneycorp Bank (Gibraltar) and HK EMIs – Statrys and especially Currenxie.

 

[DrKlau]

I am in the same situation.
We have a UK LTD with a corporate bank account in Cyprus but we need a UK account as we deposit cheques issued from UK gov and the Cyprus bank's charges are insane and take over 2 months to proceed.
Any help is appreciated. Thank you.

 

[Forester]

I am in the same situation.
We have a UK LTD with a corporate bank account in Cyprus but we need a UK account as we deposit cheques issued from UK gov and the Cyprus bank's charges are insane and take over 2 months to proceed.
Any help is appreciated. Thank you.

Unfortunately, you are not in the same situation (at least it seems so), as you need to cash cheques.
And:
1) Cheques are a financial instrument that no EMI (TBMK) is able to handle, you need a traditional bank.
2) If the director of your LTD is not resident in the UK then your chances to be onboarded by some UK traditional bank are zero, in fact.
3) Any non-UK traditional bank will probably charge a lot for accepting UK gov cheques and will definitely process it for weeks.
So, either take it as it is; or hire a UK-resident director (if you do not have it) and then go for some UK traditional bank.
Sorry but I can't share with you any more positive news

 

[DrKlau]

Unfortunately, you are not in the same situation (at least it seems so), as you need to cash cheques.
And:
1) Cheques are a financial instrument that no EMI (TBMK) is able to handle, you need a traditional bank.
2) If the director of your LTD is not resident in the UK then your chances to be onboarded by some UK traditional bank are zero, in fact.
3) Any non-UK traditional bank will probably charge a lot for accepting UK gov cheques and will definitely process it for weeks.
So, either take it as it is; or hire a UK-resident director (if you do not have it) and then go for some UK traditional bank.
Sorry but I can't share with you any more positive news

By saying "in the same situation" I meant we are a UK company looking to open a local bank account.
Your right however. To solve this we have to have a director who is a UK resident. We are working on this now.
Thanks for replying.

 

[Forester]

Thanks for replying.

You are welcome...
Good luck!

 

[krush]

It seems very hard to open a UK business bank account these days.

My friend says its because people have abused the covid loans over past years..

Any recommendations?

 

[Cavendish]

Apart from nominee director services (unsure if that would suffice) - there must be plenty of UK Resident Company Directors on OCT, me for one - and plenty I have seen in threads. There must be a way we can help each other? Just an innocent viewpoint from the sidelines.