UK LTD + High Street Bank account for Non Resident

[TheTrader]

Hi, I want to open a UK high street bank account for my UK LTD company as a non resident. Indian passport Holder, have residency inn 3 GCC countries. Source of funds will be from another UK bank account who owes me some money in GCC. I am willing to deposit 7 figures initially and significantly increase the investment. The plan is to invest in UK, China and UAE using the funds. The UK entity will be a holding company. Any advice on how to proceed will be helpful. I haven't started the UK LTD. I have plans to invest in UK real estate, that is the main reason for UK company and accounts. I am open to any other setups that will be helpful. Thank you

 

[Sols]

One way in might be to reach out to the private banking divisions of Barclays, HSBC, Lloyds, and NatWest. You may need to start offshore in Isle of Man, Jersey/Guernsey, or Gibraltar. In some ways, those territories function like regular UK banks but in other ways not. Establish a relationship and then go from there transition into business banking at which point you may be able to establish a relationship with the bank in mainland UK.

Nedbank or Investec may be better fits than the usual high street banks.

Working through a trusted intermediary fiduciary like Vistra, Sovereign Group, Dixcart, and so on might help open doors or cut corners if you're struggling doing it yourself.

 

[TheTrader]

My initial plan is to visit HSBC and Barlays like you mentioned. But will they have any issues with my source of funds? Also any insights on my tax implications?

 

[EliasIT]

A few years ago, I had a local lawyer with me at Barclays in one of their branches in London. The lawyer was quite well-connected, which is why we managed to get a meeting. However, even though we demonstrated substance, they still wouldn’t open an account for one of my businesses. So, I think it’s going to be really difficult unless you have a substantial amount of money, in the millions.

 

[Sols]

My initial plan is to visit HSBC and Barlays like you mentioned. But will they have any issues with my source of funds?

I don't really understand your SOW. Is it a loan repayment from another person? Then just show the bank your loan agreement and all other relevant documentation.

Also any insights on my tax implications?

The UK company is tax resident in the UK and required to pay UK corporate income tax on taxable income. For you personally, there shouldn't be any tax implications based on what you've said so far.

 

[TheTrader]

It is a loan repayment that he should have given me in the GCC, but the money is in the UK now. So since I am also interested to invest in UK, I plan to receive it in a UK account.

 

[TheTrader]

A few years ago, I had a local lawyer with me at Barclays in one of their branches in London. The lawyer was quite well-connected, which is why we managed to get a meeting. However, even though we demonstrated substance, they still wouldn’t open an account for one of my businesses. So, I think it’s going to be really difficult unless you have a substantial amount of money, in the millions.

I already contacted HSBC, they rejected. 3s.money seems like an option, but I am not sure if I should trust them with 7 figures.

 

[EliasIT]

You really need to prepare thoroughly with all documents, budgets, and a business profile before setting up a meeting with banks like HSBC, etc. Otherwise, you’ll find yourself being shown the door with a “NO” faster than you walked in. I haven’t had such bad experiences with EMIs yet, but I usually make sure to call or exchange messages with them beforehand, before transferring money into the account.