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SWISSMONEY Iban Accounts with Sepa

UK or USA bank account for Spanich Company.

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Mickael2

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Apr 12, 2020
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#1
Hi. I'm new in the Forum. I live in Spain and I'm worried about our current economic situation and much more with our government. Could someone tell me if is it possible to open a business account in UK and if so, in what bank and what are the requirements? Is it possible to do it in US, and if so what are the requirements for what bank too? Finally, if nobody find possible to do it being spaniard and living in Spain, what's for you the best option, more stable, more trustable and easier to open an account?
Thank you so much.
 
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#2
Regardsless if it is the US or the UK you will have to travel, otherwise you will have to look into an EMI account. And again non of these are considered Offshore bank accounts so you would get better response if you open a new thread ;)
 
#3
Admin said:
Regardsless if it is the US or the UK you will have to travel, otherwise you will have to look into an EMI account. And again non of these are considered Offshore bank accounts so you would get better response if you open a new thread ;)
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Given the current situation, some banks have now switched to remote opening via originals being couriered, while others requesting remote video call.
 
#4
Many thanks for your answers, do you now a specific bank in US or UK in which I can open an account without traveling for a Spanish business now? And if I'll be able to open it being a Spanish company?
 
#6
It depends how much you are going to deposit and how you will use the account. If it’s for placing money there then maybe a brokerage account can work ? That’s possible and not too hard for foreign companies. A regular checking account can be possible depending on the situation.
 
#7
It depends on a lot of factors but I've heard of people being able to open corporate accounts with Barclays and Lloyds for non-resident companies, or UK companies formed by non-residents. But it's generally considered difficult. Contact banks and find out.

It might be easier if you go via British bank's offshore operations in Isle of Man or the Channel Islands.

It's even harder in the US. It can be difficult to open a bank account there even for a local company formed by non-resident foreigners. Can't imagine they'd open one for a Spanish company, unless you have significant ties to the US.
 
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#8
Mickael2 said:
Many thanks for your answers, do you now a specific bank in US or UK in which I can open an account without traveling for a Spanish business now? And if I'll be able to open it being a Spanish company?
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This is going to be extremly difficult. The UK is difficult unless your company has a resident director. In a normal situation (before the end of this year) you can move there, but now you are not permitted to enter. There are some possibilities via introducers. I know Barclays has been opening accounts this way, but they prefer to do it via their Isle of Man branch (it is considered offshore, but it has a GB iban). But they require a personal meeting as well.

In the US banks are required to meet alians that wants to open a bank account.

I do understand your point of view when it comes to the Spanish government, but the Spanish banks are relatively solid compared to their pairs in some other EU countries. The general way to counter uncertainty is to diversify, so you should definatly get banks account in other countries.

Try Scandinavia. Easy to get bank accounts and solid banks/governments (at least for the time beeing). They also have their own currencies, so worst case they will just print money.
 
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#9
Sols said:
It depends on a lot of factors but I've heard of people being able to open corporate accounts with Barclays and Lloyds for non-resident companies, or UK companies formed by non-residents. But it's generally considered difficult. Contact banks and find out.
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It is not easy but it is possible
One of the directors should be resident in UK
 
#15
Btraveler said:
HEllo @Gediminas Why not open an account at Revolut?
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To put it simply, they are focusing on retail customers. They don't have an appetite in dealing closely with compliance cases, so they will block you one day out of a blue.

So working with a boutique EMI that focuses on business is your way to go.
 
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#16
I live in Spain as well and Spanish banks should worry everyone who lives here. But currently I think the biggest worry is how the Spanish government will fund the Corona crises, we will see a massive drop in taxes, high unemployment - the cost will sky rocket and the government income crash. It is very lightly that Spain will be forced to do as Cyprus did after the financial crises, they will take money from peoples accounts to try and balance their budgets (Cyprus used this to save their banking sector). It is a fair model, the poor guy have no money in the bank and pay nothing, the rich guy will have some money and make his contribution. This could well happen all over Europe. It would be madness of course, but I dont see any other way for Spain. I am certain Spanish politicians have zero money in their Spanish bank accounts.

A good place to bank is probably Scandinavia. But it will be very difficult to get a bank account there for a Spanish company. So you might have to setup a Swedish or Norwegian company. Sweden haven't closed down the country so their finances are not badly effected from Corona. Norway is partly closed down but they have more than enough money to save their banks.

You should also consider holding gold. It is considered safe and might go up a lot in value over the next 6 to 12 months.
 
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#17
Gediminas said:
To put it simply, they are focusing on retail customers. They don't have an appetite in dealing closely with compliance cases, so they will block you one day out of a blue.

So working with a boutique EMI that focuses on business is your way to go.
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Thank you for your reply @Gediminas . Yes, in fact every EMI faces the same problem (Revolut, Paysera, Transferwise, etc...). One day they can block your account and make your benefits blow away...However, if the spanish company of @Mickael2 is on legal basis, making legal business, no problem can arise if everything is documented via invoices and/or contracts
 
#18
Btraveler said:
However, if the spanish company of @Mickael2 is on legal basis, making legal business, no problem can arise if everything is documented via invoices and/or contracts
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Oh well, they can still block it, history showed to us many many examples when people with legitimate businesses lost their accounts this way.
 
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