UK Ltd, owner and director non resident - what options for bank accounts?

[Hmmm]

Hello

What would be the options for UK company who is shareholder and director non-residet (from EU, LT) to open account?
How I see most of the banks/emis required directors to be residents, so prior to choose UK as a country for new company would like to know.

Thanks in advance!

 

[Forester]

Have you tried to search here? It was already discussed repeatedly 😉

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[Martin Everson]

Hmmm said:
What would be the options for UK company who is shareholder and director non-residet (from EU, LT) to open account?
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As shareholders and directors are from LT they could go with Mano Bank.

In general you should have no real account opening issues with LT and UK company unless your activity is something risky. You can also try Revolut Bank or even an EMI like Wise.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Forester]

Martin Everson said:
In general you should have no real account opening issues with LT and UK company unless your activity is something risky.
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Well, perhaps also unless trying to be onboarded by a UK brick and mortar bank. They were reluctant to onboard LLCs with non-resident directors and I'm afraid it has not changed.

Martin Everson said:
You can also try Revolut Bank or even an EMI like Wise.
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Or to establish the company with the assistance of GoSolo. The UK bank account is/was included in the package, even with the brick and mortar bank, IIRC.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Martin Everson]

Forester said:
Well, perhaps also unless trying to be onboarded by a UK brick and mortar bank.
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Brick and mortar don't mean much these days. Unless your banking with a too big to fail bank then your just one rumor away from a bank run 🙁. But I guess it depends what they want in end.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Forester]

Martin Everson said:
Brick and mortar don't mean much these days.
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Generally I agree at 100% (at least for the transactional banking, not speaking about safe boxes etc.); I only recall that some marketplace like ebay or amazon or what insisted that UK subject must have an account with a UK street bank... It was dicussed here some time ago.

Martin Everson said:
Unless your banking with a too big to fail bank then your just one rumor away from a bank run 🙁. But I guess it depends what they want in end.
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Definitely.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[JustAnotherNomad]

If you are EU resident, Revolut will be happy to open an account for you.

 

[Forester]

JustAnotherNomad said:
If you are EU resident, Revolut will be happy to open an account for you.
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Do you think that he will really be happy to bank with Revolut? 😉 😉

EDIT
(OK, no jokes / flamewar here)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[JustAnotherNomad]

If everything is legit, I see no reason why one wouldn't want to bank with Revolut, they're not bad, as long as everything works.

 

[Forester]

JustAnotherNomad said:
If everything is legit, I see no reason why one wouldn't want to bank with Revolut, they're not bad, as long as everything works.
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Well, I really do not want to invoke an unnecessary dispute 🙂 ”“ my justification, why not to go for Revolut, see e.g. here Question - Wise (Revolut) Whats the benefit/cons? Should I have one? /#4/ 🙂
Peace 🙂

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Hmmm]

I can't go with any EMI which has LT bank license, coz they all required to submit about all citizens to local tax authority - I mean about Revolut, mano bank, bankera and probably 50% of all emi market.
I think about Wise, but not sure if they willing to open for UK company when director and shareholder is non UK resident, maybe someone know?

 

[EliasIT]

Hmmm said:
Hello

What would be the options for UK company who is shareholder and director non-residet (from EU, LT) to open account?
How I see most of the banks/emis required directors to be residents, so prior to choose UK as a country for new company would like to know.

Thanks in advance!
Click to expand...

I don't recognize your problem. I have two Swiss companies and several UK LTD's with EMI's like Revolut, Wise and more. I'm non resident in any of the countries where the companies are registered

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[Marzio]

Hmmm said:
I can't go with any EMI which has LT bank license
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With a UK LTD you will get a Revolut LTD account, not a Revolut Bank UAB account.

 

[JustAnotherNomad]

Are you planning to hide from the LT tax authorities while using a UK Ltd.?! Good luck with that...

 

[Marzio]

JustAnotherNomad said:
Are you planning to hide from the LT tax authorities while using a UK Ltd.?! Good luck with that...
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I didn't immediately think about this.

I thought he wanted to use the UK LTD treaty not resident setup to get some advantage over using a UAB.

 

[Martin Everson]

It all makes sense now.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JustAnotherNomad]

I really don't understand the point with this either... isn't the corporate tax rate actually lower in LT than in UK?!

 

[Marzio]

JustAnotherNomad said:
isn't the corporate tax rate actually lower in LT than in UK?!
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Yes it is, infact a UK LTD treaty not resident is basically a LT company that pays LT CIT that's lower than UK CIT.

The point is that you can form a UK LTD with £1 BUT it's very likely that will cost you more to form a UAB and also, as we discussed in the treaty not resident UK LTD thread, you have the prestige of a LTD enityt VS UAB.

But i'm speculating, maybe he is really try to hide from LT tax authorities using a UK LTD 🙂

 

[JustAnotherNomad]

From what he wrote about the LT tax authorities, I don't think he was going to ask them to confirm the tax residency in LT 😉

 

[Hmmm]

JustAnotherNomad said:
Are you planning to hide from the LT tax authorities while using a UK Ltd.?! Good luck with that...
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There is nothing to hide. Uk ltd records are impressively open and easy to access. Point to go for uk or cyprus for 0% withholding tax rate for motion pictures. Uk is more attractive with Wise, which gives good exchange rates - I spend 80% all in usd, that's quite important.

Marzio said:
I thought he wanted to use the UK LTD treaty not resident setup to get some advantage over using a UAB.
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I first time hear that and don't understand, not a specialist in this.

Lithuanian companies are quite good, especially MB, not UAB - only 15%. You can withdraw funds before year's end for 15%, and if turnonver below 300k euro - inxome tax only 5%, but again, what's the point to pay 5% and extra 15% when before the financial year take money for the director for 15% 🙂

Alright guys, thank you for your help, looks like uk emis could work for me.