Issues with onboarding with EMIs as a UK Company

[Topg]

Hello,

I have registered a UK company which will provide marketing services for B2B clients & I have issues onboarding with Genome/Satchel/Bankera as they all request company history such as:

• Bank statement from other financial institution for at least 3 months;
• Supporting documents regarding main counterparties for expected incoming/outgoing payments (e.g. contracts, agreements, invoices);
• Supporting documents regarding source of funds of UBO (e.g. tax declarations, bank statements, payslips, etc.);

The company is newly registered and has none of the above, any suggestions with who I can onboard as a new company or what is my play here?

 

[Sols]

Topg said:
Bank statement from other financial institution for at least 3 months;
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Just tell them you can't provide this because this is the first account the company is opening. If they insist, that means aren't interested in being your company's first bank/EMI.

Topg said:
Supporting documents regarding main counterparties for expected incoming/outgoing payments (e.g. contracts, agreements, invoices);
Click to expand...

This should be easy. Just explain who will be sending money into the account and to whom you will be sending money. If you don't have agreements yet, just tell them the names of the counterparties and provide other information like what they do and their websites.

Topg said:
Supporting documents regarding source of funds of UBO (e.g. tax declarations, bank statements, payslips, etc.);
Click to expand...

This is the easiest of all three to provide. Just provide some documentation which shows how the UBO earned the money necessary to start and fund this business.

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This is the probably the answer to your question.

 

[bonox]

Sols said:
Just tell them you can't provide this because this is the first account the company is opening. If they insist, that means aren't interested in being your company's first bank/EMI.
Click to expand...

Properly the best to do. It's hard to show any information for a startup business.