EMI suggestions for new, non-resident UK company.

[Schopenhauer]

Hello,

We established our UK company about a few days ago. Company activity is technology, graphics, software. The manager is Turkish and has an address in Türkiye. So this is a non-resident company.

I know that UK banks are very reluctant to open accounts for non-resident companies. In fact, I have not seen anyone successful in this regard before.

We applied for Zen Business as EMI but were rejected. And for a few EMIs, during our discussions we got the answer that the company must have a business background, otherwise the account cannot be opened.

We thought it would be useful to discuss this issue in the forum. I hope I can get suggestions that work. I am open to suggestions for paid or free EMI.

Thanks !

 

[linusAG]

Let me add some other questions:
What is your business?
What currencies do you need?

If low risk business:

airwallex
lian lian
pingpong
payset.io

 

[Schopenhauer]

linusAG said:
Let me add some other questions:
What is your business?
What currencies do you need?

If low risk business:

airwallex
lian lian
pingpong
payset.io
Click to expand...

Hello, as I mentioned, it is a technology company. Operating in the fields of graphics, software and web.

The currencies I want are generally USD, EUR, GBP, but I would like to know more EMIs that provide local bank accounts. Because global customers will be served.

I heard Pingpong requires a local bank statement to open an account. So this is not an available option for me.

Airwallex, Lian Lian and Payset.io I think I need to try them. But will they see my industry as low risk? I don't know.

 

[Forester]

Schopenhauer said:
Airwallex, Lian Lian and Payset.io I think I need to try them. But will they see my industry as low risk? I don't know.
Click to expand...

You'll see. Sw business in general many times is not considered as low-risk, though.

Try to ask at Currenxie and Interpolitan Money, too.

Generally, UK non-resident companies have problems with banking, especially if they are start-ups. Many times it is better to incorporate elsewhere or engage a UK director.

By the way, what's your motivation for this setup?

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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...

 

[Schopenhauer]

Forester said:
You'll see. Sw business in general many times is not considered as low-risk, though.

Try to ask at Currenxie and Interpolitan Money, too.

Generally, UK non-resident companies have problems with banking, especially if they are start-ups. Many times it is better to incorporate elsewhere or engage a UK director.

By the way, what's your motivation for this setup?
Click to expand...

Thank you for your suggestions. I will review them.

A relative of mine opened a UK company before. And he was in the same situation as me. But Zen, Wamo and Wise accepted him. No one has accepted my company yet. This was my founding motivation.

 

[Forester]

Schopenhauer said:
Thank you for your suggestions.
Click to expand...

You are welcome.

Schopenhauer said:
A relative of mine opened a UK company before. And he was in the same situation as me. But Zen,
Click to expand...

Is he also Turkish citizen and resident, being a company director? If so then this is the first case when I hear that Zen accepted someone from Turkey...

Schopenhauer said:
Wamo
Click to expand...

Have you tried Wamo? I guess they might accept you but they do not give you USD, so I've not mentioned them.

Schopenhauer said:
and Wise accepted him.
Click to expand...

Well... avoid Wise, if possible (just my opinion) If Wise is going to close accounts and is not the best, how diversify the money?

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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...

 

[Choosing7269]

Register at Tide bank, they allow non residents. You just have to do this:
- Enter the registered agent address (or whatever it is called in uk) when they ask your address.
- They will send you an email to verify the address and submit proof of address.
- Now you just have to tell them that you are a non resident and there was no option to fill that during onboarding. Give your current address and proof of address in the same email.
Hopefully this works and if it does do update us here.

 

[Forester]

Choosing7269 said:
Register at Tide bank, they allow non residents.
Click to expand...

Really? Have you proved it in practice? If so, you have good news! 🙂

Tide is not a bank, just a UK EMI giving you an account with ClearBank (UK bank) or with PrePay Technologies (EMI connected to Banking Circle /LU bank/); but this is not so important now.
They are on the market for a long time (6+ years?).

Choosing7269 said:
You just have to do this:
- Enter the registered agent address (or whatever it is called in uk) when they ask your address.
- They will send you an email to verify the address and submit proof of address.
- Now you just have to tell them that you are a non resident and there was no option to fill that during onboarding. Give your current address and proof of address in the same email.
Hopefully this works and if it does do update us here.
Click to expand...

BTW, they are also offering, as I see, registering a company for you for 15 GBP (you save 35 GBP 😉 ) and opening a bank account for you in one package. But the crux is whether they are willing to do it for a non-resident.

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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...

 

[churumbelo]

Choosing7269 said:
Register at Tide bank, they allow non residents. You just have to do this:
- Enter the registered agent address (or whatever it is called in uk) when they ask your address.
- They will send you an email to verify the address and submit proof of address.
- Now you just have to tell them that you are a non resident and there was no option to fill that during onboarding. Give your current address and proof of address in the same email.
Hopefully this works and if it does do update us here.
Click to expand...

They only support GBP, right?

Edit: just found they also support EUR

 

[Choosing7269]

Forester said:
Really? Have you proved it in practice? If so, you have good news! 🙂

Tide is not a bank, just a UK EMI giving you an account with ClearBank (UK bank) or with PrePay Technologies (EMI connected to Banking Circle /LU bank/); but this is not so important now.
They are on the market for a long time (6+ years?).



BTW, they are also offering, as I see, registering a company for you for 15 GBP (you save 35 GBP 😉 ) and opening a bank account for you in one package. But the crux is whether they are willing to do it for a non-resident.
Click to expand...

I saw a guy making a video about it. And in the video he was referring to some pdf guide given to him by the virtual office service provider (icon office). I myself haven't tried it. But if someone has a UK Ltd already then they should try this method and share their experience.

 

[Schopenhauer]

Choosing7269 said:
Register at Tide bank, they allow non residents. You just have to do this:
- Enter the registered agent address (or whatever it is called in uk) when they ask your address.
- They will send you an email to verify the address and submit proof of address.
- Now you just have to tell them that you are a non resident and there was no option to fill that during onboarding. Give your current address and proof of address in the same email.
Hopefully this works and if it does do update us here.
Click to expand...

Thank you for your valuable opinion. Unfortunately, I couldn't access Tide. Icloud is closed to my country due to my settings. I tried changing the country but it still didn't work 🙂

 

[CoinMaster]

Schopenhauer said:
We applied for Zen Business as EMI but were rejected. And for a few EMIs, during our discussions we got the answer that the company must have a business background, otherwise the account cannot be opened.
Click to expand...

they reject everything without a million dollar in the accout, don't waste your time with this amateur emi.

Wise, Revolut, Mister Tango and Intergiro may board your company if it has the required documents.

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[Forester]

Schopenhauer said:
. Unfortunately, I couldn't access Tide. Icloud is closed to my country due to my settings. I tried changing the country but it still didn't work 🙂
Click to expand...

ICloud? What has iCloud common with access to Tide? Sorry, I can't get it...

CoinMaster said:
they reject everything without a million dollar in the accout, don't waste your time with this amateur emi.
Click to expand...

Well, I do not want to say that Zen is the most perfect EMI at the world, definitely not, e.g. their UI has apparent imperfections; but my experience differs ”“ in the last months I witnessed a few successful onboardings not with a million: a startup, ordinary persons, etc. ...
But they really seem not liking Turkey, though.

CoinMaster said:
Wise, Revolut,
Click to expand...

I do not dare to guess whether they onboard or not but I'd see them as the last resort ”“ for a detailed reasoning, look e.g. here If Wise is going to close accounts and is not the best, how diversify the money? (I guess that my general attitude to Wise/Revolut is quite known here).

CoinMaster said:
Mister Tango
Click to expand...

I do not dare to comment.

CoinMaster said:
and Intergiro
Click to expand...

Intergiro onboards EEA companies only. No UK.

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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...

 

[Schopenhauer]

I'm still looking for a solution to this problem.

 

[bubbledouble]

What country do you come from? If you get rejected by Wise I would see you are on mission impossible!

 

[Schopenhauer]

bubbledouble said:
What country do you come from? If you get rejected by Wise I would see you are on mission impossible!
Click to expand...

I don't favor Wise. They are terrible.

 

[lavel]

Revolut and what with all suggested EMI's here do you tried?

 

[Clearsky Network]

Schopenhauer said:
Hello,

We established our UK company about a few days ago. Company activity is technology, graphics, software. The manager is Turkish and has an address in Türkiye. So this is a non-resident company.

I know that UK banks are very reluctant to open accounts for non-resident companies. In fact, I have not seen anyone successful in this regard before.

We applied for Zen Business as EMI but were rejected. And for a few EMIs, during our discussions we got the answer that the company must have a business background, otherwise the account cannot be opened.

We thought it would be useful to discuss this issue in the forum. I hope I can get suggestions that work. I am open to suggestions for paid or free EMI.

Thanks !
Click to expand...

Payset or Bankz
Have no problem with Turkish owners as long as the business is legit.

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[clemens]

Clearsky Network said:
Payset or Bankz
Have no problem with Turkish owners as long as the business is legit.
Click to expand...

where do the EMI's have their license, you know that?

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[Clearsky Network]

clemens said:
where do the EMI's have their license, you know that?
Click to expand...

Payset is licensed in the UK and Denmark
Bankz is a white label of IFX (UK) to the best of my knowledge

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