Bank account for UK LTD

[JohnLocke]

Is Wise charging a FEE for new accounts now?

There is a list here which you‌ may look at
https://www.offshorecorptalk.com/th...e-world-–-plus-a-bonus-challenger-bank.35959/

 

[Creocree]

Try Yoursafe, good choice for UK Ltd, also you can try PayDo and Fire. It‌ largely depends on the time period for which you need to receive IBAN; in many‍ places, onboarding takes up to two weeks.

 

[Vediovis]

I've been contacted by Calay Banking directly on this forum.

They want 5.000GBP to open‌ a solution in Spain.

It is not what we're looking for, but it's good to‍ know.

 

[AlicaFunk]

Too much to open a bank account, I would not in my very needs pay‌ that for a bank account!

I see a ton of EMI's in the RESOURCE section‍ of the mentor group gold, some of them are UK LTD only, wonder why it's⁠ a problem for you.
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/

 

[treasureinyou]

An under £50 with Wise isn't really anything for a business, even a one man‌ startup

 

[John M]

The question is what is your citizenship and where is your residence, as these are‌ more important than the company registration.

 

[Vediovis]

shareholders are a bit scattered around the planet. I'm French in France.

 

[cyprusbanker]

why don't open a some neobank account, it is easy and fast to do. As‌ French citizen you won't have problems.

 

[CALAY]

Thank you for your feedback.
Fees are always in⁠ relation to a SPECIFIC situation. We've contacted you to suggest arranging a video conference to⁤ gain a deeper understanding of your business situation and to discuss the potential for assisting⁣ you in onboarding your UK LTD with our banking partner in Spain.
During our conversation,⁢ we outlined the essential compliance procedures necessary to meet our partner's requirements applicable when the︀ company opening the account does NOT have a real fixed establishment in the country of︁ incorporation. It's worth noting that we provide tailored solutions on a case-by-case basis, and the︂ proposed solution and associated fees corresponds to the estimation of work hours logged by our︃ legal team in response to your individual case.
It could be more or could be︄ less in a different case
I hope it’s clarifying the matter.

 

[Forester]

Wise too, unfortunately 🙁 For a more detailed‌ reasoning, look e.g. here If Wise is going to close accounts and is not the‍ best, how diversify the money?
Well, they have a waiting list and it is manageable sometimes; but they do not⁤ accept UK companies at all; EEA only.
Do they onboard UK⁢ LTD's with non-resident directors? I guess this is a problem, see below...
2 weeks are nice 🙂
Well, interesting; thanks for sharing.
Exactly.
Well, as said above: UK LTD with non-resident director(s) => problem.
Shareholders scattered around︅ the planet – it heavily depends on where exactly they are. Some countries represent a huge problem.
Try to check perhaps also Wamo and definitely Verifo, Zen.com, Interpolitan Money and︆ Airwallex (UK). Paysera is generally worth checking, too; although I am not sure now whether︇ they onboard UK LTD's but I guess yes... Do not omit Moneycorp Bank (Gibraltar) and︈ HK EMIs – Statrys and especially Currenxie.

 

[DrKlau]

I am in the same situation.
We have a UK LTD with a corporate bank‌ account in Cyprus but we need a UK account as we deposit cheques issued from‍ UK gov and the Cyprus bank's charges are insane and take over 2 months to⁠ proceed.
Any help is appreciated. Thank you.

 

[Forester]

Unfortunately, you are not in the same situation (at least it seems so), as you need to cash⁤ cheques.
And:
1) Cheques are a financial instrument that no EMI (TBMK) is able to⁣ handle, you need a traditional bank.
2) If the director of your LTD is not⁢ resident in the UK then your chances to be onboarded by some UK traditional bank︀ are zero, in fact.
3) Any non-UK traditional bank will probably charge a lot for︁ accepting UK gov cheques and will definitely process it for weeks.
So, either take it︂ as it is; or hire a UK-resident director (if you do not have it) and︃ then go for some UK traditional bank.
Sorry but I can't share with you any︄ more positive news 😉

 

[DrKlau]

By saying "in the︂ same situation" I meant we are a UK company looking to open a local bank︃ account.
Your right however. To solve this we have to have a director who is︄ a UK resident. We are working on this now.
Thanks for replying.

 

[Forester]

You are welcome...
Good luck!

 

[krush]

It seems very hard to open a UK business bank account these days.

My friend‌ says its because people have abused the covid loans over past years..

Any recommendations?

 

[Cavendish]

Apart from nominee director services (unsure if that would suffice) - there must be plenty‌ of UK Resident Company Directors on OCT, me for one - and plenty I have‍ seen in threads. There must be a way we can help each other? Just an⁠ innocent viewpoint from the sidelines.

 

[easymakeover]

Hi,

I recently got a local director, but not from here, however the local director‌ has been unable to secure any bank or EMI of any sort.

Any advice would‍ be appreciated.

 

[Forester]

Well, then there – apparently – is a‍ problem with
– your business
or
– UBO's citizenship and/or residence
or
– your local⁠ director 😉

If you describe your business and share company's UBO citizenship and residence, you can⁤ get some productive answer...

 

[easymakeover]

I believe my local director is the issue, seems like he really is⁠ not sure of his way around.
I had an insider in revolut who told me⁤ he has some revolute account that has some issues which is why his application of⁣ mine got rejected.

My business is real world business and legit. I presently have a⁢ processor for open banking and it works well (0 chargebacks and refund is totally controlled︀ by me).

however i find it beneficial to have a card processor aswell.

I reside︁ in UAE.

 

[Forester]

Might be, see below...
Well. If your director's name appears on some blacklist then it obviously is a problem⁣ <=> no-go. If he has only some internal troubles at Revolut (nothing that can suprise⁢ 😉 ), it can influence only Revolut account opening.

Sorry but it does not say much 🙂 Could you︁ elaborate a little bit more, what are you in?
What do you mean by “open banking”?
UAE residency can be a problem – sometimes. Can︄ you share your passport/citizenship?