Bank accounts for English and Scottish companies
The combination of a classic offshore, plus a company in England or Scotland, and plus an account in a European bank is a scheme for conducting international business with proven benefits. Registering a company in the UK makes it possible not to show a classic offshore in cases where this is not desirable.
However, with the opening of bank accounts for English and Scottish companies, problems have recently begun to arise. As part of the global fight against money laundering, banks are wary of international business with British registration. Such clients are often rejected. Moreover, previously opened accounts for English and Scottish companies are often blocked, which jeopardizes business activities.
So, the task of opening an account for English and Scottish companies has become more complicated. But it is possible to solve it. Lawrange law firm has the knowledge and experience of such solutions. We are constantly working with banking institutions and payment systems of the world to select offers in accordance with the specified parameters.
Opening bank account for an English or Scottish company – basic information
Often, non-residents register in England LLC (Limited Liability Company), LTD (Limited Trade Development), LLP (Limited Liability Partnerships) – a limited liability company, in Scotland Scottish limited partnership (SLP) – Scottish limited partnership (or simply LP limited partnership).
For the information! If the shareholders and the majority of directors are non-UK residents, then the companies can be used offshore (low tax) while enjoying the benefits of European registration. When the center of management and ownership of a business outside of England and Scotland is in an offshore zone, the company may be exempt from income tax.
A British company can be used as a respectable business façade for outside transactions. The classic offshore is thus the beneficiary. It remains to provide a financial platform for receiving and transferring payments. Lawrange law firm will help with that.
Can you order company registration and account opening in the complex? Yes.
Will I have to go through KYC verification when opening an account? Probably yes.
In payment systems, can I get SEPA and IBAN-number? Yes.
Why does the UK continue to be a profitable business registration solution?
The UK continues to maintain its reputation as a stable and attractive country for investors. Due to the interest of the British in attracting non-residents for business development, a favorable tax regime is maintained. If a company registered in Britain operates exclusively abroad, you can save on taxes.
Notice! On formal grounds, England and Scotland are offshore. But from a legal point of view, these countries are not considered as such. Nobody thinks to add them to the “black lists”, in particular – in Ukraine and the CIS countries. It is noteworthy that English and Scottish companies continue to be accepted as new clients by banks in Switzerland, the world center of the banking industry.
In which banks can I open an account for an English or British company?
Lawrange law firm is ready to help with opening an account for a new company registered in the UK, as well as for a company whose account has been blocked. The choice of financial jurisdiction and bank depends on the type of activity, the beneficiaries of the business, and the history of the company. Proposals for banks that are ready to cooperate are constantly changing and updating. To receive up-to-date and complete information, you need to contact us with a specific request.
For the information! In general, opening an account in these EU countries and a number of other countries of the world is easier than in England. At the same time, the requirements of banks and the terms of customer service vary, which causes the need for preliminary study before entering into negotiations on opening an account.
An important nuance: European banks are the best option if you use denominations in a British company, but at the same time want to manage your bank account yourself. Among the main disadvantages of European banks are the relatively high cost of servicing, and sometimes high requirements for the initial deposit and minimum balance. But among the advantages:
- work with different currencies and issue cards in these currencies;
- proven reliability and confidentiality for decades;
- convenient online banking and acquiring;
- readiness of bank representatives to meet with future clients in their countries of location.
Important! Lawrange law firm offers account opening services not only in EU banks, but all over the world. The main criterion for choosing a banking institution is the benefit for our client. The list of financial jurisdictions and banks with which we work:
- Switzerland: MBAER Bank, CIM Bank
- Liechtenstein: Bank Alpinum
- Luxembourg: East-West United Bank S.A.
- Montenegro: Adriatic Bank
- Serbia: API Bank
- USA: FV Bank International Inc. (F.V. Bank)
- Saint Kitts and Nevis: Nevis International Bank & Trust
- Belize: Caye International Bank
- Dominica: Migom Bank
- Belarus: BPS-Sberbank, Paritetbank, Zepterbank
- Armenia: Unibank Armenia
- Kyrgyzstan: KSB Kyrgyz Swiss Bank
- Portugal: Santander, Novo Banco, Millennium BPC, Abanca, Banco Montepio, Caixa Geral de Depositos
- Hong Kong: HSBC, Hang Seng Bank, BOC, Dah Sing Bank or OCBC
- China: OCBC
- Singapore: DBS Bank, OCBC Bank, RHB Bank, UOB Bank
What are the features of opening bank account for a British company in the payment system?
Firstly, you can open an account for a British company in the British payment system. Secondly, the registration process is many times faster than in a bank. Along with the British ones, there are options for opening a business account in payment systems of other countries of the world. At the same time, AK Lawrange law firm works only with payment systems that have an official license and issue IBAN numbers to customers.
Notice! Among the advantages of an account in the payment system are express settlements with clients and partners around the world, continuous control through Internet banking, no minimum deposit and minimum balance requirements, fast payments in SEPA. Obtaining an IBAN number is an opportunity to give the impression of a regular bank account.
The list of financial jurisdictions and payment systems with which we work:
- UK: Wise, Bilderlings, Paystree, Emerald24, DynaPay, PayDo
- Netherlands: Bitsafe Payments
- Cyprus: Unlimitt (only for IT activities)
- Malta: Hawex PLC
- Lithuania: Paysera, Genome, PayApp UAB, GlobalnetInt, PayPugs
- Hong Kong: Sterling Payment Services
- USA: Payoneer (IT and e-commerce only)
What documents and information do I need to prepare to open bank account?
A complete list of documents for opening an account, as well as requirements for clients, vary in each banking institution and payment system. Moreover, all this is changing quite quickly. In the process of preparing the application, the data on the package of documents and requirements must be updated.
An indicative list of documents for opening an account includes:
- Certificate of Incorporation (Certificate of Incorporation) – confirmation of registration of the company.
- Memorandum & Articles – Memorandum and Articles of Association.
- Minutes of Subscribers Meeting, Appointment of Director or Secretary – minutes of a meeting of members of the company, appointment of a director or secretary.
- Good Standing or the Certificate of incumbency – Certificate of good standing or Certificate of Authority (documents confirming the current status of the company).
- Tax Residence Certificate – the tax number of the country of incorporation.
- Annual return – annual financial report (for the last year).
- Self-Assessment or the Tax return – tax return or annual balance sheet.
- PSC, register of members – register of beneficiaries.
- Bank statements from other banks.
- Documents of participants and directors (identifying and confirming the place of permanent residence, Utility).
Important! There are three things to keep in mind when preparing documents. Firstly, the documents should be translated into the language of the state where the banking institution is located. Secondly, in most cases an apostille is required. Thirdly, documents confirming certain data must be fresh, often not older than three months.
As part of the spread of the practice of KYC (Know Your Customer) – “Know Your Customer”, in addition to the standard list of documents, banks often request detailed information about the company’s activities and beneficiaries. It is about clarifying the following questions:
- purpose of opening an account;
- a description of the economic activity that will bring funds to the account;
- sources of funds, senders and countries;
- the expected volume of transactions in monetary and quantitative terms;
- the origin of the income of the client (the beneficiary of the company);
- information about counterparties;
- involvement of PEPs (politically exposed persons) with the beneficiaries of the company.
In any case, the bank conducts Due Diligence of the client, checks the provided data and conducts its own search for information.
Lawrange law firm is ready to contribute to the prosperity of your business!