Ltd company formation (from outside of UK)

Ltd company formation (from outside of UK)

Author
Discussion

Stevanos

Original Poster:

700 posts

136 months

Sunday 22nd February 2015
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Hello,

I am looking to set-up a Ltd company and need a little help. I have done it once before but my circumstances were different.

I'm now living and working in Sweden, but I would like to set-up a UK Ltd company and obtain a bank account, the last part seems less easy now I am out of the UK.

Should I just try and apply online and not give my location, or is there someone/service/bank happy to help?

Thanks in advance

anonymous-user

53 months

Sunday 22nd February 2015
quotequote all
I don't think any reputable bank would allow you to set up an account without giving an address...

Stevanos

Original Poster:

700 posts

136 months

Sunday 22nd February 2015
quotequote all
Inkyfingers said:
I don't think any reputable bank would allow you to set up an account without giving an address...
I can give a UK address for my parents house, that is where all my existing correspondence is sent and I am there pretty frequently.

Stevanos

Original Poster:

700 posts

136 months

Tuesday 24th February 2015
quotequote all
Any other thoughts on this at all?

sgrimshaw

7,311 posts

249 months

Tuesday 24th February 2015
quotequote all
Once the company is incorporated then opening a bank account should not be a problem.

If you want to do it the easy way, as a non-resident, then something like this makes it very simple:

https://www.1stformations.co.uk/package/non-reside...


Stevanos

Original Poster:

700 posts

136 months

Tuesday 24th February 2015
quotequote all
Thanks for this.

I'm just wondering whether when I am back in the UK next time I just set things up as if I would if I was living there. Technically it would be a bit grey I guess, but who would know?

I have seen that it can be hard to get banking facilities for non-resident UK citizens for Ltd companies.

sgrimshaw

7,311 posts

249 months

Tuesday 24th February 2015
quotequote all
Stevanos said:
I have seen that it can be hard to get banking facilities for non-resident UK citizens for Ltd companies.
Well being a Limited Company Incorporated in the UK, the Company (which has the Bank account) is UK resident - so it shouldn't be a problem.

Stevanos

Original Poster:

700 posts

136 months

Tuesday 24th February 2015
quotequote all
sgrimshaw said:
Well being a Limited Company Incorporated in the UK, the Company (which has the Bank account) is UK resident - so it shouldn't be a problem.
Aren't Ltd Co business accounts based on the director(s) rather than the company?


HootersGsy

731 posts

135 months

Tuesday 24th February 2015
quotequote all
Registered office of the company would be its address and location.

If you have trouble opening an account I'd suggest going offshore, will get you a sterling account (which I presume is what you need?) and the banks are quite used to opening accounts for entities registered all over the place.

Any particular reason for using an English/Scottish company?

megapixels83

821 posts

150 months

Tuesday 24th February 2015
quotequote all
Can't see any issues. Registered office would be your parents place. Bank will want due diligence on the ltd and you. Providing you can provide a utility bill showing your residential address in Sweden then no issue. Similar set up to a company I know, the only aspect based in the uk are the registered office, the corporate records and the bank. Everything else inc directors are offshore

sgrimshaw

7,311 posts

249 months

Thursday 26th February 2015
quotequote all
Stevanos said:
Aren't Ltd Co business accounts based on the director(s) rather than the company?
No.

The Ltd CO is a separate Legal Entity in it's OWN right.

Information on the directors / signatories of the bank accounts will be needed to open the bank account though - no need for these to be UK resident.

KFC

3,687 posts

129 months

Thursday 26th February 2015
quotequote all
sgrimshaw said:
Stevanos said:
I have seen that it can be hard to get banking facilities for non-resident UK citizens for Ltd companies.
Well being a Limited Company Incorporated in the UK, the Company (which has the Bank account) is UK resident - so it shouldn't be a problem.
Sgrimshaw sorry but you're talking a lot of nonsense here!

Its going to be basically impossible for someone to get a ltd company bank account whilst living in Sweden and no legitimate address in UK.

Setting up a company can be done in 30 minutes online... the bank account is a whole other ball game.

Hyde

514 posts

147 months

Thursday 26th February 2015
quotequote all
KFC said:
Sgrimshaw sorry but you're talking a lot of nonsense here!

Its going to be basically impossible for someone to get a ltd company bank account whilst living in Sweden and no legitimate address in UK.

Setting up a company can be done in 30 minutes online... the bank account is a whole other ball game.
I know procedures can vary between banks

If the Ltd Co is a UK Company with its registered address in the UK why will there be an issue ?

As long as the Directors can provide Proof of ID and Proof of Address for themselves, from my experience these will either need to be provided in person or have certified copies from a Solicitor or Notary

I have direct experience of accounts being opened in such a case, it wasn't that difficult

Stevanos

Original Poster:

700 posts

136 months

Friday 27th February 2015
quotequote all
Hyde said:
I know procedures can vary between banks

If the Ltd Co is a UK Company with its registered address in the UK why will there be an issue ?

As long as the Directors can provide Proof of ID and Proof of Address for themselves, from my experience these will either need to be provided in person or have certified copies from a Solicitor or Notary

I have direct experience of accounts being opened in such a case, it wasn't that difficult
I can give a UK address for myself, it is my parents place, I reside there quite frequently. But for tax, I am in the Swedish tax system.



Hyde

514 posts

147 months

Friday 27th February 2015
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Stevanos said:
I can give a UK address for myself, it is my parents place, I reside there quite frequently. But for tax, I am in the Swedish tax system.
There was a simple form to declair where the individuals resided for tax purposes
It was straight forward

sgrimshaw

7,311 posts

249 months

Friday 27th February 2015
quotequote all
KFC said:
Its going to be basically impossible for someone to get a ltd company bank account whilst living in Sweden and no legitimate address in UK.
Wrong!

You seem to not understand that the OP's Ltd Company will be a separate legal entity which is UK resident, where the directors reside is completely irrelevant.

In a similar vein, if you know what you are doing, it's actually not that difficult for a non UK resident company to open a bank account in the UK


Fishtigua

9,786 posts

194 months

Friday 27th February 2015
quotequote all
Thought about an Offshore Company? I think you can have a bank account with a Guernsey company.

This is really not my field of expertise, but loads of people seem to do it.

http://www.albecq.com/guernsey-companies-faq is just one of the offices that do it.

KFC

3,687 posts

129 months

Friday 27th February 2015
quotequote all
sgrimshaw said:
Wrong!

You seem to not understand that the OP's Ltd Company will be a separate legal entity which is UK resident, where the directors reside is completely irrelevant.
I understand that perfectly but back in the real world the banks won't want to go anywhere near this. There is going to be zero recourse available to them if you run some scam or anything else unsavoury from the account.

I'm a UK resident living abroad... I've been through all of this. Go offshore, or setup in your new country.

sgrimshaw

7,311 posts

249 months

Friday 27th February 2015
quotequote all
KFC said:
I understand that perfectly but back in the real world the banks won't want to go anywhere near this. There is going to be zero recourse available to them if you run some scam or anything else unsavoury from the account.

I'm a UK resident living abroad... I've been through all of this. Go offshore, or setup in your new country.
If it wouldn't constitute a breach of contract with a client I'd upload the completed forms which enabled a UK company which has non UK resident directors to sucessfully open three separate bank accounts in the UK.

No breach to tell you that the bank in question is HSBC.

Hyde

514 posts

147 months

Friday 27th February 2015
quotequote all
I have direct experience of opening business bank accounts for UK based Limited companies where the directors do not reside within the UK.
Cases where some of the directors lived outside the UK and some cases where they all live outside the UK

Stevanos it is possible and would be happy to discuss the same with you
PM me if I can be of any assistance