EU national opening bank account for brand new LTD company

torridonscot

Hello,

I'm a EU national moving to London in May. I currently run an online advertising business in my home country which I wish to relocate to the UK.

I will be registering a LTD company but I'm concerned about the requirements of opening a business bank account. Due to the nature of my business and my current cashflow, I won't be needing a loan or overdraft, just a basic business account in which to receive payments and a debit card.

From what I've read, it appears that many applications for business bank accounts are denied. I will have no credit history on arrival in the UK (obviously) so will the bank perceive me to be a risk? I can provide bank statements from my current bank. Would that help?

I am aware of what is needed for opening a personal bank account but I couldn't find a list of required documents needed for opening a business bank account. Can anyone point me in the right direction?

I'm thinking of going with Barclays because they seem to be more flexible when it comes to opening personal bank accounts for people just arriving in the UK and it makes sense to have both my personal and business accounts with the same bank, at least for a time while I get adjusted to being in a new country.

Any advice is greatly appreciated

jonesMUFCforever

Can your bank not provide you with a reference to open a business account in this country?

Have you actually registered your company at Companies house?

torridonscot

jonesMUFCforever wrote: »

Can your bank not provide you with a reference to open a business account in this country?

Have you actually registered your company at Companies house?

What sort of reference? What should it say? Something like 'account in good standing for x years'. Should it be a reference to me as an individual or a reference to my company back home?

I haven't registered the company yet. I would like to gather all possible info first.

prowla

I've just opened a free business account with Abbey.
I don't know what their policy is on non-UK nationals, but they are part of Santander.

nickfletcher

torridonscot wrote: »

it makes sense to have both my personal and business accounts with the same bank

I would suggest that you keep your personal and business accounts at separate banks. The reason for this is that banks have a habit of moving funds between personal and business accounts, without permission, if one of the accounts runs into trouble.

agsnu

nickfletcher wrote: »

I would suggest that you keep your personal and business accounts at separate banks. The reason for this is that banks have a habit of moving funds between personal and business accounts, without permission, if one of the accounts runs into trouble.

If the business account is in the name of a limited company, the bank is not able to do this.

nickfletcher

agsnu wrote: »

If the business account is in the name of a limited company, the bank is not able to do this.

Legally speaking you are correct: They should not do it.

In practice there is no physical barrier preventing them from doing it and so they may very well do it if they want to 'replace' funds in an account that is overdrawn without permission.

Yes, it's not legal but that doesn't necessarily stop them.

QueensferryRoss

Your main concern here should be finding out what the bank's ID and business verification process is, this will be your biggest stumbling block.