Unwanted Inward post Brexit Investment

TG2

Okay we are being encouraged to trade globally. If that's the case how is it my overseas investors and I cannot secure banking facilities in the UK. Because the investment and major shareholder resides overseas the banks do not even want to talk. How do we create an economy and jobs not dependant on the EU if the banks do not want our business. No credit required just day to day banking. We are simply rejected as the computer says NO!. Looks like the UK is not really open for business. 

jonesMUFCforever

Why not open the account in the country of the major investor?
If that account accepted card payments? If not put your banking details on the website and invoices?

eskbanker

TG2 said:

Okay we are being encouraged to trade globally. If that's the case how is it my overseas investors and I cannot secure banking facilities in the UK. Because the investment and major shareholder resides overseas the banks do not even want to talk. How do we create an economy and jobs not dependant on the EU if the banks do not want our business. No credit required just day to day banking. We are simply rejected as the computer says NO!. Looks like the UK is not really open for business. 

There's unlikely to be much mileage in pursuing the rhetorical political posturing on this thread, but if you're looking for guidance about how to set up banking arrangements that fit your business then perhaps you'll share more details about the business, where and how it operates and what sort of support you need from banks here and elsewhere....

born_again

TG2 said:

Okay we are being encouraged to trade globally. If that's the case how is it my overseas investors and I cannot secure banking facilities in the UK. Because the investment and major shareholder resides overseas the banks do not even want to talk. How do we create an economy and jobs not dependant on the EU if the banks do not want our business. No credit required just day to day banking. We are simply rejected as the computer says NO!. Looks like the UK is not really open for business. 

Clearly they feel that either the location of investors or the type of business is not something they want to be involved in.

You could open a business account with the likes of Monzo or Starling yourself and the investors simply place their investment in there.

brianposter

Could you list the banks that you have tried. It is always interesting to understand the attitude of different banks.

ratechaser

I work for a bank that is pretty good with international commercial trading relationships. Picky, maybe, but if the business case is there, you'll get the support. So what's missing here (not the rant, that's for certain)?

Thrugelmir

Banks are too busy to open business accounts for UK customers currently. In no position to undertake more complex tasks for little benefit (you require no credit facilities). 

tacpot12

Actually, I think the OP makes a very valid point. If we are looking to build new trading relations, we need to make sure that every aspect of doing business with the UK is easy. We are in a fortunate position at the moment that most countries make it much harder than we do, so we have a window of opportunity. The UK is a great place to live and do business; better than the US and better than much of Europe. 

My daughter lives in Denmark, so I have been learning about the Danish tax system to help her - the UK tax system is substantially more generous than Denmark's. e.g. Denmark's CGT allowance is £200 per year, and you get taxed on capital gains each year whether or not you have realised those gains! They have no ISAs, and the limit for contributions to private pensions is £5,000 per year! Income tax starts at 47%! 

colsten

tacpot12 said:

My daughter lives in Denmark, so I have been learning about the Danish tax system to help her - the UK tax system is substantially more generous than Denmark's. e.g. Denmark's CGT allowance is £200 per year, and you get taxed on capital gains each year whether or not you have realised those gains! They have no ISAs, and the limit for contributions to private pensions is £5,000 per year! Income tax starts at 47%! 

That's why Denmark's pension system is streets ahead of ours.

Thrugelmir

tacpot12 said:

Actually, I think the OP makes a very valid point. If we are looking to build new trading relations, we need to make sure that every aspect of doing business with the UK is easy. 

Onus is on the customer to understand the rules and legalities, which being in business you should do. Then make a plan. Not plan then find that banks don't operate in the required manner. This particular issue hasn't been created by Brexit. Brexit in fact has zero impact.