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Suggestions for business bank account with a foreign director

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I have just set up a new LTD business with a partner, but need to find an account that doesn't have to have a PSC as resident in the UK, whereas I as the second director am.
We wanted to use Starling, but this doesn't seem possible.
Any ideas welcomed.
Thanks in advance

Comments

  • tacpot12
    tacpot12 Posts: 9,245 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    What's a PSC?
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Savvy_Sue
    Savvy_Sue Posts: 47,310 Forumite
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    Person with Significant Control?

    Signature removed for peace of mind
  • Savvy_Sue said:
    Person with Significant Control? 

    Yes exactly, thanks, sorry I missed the comment previously.
  •  A PSC is the person who holds the most shares and can make those kind of decisions, although I think my % is enough. 
  • Savvy_Sue
    Savvy_Sue Posts: 47,310 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
     A PSC is the person who holds the most shares and can make those kind of decisions, although I think my % is enough. 
    My understanding is limited, but I didn't think there was always just ONE person - have googled: 

    person of significant control is someone that holds more than 25% of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors or otherwise exercises significant influence or control.

    From  here

    So you could have many PSCs, although I guess might not normally be more than 4. 

    What I'm not clear about is whether you're wanting
    • the non-UK PSC as a signatory on the account, 
    • an account without the non-UK PSC involved at all
    • something else entirely
    Signature removed for peace of mind
  • Thanks @Savvy_Sue
    I would need to set it up (i'm in the UK) and currently the only option I know of is Starling and this needs both directors to be UK residents.
    Currently, the PSC is only my colleague who is not in the country; so two questions:
    - can I change to also be the PSC
    - I need an account which doesn't need both of us to be resident in the UK
  • Savvy_Sue
    Savvy_Sue Posts: 47,310 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    As far as I know (but I didn't read all of that link I sent you!) the PSC is / are whoever you say it is. Omitting to declare one would be more of an issue than declaring someone who wasn't, IMO. 

    I'd be surprised if you can get an account where one of the signatories is not in the UK. 

    My main experience is with charity bank accounts. From the committee, we nominate who we want to be signatories. I'm not sure why you can't do the same for a Ltd Company? Does your non UK director HAVE to be a signatory? 

    Assuming you have an accountant, I'd take advice from them. 
    Signature removed for peace of mind
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Barclays are accepting business account applications at the moment, I'm not sure of their requirements, so it may be worth having a quick read of the terms and conditions.

    HSBC will accept non-resident directors on the condition that one director is resident in the UK. Expect long wait times as they work through their backlog, but they are open for applications now. I've always found HSBC to be a good bank for business banking.

    There can be more than one PSC of a company, and there can be 0, it doesn't have to be 1.
    💙💛 💔
  • I'd be extremely wary of Starling.  Everything is fine until you have a problem and then they are impossible to deal with.  I had to issue court proceedings to get my access to my own funds.  I have since heard of others having their accounts frozen with tens of thousands of pounds credit balance.

    IMHO a better option is a regular high street bank.  Just try opening an account with any bank and see what happens.
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