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Suggestions for business bank account with a foreign director
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alexcameron99
Posts: 7 Forumite

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
We wanted to use Starling, but this doesn't seem possible.
Any ideas welcomed.
Thanks in advance
0
Comments
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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.0
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Person with Significant Control?
Signature removed for peace of mind0 -
Savvy_Sue said:Person with Significant Control?
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A PSC is the person who holds the most shares and can make those kind of decisions, although I think my % is enough.0
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alexcameron99 said:A PSC is the person who holds the most shares and can make those kind of decisions, although I think my % is enough.
A 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 mind1 -
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
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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 mind1 -
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.💙💛 💔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.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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