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Key advantages of this package:
- Suitable for most EU and UK residents with clear business idea/plan/description
- This is the most complete package that includes full set of documents and Nominee officers
- Registration address AND business correspondence address included
- UK Bank account enables you to apply for Merchant Account to take Debit/Credit Cards (see next section)
- UK Bank account is generally very prestige and offers some of the lowest maintenance fees
- Dedicated bank manager with direct contact details
- Bank account can be in GBP, EUR and USD, includes online banking and Debit Card in GBP
What happens when you apply using this package offer:
Once we receive your application and payment in full we will review details and confirm within 48 hours if we accept your application and agree to present your case to UK bank manager or not. If we reject your application at this stage, you will be either given FULL REFUND or offered alternative solution (for example UK company with EU bank account instead) with any difference in price refunded back to you immediately. You make a decision and we will not charge any admin fee and/or processing fee if you decide to cancel the whole order at this stage (following our rejection) and will give you full refund. Most applications are accepted though if we clearly understand your business model.
What documents will be required for the bank:
- One valid photo ID (passport) presented at the bank branch OR, if we agree for remote identification, copy certified by either Lawyer, Bank Manager, Notary or Chartered Accountant based in EU;
- Two proofs of residential address not older than 2 months (i.e. utility bill or bank statement) OR, if we agree for remote identification, copies certified by either Lawyer, Bank Manager, Notary or Chartered Accountant;
- Beneficial Owners Declaration (we will send form, 1 page) filled out and signed;
- Bank questionnaire and CV of beneficiary (we will send form, 2 pages);
- Bank forms (we fill them out and send to you for signing)
NOTE: if you're not able to supply ALL OF THE ABOVE documents, particularly TWO proofs of RESIDENTIAL* address, please, do not apply as your application will be rejected. If in doubt, please, contact us first.
*proof of residential address can be any of the following documents and must contain your name and residential address: gas bill, electricity bill, landline (not mobile) phone bill, landline broadband internet bill, annual property tax bill, private bank account statement (1st page with address only), social security bill. If you're not sure about a certain document, please, send us a copy by e-mail for verification before you apply.
Why do you need Nominee Shareholder and Director:
As a non UK resident applicant you would probably notice that it is rather difficult nowadays to convince any UK bank manager to accept your application. UK banks have strict guidelines as to who can be granted business account and on what conditions. Generally a UK company that has at least one beneficiary non UK resident would get a rejection due to the high risks involved. Even though there is no legal restriction for UK banks to open business account for companies with non resident beneficiaries/officers, financial institutions would typically prefer to stay on the safe side unless you already have an ongoing relationship with a certain bank and they have a history of your business conduct.
To help legitimate non resident applicants resolve this issue we have agreed with some banks that to satisfy residential requirements of the company we have to become Shareholder (Nominee Shareholder) and Director (Nominee Director) of your company and we're to verify application and beneficiary documents first before sending them to the bank. You can be the second company Director though and you will be the only authorised user of company bank account. When we receive your application we will check that proposed business description complies with UK laws and regulations as well as bank's internal policies. We will contact you and discuss if further clarifications are required and then either accept your application and refer it to the bank OR reject it and refund you the fee you paid us.
About Shareholder and Director.
When we become Shareholder of your company (this is called "Nominee Shareholder") we would technically hold 100% shares of your company. In return you will be issued with the documents called Declaration of Trust. This document will confirm that the actual owner (beneficiary) of the company is yourself and that we only hold shares of your company in trust for you. This service is renewable at 100 GBP per year after one year.
When we act as your company Director (called Nominee Director) you're still allowed to be a second Director of your company and, in fact, this is a preferable option for the bank. If you do not want to become second Director, you will be issued power of Attorney from Nominee Director enabling you to operate your company. The Nominee Director will have NO access to company bank account and you, as a beneficiary, will remain the ONLY signatory of your account thus providing you with absolute security over your account balance. This service is renewable at 350 GBP per year after one year.
Who will have an access to company bank account:
Only the beneficiary (you) will become bank account signatory and authorised user. Nominee officer will have NO access to company bank account and will not be able to perform any transaction or even check account balance without your authorisation. Bank application forms (particularly, the Mandate) will clearly state that and you should always check before signing bank forms that your name is the ONLY name in a list of signatories.
About the bank itself:
After our initial checks your application will be submitted to UK bank manager who will review your business details and documents that you supply and assess internal risks involved depending on your business description. Most applications that we accept would pass bank compliance procedures. The bank will then issue account number and sort code as well as IBAN account number in common European format for international payments. You will also be issued with online banking access details and posted all relevant items. Debit Cards are available on request and will be linked directly to your business bank account (in GBP only). On completion, you will be contacted by your personal bank manager who will guide you further should you need any assistance in setting up and using your online banking and/or your account. Any further communication will then be directly between you and your bank manager. Please, note that you MUST NOT give any account access codes to third parties (accountant, partner etc.) and no details about your bank account will be discussed with anyone else apart from yourself. Failure to keep your account codes secure may result in your account being blocked or/and permanently closed !
How do you get Merchant Account later:
Merchant Account enables your business to take Debit/Credit cards online and over the phone. One of the main conditions for the UK merchant account is to have UK based business current account where payments will settle according to agreement with your merchant provider. As soon as you receive your business current account number, we would also send you a link to merchant provider's registration form. Most Merchant Account applications are FREE of charge and there are many providers to choose from.
ADDITIONAL INFO:
Every year your company needs to submit Annual Return to company registrar and Annual Accounts to HMRC and company registrar. Please, let us know if you need our help with filing requirements. Our current fee for Annual Return is 80 GBP, Annual Accounts (dormant company) 120 GBP, Annual Accounts (active company) from 400 GBP and the total cost will depend on the number of transactions in a year. For further details, please, contact our accounting department or check Accounting Services page on our web site.
Package Price 1485 GBP*
*payable via bank transfer or cash. Card payment not accepted for this package.
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