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Business Bank Account - Registering without a UK address

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    #21
    Originally posted by MrMarkyMark View Post
    In this case the client.
    I believe you will need the UK based business account for a UK based LTD company.

    When you posted, previously, people did suggest you may face these types of issues.
    Looks more like the agent.

    Client pays agent by whatever method client and agent agree (BACS, etc.)
    The payment method between agent and supplier is the issue here from what I've read
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

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      #22
      Originally posted by MrMarkyMark View Post
      In this case the client.
      I believe you will need the UK based business account for a UK based LTD company.

      When you posted, previously, people did suggest you may face these types of issues.
      Hi MrMarkyMark. Thank you for your reply. Is there actually a legal requirement that one has to have a bank account?

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        #23
        Originally posted by Confounded View Post
        Hi MrMarkyMark. Thank you for your reply. Is there actually a legal requirement that one has to have a bank account?
        You have to have a company bank account to prove that the money is not being paid fraudulently into a non-business account.
        The greatest trick the devil ever pulled was convincing the world that he didn't exist

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          #24
          Originally posted by LondonManc View Post
          Looks more like the agent.
          Ah true, he was talking about the client, knowing he was based abroad earlier, so I got confused.

          OP, this may help you:-


          https://www.rapidformations.co.uk/bl...-uk-residents/
          The Chunt of Chunts.

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            #25
            Originally posted by Confounded View Post
            Hi MrMarkyMark. Thank you for your reply. Is there actually a legal requirement that one has to have a bank account?
            Yes:

            Originally posted by Random website I found via Google which you could have easily done yourself
            Whereas a ‘self employed’ individual can legally use his/her personal account for business purposes, this is not possible if you follow the limited company route, so you are legally obliged to open a dedicated account for the company.
            or no:

            Originally posted by Another random website I found via Google
            Whilst there is no legislation in the UK requiring you to operate a business bank account, there are strict standards in place for recording and reporting the financial activity of your limited company.
            Take your pick.
            Last edited by TheFaQQer; 11 January 2016, 14:21.
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              #26
              What does 'technically' mean?

              Originally posted by Confounded View Post
              Technically, the contract is with an agency, but I don't see what the difference is. I think we are drifting off topic here
              I was most cheered last night watching Dragon's Den where some bloke answered every question with a swerve. The Dragons had a real go at him. I just felt so good I'm not the only one who gets irritated when people don't give straight answers.

              You seem to be saying "If I do the work without first resolving this issue, can I legally force them to pay me into some non-pukka account?"

              That is an odd way to do business.

              Your risk, I think is they will say 'no' because of the strict AML rules that apply in this country. Then again they may not, due to the strict rule that half the population of the UK is corrupt or stupid. However since they've resisted so far, I would think you are taking a bit of a gamble.
              "Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark Twain

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                #27
                Originally posted by TheFaQQer View Post
                Take your pick.
                Thank you. Yes, I also got conflicting answers when looking at random sites in the search engine. But the must be a true answer: is it or is it not a legal requirement for a UK company to have a bank account?

                Sure, companies finances need to be kept distinct from personal ones, but a bank account is just a convinient instrument for doing that, not a requirement (or is it?).

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                  #28
                  Originally posted by Cirrus View Post
                  I'm not the only one who gets irritated when people don't give straight answers.

                  , I would think you are taking a bit of a gamble.
                  A "straight answer" was not given because the question was irrelevant to the issue at hand. Whether it is client or agency, the question is about a legal requirement to have a bank account for a company.

                  And if there is no such requirement, then it's not a gamble and hence is the question.

                  Thanks

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                    #29
                    I think the questions were very relevant.

                    Why do you think you need to set up a UK Ltd Co for this work?
                    Have you done the work already (your replies almost seem to imply you have)?
                    Is the agent based in the UK or not?
                    Is the end client based in the UK or not?
                    {emotionless greeting}

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                      #30
                      Originally posted by Confounded View Post
                      A "straight answer" was not given because the question was irrelevant to the issue at hand. Whether it is client or agency, the question is about a legal requirement to have a bank account for a company.

                      And if there is no such requirement, then it's not a gamble and hence is the question.
                      Actually it is relevant whether the contract is direct with a client or through an agency

                      I've been direct with clients and through agencies.

                      While you will find both agencies and clients who are actually located abroad only the agency has to have a UK registered office to deal with UK contracts. So while the direct client can be flexible on how they pay you, an agency won't be as they have more legislation they have to comply with to stay in business doing their primary function. This means some direct clients aren't bothered if you turn around and say I have to do this work as a sole trader and will actually offer you more ways ways to do the contract than an agency.

                      In regards to paying you some agencies actually check the bank account they paying money to is in the name of the business fully, others just check sort codes to see that it's a business branch while others don't bother at all. Direct clients are a payment law onto themselves.

                      And no legally a business does not have to have a separate business bank account because you and your business could be legally indistinguishable from one another. However if a bank noticed transactions going through a personal account that look "odd" they would think you are money laundering so would freeze the account. You only need to make one "odd" payment to trigger this.
                      "You’re just a bad memory who doesn’t know when to go away" JR

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