Business Bank Account - Registering without a UK address

[Confounded]

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

[Confounded]

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?).

[Cirrus]

What does 'technically' mean?

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.

[TheFaQQer]

Hi MrMarkyMark. Thank you for your reply. Is there actually a legal requirement that one has to have a bank account?

Yes:

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:

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.

[MrMarkyMark]

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/

[LondonManc]

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.

[Confounded]

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?

[LondonManc]

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

[MrMarkyMark]

Who dictates the method of payment once a contract is signed?

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.

[LondonManc]

Hi Cirrus. Thank you for replying to my 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 will restate my question here again:

If there is nothing explicitly stated in the contract about the method of payment, the contract is signed, the work is completed and accepted by the client, can the contractor specify the method of payment and what happens if the client/agency refuses to pay for work in the specified way?

Thank you

It's very simple then. You have a contract with the agency, to perform work on their behalf at the end client. You are therefore contracted to be paid by the agency. Simply contact the agency and ask if they can pay you how you want to be paid. If they cannot, then discuss what they can offer. If there isn't anything then you're going to struggle.