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Previously on "Business Bank Account - Registering without a UK address"

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  • Cirrus
    replied
    Originally posted by WTFH View Post
    Based on Confounded's last reply, I think he may have left the building because we dared to ask for a bit of information rather than just telling him what he wanted to hear.
    Curious - he didn't invite me down the pub before he left

    Leave a comment:


  • borderreiver
    replied
    Originally posted by VectraMan View Post
    You can use an accountant for registered office, but the bank will want to know your real address.
    Ah, fair enough then.

    Leave a comment:


  • WTFH
    replied
    Based on Confounded's last reply, I think he may have left the building because we dared to ask for a bit of information rather than just telling him what he wanted to hear.

    Leave a comment:


  • VectraMan
    replied
    Originally posted by borderreiver View Post
    Have I missed something here? If you've got a UK Ltd then you must have a Registered Office in the UK ... and hence a UK address for the company. Why can't you give the bank that?
    You can use an accountant for registered office, but the bank will want to know your real address.

    Leave a comment:


  • borderreiver
    replied
    Originally posted by Confounded View Post
    However, we cannot open a UK bank account as we are not based in the UK and I am only going to be in the UK few days per week so will be staying in hotels/private rooms which means that we will not have a UK address which banks as for.
    Have I missed something here? If you've got a UK Ltd then you must have a Registered Office in the UK ... and hence a UK address for the company. Why can't you give the bank that?

    Leave a comment:


  • Contreras
    replied
    Originally posted by Confounded View Post
    And if there is no such requirement, then it's not a gamble and hence is the question.
    It's a gamble whether the client, or agent (it's still not clear) will refuse to pay, in spite of [the lack of] such requirement.

    It's a gamble whether advice received here, for free, can be relied upon - especially without more context.

    I have no idea whether a UK bank account is a requirement. But personally I would not contemplate going legal if the client has offered to pay, in the absence of a written contract to MyCo that stated otherwise.

    The questions are so that people can offer pragmatic advice.

    Leave a comment:


  • Confounded
    replied
    Thanks to all of you for taking time to reply to my messages. I apologise if they have caused any frustration . All the best.

    Leave a comment:


  • Cirrus
    replied
    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.
    I don't think the real question is what the law is about bank accounts. It seems to me this about whether or not someone will pay you into an account which isn't the same as the party in the contract. You seem to say you have set up a UK company but you haven't got a UK company account.

    If your contract is technically with an agency, then I'll assume that means: the contract is with the agency. Therefore the agency pays you. It will be them and their AML rules that determine what problems you may encounter.

    The impression you give is you are trying to hide the complication, hoping you can trap people into doing something they didn't foresee. England has a very robust legal environment but lawyers cost a lot of money and nobody like frivolous actions so I would talk to the agency and ask them what they normally do in these circumstances. It must happen all the time.

    Leave a comment:


  • SueEllen
    replied
    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.

    Leave a comment:


  • WTFH
    replied
    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?

    Leave a comment:


  • Confounded
    replied
    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

    Leave a comment:


  • Confounded
    replied
    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?).

    Leave a comment:


  • Cirrus
    replied
    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.

    Leave a comment:


  • TheFaQQer
    replied
    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.

    Leave a comment:


  • MrMarkyMark
    replied
    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/

    Leave a comment:

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