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UK Ltd with emi bank account

Bank account / payments in & out for new Seychelles IT co? Or is it futile trying?

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Lononista

New member
I set up a Seychelles company in Feb. Broker assured me a bank account was no problem. Its IT, not complicated. Euro, GBP & maybe USD. Bank transfers in & out. Im a UK resident with an established UK company & a good credit rating. But its new so I dont have my certificate on incorporation or a TIN number, or proof of address (trading in the UK). Its just impossible - Transferwise set one up & then didnt like the fact I was actually using it.

Have I wasted my time & money setting up a Seychelles business? Because its no use to me currently. Is it possible to accept payments from clients & make payments to suppliers under the businesses name? Or is it just an expensive lesson to learn thanks to the changing banking landscape?

If so Ill cut my losses & set up the same company name somewhere more friendly. Im in the UK & I need this business not to be. I need it quickly though as Ive wasted weeks on this so far. I looked at Ireland but post Brexit theres large fees to pay. Estonia take weeks as theres an e residency. The US ditto thanks to IRS.

Is the Seychelles now too high risk to get an account for? I dont want to start this again only to run into the same problems with another country. It wasnt that cheap to do either so spending loads more isnt great.
 

bizniz

Active Member
Did you say you don't have a Certificate of Incorporation? I can imagine that would make it a tad difficult, yes.

In theory you should be able to open an account, provided you can show you are complying with all UK tax obligations etc.

Transferwise is useless for anything offshore. There are a bunch of UK EMIs that take on higher risk business and should be able to handle EUR and GBP. The USD might be a bit harder but is still very doable.
 

Lononista

New member
Did you say you don't have a Certificate of Incorporation? I can imagine that would make it a tad difficult, yes.

In theory you should be able to open an account, provided you can show you are complying with all UK tax obligations etc.

Transferwise is useless for anything offshore. There are a bunch of UK EMIs that take on higher risk business and should be able to handle EUR and GBP. The USD might be a bit harder but is still very doable.
Bizniz - Yes, all the paperwork but no certificate of incorporation! Apparently that follows after, Ive asked them about it. I can live without USD, definitely. I usually use GBP & Euros. Which EMIs can you thinik of? Im so utterly sick of filling out forms I dont want to apply only to get turned down.

Is a UK EMI better than a bank like Caye Bank? I dont want to pay a ton of tax (thats why we are here!) - though maybe I open the easiest one, establish a history then look at offshore banks.
 
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