Situation (I am sure this is well trodden path)
Want to accept credit cards and perform business banking for a remote software programming business
1. Firm is very small only a few 1000 dollars a year.
2. Owner is a Canadian citizen – listed with country as FULL NON-RESIDENT does not file taxes. Is a full tax resident of country (Belize) with territorial tax so not subject to tax made outside of resident nation.
3. would prefer a stable jurisdiction with simply filing requirements (corporate)
4. is aware of the idea of a US LLC with Mercury bank, but would prefer to avoid the USA since they have a long history “changing their mind” with rules like FACTA. An a million IRS rules that can change with one trail or with one act of congress.
5. Intrigued with the idea of UK LLP and have a friend who would sign on as a “partner” after reading this it would appear I can operate tax free: Taxation of a British LLPs and Non-UK Resident Members
6. I am quickly learning no fintech bank will touch a UK LLP, with non-resident members.... Tide, Wise Starling etc.
7. Do not want a big offshore bank, I don't want to invest 20,000gbp just for the privilege of dealing with UBS in Zurich or Llyods in the Isle of Mann. Also not a fan of $1000 a year in bank fees.
So my question is, if I want to deal with a simple bank account, like TIDE offers, is my only choice a UK incorporation or is there a low end bank for non resident controlled UK LLPs ???
Want to accept credit cards and perform business banking for a remote software programming business
1. Firm is very small only a few 1000 dollars a year.
2. Owner is a Canadian citizen – listed with country as FULL NON-RESIDENT does not file taxes. Is a full tax resident of country (Belize) with territorial tax so not subject to tax made outside of resident nation.
3. would prefer a stable jurisdiction with simply filing requirements (corporate)
4. is aware of the idea of a US LLC with Mercury bank, but would prefer to avoid the USA since they have a long history “changing their mind” with rules like FACTA. An a million IRS rules that can change with one trail or with one act of congress.
5. Intrigued with the idea of UK LLP and have a friend who would sign on as a “partner” after reading this it would appear I can operate tax free: Taxation of a British LLPs and Non-UK Resident Members
6. I am quickly learning no fintech bank will touch a UK LLP, with non-resident members.... Tide, Wise Starling etc.
7. Do not want a big offshore bank, I don't want to invest 20,000gbp just for the privilege of dealing with UBS in Zurich or Llyods in the Isle of Mann. Also not a fan of $1000 a year in bank fees.
So my question is, if I want to deal with a simple bank account, like TIDE offers, is my only choice a UK incorporation or is there a low end bank for non resident controlled UK LLPs ???
