Offshore Bank Account for High Risk Business (2024)

[jkiry]

We operate a UK-registered LTD company that services the precious metals industry and currently bank with a top 5 high street bank.
For the purpose of diversification and long-term positioning and without incorporating a new offshore entity (the UK company already done KYC/AML with different strategic partners in Europe, Turkey, Hong Kong) I'm looking for offshore banks that can onboard a UK company (preferably remotely) and offer services to high risk industries including receiving and making high-volume third-party payments.
Any suggestions for which banks could support those requirements? Does it make more sense to incorporate a new offshore entity (and open new accounts with strategic partners) and open the bank account at the same time? Not trying to reduce the tax bill - simply trying to open a trading account to scale up business without the UK bank freezing or suspending the main account.

 

[Forester]

I'm looking for offshore banks that can onboard a UK company (preferably remotely) and offer services to high risk industries including receiving and making high-volume third-party payments.

Could you elaborate more what do you mean by “a high risk industry”? It's a really broad term... And what do you mean by “a high-volume payment”? 6/7/8 figures?

 

[jkiry]

Yes, apologies for the ambiguity. By "high risk industry" I mean precious metals sales and the marketing of precious metals mining companies and by "high-volume payment" I mean 7 figures. Looking for a bank that can support third-party payments to the aforementioned jurisdictions, LatAm and Central Asia. Prefer to not incorporate a new trading entity, if avoidable. Thanks

 

[Forester]

OK.
Then:
1) In my deep opinion, incorporating a new trading entity yields nothing, on the contrary, it would be counter-productive: you current company has (as far as I understand) certain history, clients and a high-street bank account, it counts.
2) Yes, unfortunately, mining industry is seen as a high-risk nowadays; this represents a main problem, IMO.
3) Taking into account all said, why not to go for some UK branch of a global bank? To get an onshore banking is (almost – generally) always easier than an offshore one; and in your case I see (until now) no reasonable founding for going offshore... I guess that with your background some bank like Citi UK or HSBC UK can onboard you... (although I admit I am not much familiar with these).

 

[JohnLocke]

I will try to talk to @James Turner who is also here on the forum; they often have some good solutions when it comes to clean UK LTD setups that are meant for serious purposes.

 

[boomy]

Did you find a solution for your adult banking ?