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 ?

 

[AMPM472]

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.

Having been through the same Industry specific "High Risk" bank search for the last 3 years, I have some insight I'd be happy to share if you are still looking Jkiry. Any luck with accounts on your end? thank you

 

[JohnLocke]

Having been through the same Industry specific "High Risk" bank search for the last 3 years, I have some insight I'd be happy to share if you are still looking Jkiry. Any luck with accounts on your end? thank you

So you may share it here or you can DM me with the details please?