Recommendations for EMI or UK Bank, as a non-resident UK company

[TitanSan]

Hello,

Im opening with a partner an Offshore Company in UK as a non resident, we are from Indonesia and Paraguay.

So being from Indonesia and Paraguay, and having an UK company whose activity is digital services (marketing, web design, software...), which Bank or EMI do you think could be better with these characteristics? Would you put the the manager being from Indonesia or from Paraguay?

We do not care if using Bank or EMI, our goal is to have the money in that bank account and use it to make payments outside UK, not withdrawing it at all.

Extra details:
Currencies we need ----> EUR, USD, GBP

Happy to hear all the options that could be, i hope i can get a solution and get it done.

Thanks in advance!!

 

[Sols]

Why UK? If the Indonesian resident/national is equal or majority owner, incorporating in HK or Singapore might be a better fit and banking with Statrys, Airwallex, Currenxie, RD, or someone like that.

EU/UK EMIs are going to find your company very unusual and unless it's a very large business, they might limited you to SEPA (EUR) and maybe GBP. SWIFT might be challenging.

If you're set on UK, I suppose you can try WorldFirst, Ebury, Bilderlings, Multipass, VertoFX, GuruPay, Verifo, Payset, 3S Money, PayAlly, or even Wise.

 

[TitanSan]

Why UK? If the Indonesian resident/national is equal or majority owner, incorporating in HK or Singapore might be a better fit and banking with Statrys, Airwallex, Currenxie, RD, or someone like that.

EU/UK EMIs are going to find your company very unusual and unless it's a very large business, they might limited you to SEPA (EUR) and maybe GBP. SWIFT might be challenging.

If you're set on UK, I suppose you can try WorldFirst, Ebury, Bilderlings, Multipass, VertoFX, GuruPay, Verifo, Payset, 3S Money, PayAlly, or even Wise.

Yes HK/Singapore could have been a great option, but we already have the UK company, so we would like to use that one.

And in case there is a benefit in putting me (Indonesia resident) or my partner (Paraguay resdient) as director change it and put the better one.

 

[Forester]

Yes HK/Singapore could have been a great option, but we already have the UK company, so we would like to use that one.

Well, it's on your sole discretion, naturally; but @Sols is completely right. You will have hard time to find any banking, especially for USD. I would probably add to @Sols' list Interpolitan Money, you can even try with Currenxie, but... If the only reason for using a UK company is that this company simply exists, consider establishing a new one, it can be more effective than wasting your time (<=> money) for searching a banking partner...

And in case there is a benefit in putting me (Indonesia resident) or my partner (Paraguay resdient) as director change it and put the better one.

It almost does not matter. Indonesia is perhaps slightly better as director's residency...

 

[Sols]

Yes HK/Singapore could have been a great option, but we already have the UK company, so we would like to use that one.

Be wary of the sunk cost fallacy. Just because you've already set up the UK company doesn't mean it's a good idea to spend time and money on making it work.

And in case there is a benefit in putting me (Indonesia resident) or my partner (Paraguay resdient) as director change it and put the better one.

Don't think it makes any difference.

 

[TitanSan]

Well, it's on your sole discretion, naturally; but @Sols is completely right. You will have hard time to find any banking, especially for USD. I would probably add to @Sols' list Interpolitan Money, you can even try with Currenxie, but... If the only reason for using a UK company is that this company simply exists, consider establishing a new one, it can be more effective than wasting your time (<=> money) for searching a banking partner...


It almost does not matter. Indonesia is perhaps slightly better as director's residency...

Be wary of the sunk cost fallacy. Just because you've already set up the UK company doesn't mean it's a good idea to spend time and money on making it work.


Don't think it makes any difference.

We have been searching about the HK/Singapore company, and gotta admit it got advantages vs UK. We probably will open it there, we are trying to make it with the UK setup but in case it gets a little bit hard we changing to HK/Singapore. Thanks to both

 

[AnthonyR]

My experience is that it is virtually impossible to set up any traditional banking arrangements for UK companies with no UK resident directors. Even EMIs will struggle to get an account. There are a few I know who will, but they will price it up as high risk and you'll pay a premium for the process. Plus don't forgot UK corporation tax will apply at 19-25% as well. Unfortunately, as others have said, you are better off starting a new company in an alternative country.

 

[Yrybak08]

Why UK? If the Indonesian resident/national is equal or majority owner, incorporating in HK or Singapore might be a better fit and banking with Statrys, Airwallex, Currenxie, RD, or someone like that.

EU/UK EMIs are going to find your company very unusual and unless it's a very large business, they might limited you to SEPA (EUR) and maybe GBP. SWIFT might be challenging.

If you're set on UK, I suppose you can try WorldFirst, Ebury, Bilderlings, Multipass, VertoFX, GuruPay, Verifo, Payset, 3S Money, PayAlly, or even Wise.

Stratys and Airwallex have declined opening bank account to myself and almost everyone I know. No shady industry. Nothing odd at all and they have no reason for declining.