UK Business Bank Account - NOT EMI!

[Rotanimod]

Hi guys,

I run a company that is active as a prize competition. We've used Revolut in the past, but a few weeks ago they chose to close us down as they 'Do not support our business model'.

I've tried to apply with Metro Bank in UK and Barclays, both turned us down.

I'm looking for a Bank in the UK that do take on 'high-risk' - Anyone with experience with a Bank that helps out?

We have all legal documentations etc, but we are having trouble finding a bank that will take us on. I'm also all ear for more creative solutions, banking somewhere other than UK?

 

[Martin Everson]

Where is your company based?

 

[AMD]

Seems OP left the boat - why people ask questions and don't reply to get answers

 

[Martin Everson]

I really have no idea sometimes on why people do that

 

[Rotanimod]

Where is your company based?

My business is based in the UK!

Sorry for late reply, didnt notice I got an answer.

 

[WoWNull]

Most of Uk banks require to be in presence.
i have same thing, and i am preparing with my partner to make him as a director in companies house so he is become legally director and have the authority to open a bank in Uk.

some people says they can do it but i call some of the big banks and they say not allowed for remotely

 

[Rotanimod]

I went to UK in person, also added my friend that is a Solicitor as a director. They said no because the UK director had no shares. Started a new company with 50%/50% share structure with my UK based friend as director too, they still said no.

 

[WoWNull]

I went to UK in person, also added my friend that is a Solicitor as a director. They said no because the UK director had no shares. Started a new company with 50%/50% share structure with my UK based friend as director too, they still said no.

oh what is the reason for the second reject ?

 

[Martin Everson]

They said no because the UK director had no shares. Started a new company with 50%/50% share structure with my UK based friend as director too, they still said no.

"Majority" UK directors is a typical requirement i.e 2 UK directors and 1 foreign or just 1 UK sole director but not 1 UK and 1 foreign. I don't know if this applies to share structure also.

However would be good to know their reason for rejection

 

[Rotanimod]

The reason for the second rejection is that the business model is outside of their 'risk-appetite'. Which I think is absurd as I dont believe our business is high-risk considering our CB rates etc. banks are simply to lazy to understand our business or simply unwilling. Therefore I'd love to see if there is a bank somewhere in the UK that does accept businesses like ours.

 

[WoWNull]

The reason for the second rejection is that the business model is outside of their 'risk-appetite'. Which I think is absurd as I dont believe our business is high-risk considering our CB rates etc. banks are simply to lazy to understand our business or simply unwilling. Therefore I'd love to see if there is a bank somewhere in the UK that does accept businesses like ours.

What is your business model??

 

[Martin Everson]

What is your business model??

I run a company that is active as a prize competition. We've used Revolut in the past, but a few weeks ago they chose to close us down as they 'Do not support our business model'.

Lol....I can see the banks point of view....i.e "prize" and "competition".

 

[Rotanimod]

Its a prize competition as stated in the original post Basically a game-of-skill which is completetly lawful under the gambling comissions outlines for 'free draws and prize draws'.

 

[Martin Everson]

Hope you didn't waste time outlining any gambling commission rules to the bank. They hear "gambling" or "prize" or "competition" and its a wrap my friend.

 

[Rotanimod]

Oh.. I've done nothing else than waste my time on banks lately... The part that bugs me is that there is so many prize competitions that seem to have banks... Any advice is appreciated, open to try off-shore or anything else.

 

[DGTLOTC]

May I ask why you are opposed to EMI’s - it’s your best port of call

 

[Rotanimod]

I'm not opposed, its just that all the EMI's I've seen doesnt support the business model, therefore I'm looking for a bank. But if you have an EMI you could recommend that would accept us, I'd be happy to work with an EMI.

 

[Martin Everson]

I'm not opposed, its just that all the EMI's I've seen doesnt support the business model, therefore I'm looking for a bank

With all due respect if a tin pot EMI does not support your business model what makes you think a more heavily regulated bank will? I am struggling with your way of thinking

 

[DGTLOTC]

Why do they not support the business model,is it because it’s not licensed ....not saying that you do need one but I’ve seen similar businesses rejected due to lack of licence

I know an EMI you should try

 

[Martin Everson]

I know an EMI you should try

Please say the EMI. OP came here for help so if you know of a solution do share