What to do ? (Can't open a business bank acc.)

[jakonda]

Hi guys it's been a while since I visited your forum.
Well, I am in a strange position and loosing patience - to cut long story short -
I am an "EU citizen" and have set up a company in the UK (ltd.). Right now I am desperately looking for some solutions to open business bank account. Company is circa 3 months old and almost all Cypriot banks rejected my inquiry or requested to visit their office. On the other hand, Latvian Norvik Bank wants 350 EUR in advance just to check my documents (without guaranty they will actually confirm my application) and in my home country banks want that majority of transactions will be with domestic companies otherwise they can close my account. I am looking for a cheap solution without depositing high sums of money, paying over the roof maintenance fees (until business proves it is profitable) or traveling around the World to visit bank's branch offices. Any ideas - recommendations ? I am also ready to sell the company (PM) if there is no other way around. Thanks for some advice.

 

[Martin Everson]

Have you tried EMI's like Leupay, MisterTango etc? Do you really need a bank?

 

[jakonda]

Well, yes I need a bank account. Maybe for some small sized projects EMI option could work out; Although I am not sure how potential clients will look on my reputation if I told them to transfer money to i.e. Leupay account. Do you have any info about Cashplus ? They look a little bit less shady vis-a-vis above mentioned options. BTW I did quite deviate from my plan to get an account with "top prime bank" to a stage "just any bank" ready to work with my company. My business operations are going to be related to international trade with risky countries.

 

[countryfree]

UK company --> UK bank account.

 

[Martin Everson]

My business operations are going to be related to international trade with risky countries.

lol...and you wonder why you can't open a business account

 

[jakonda]

Should I lie to bankers or what can I do ? Find some kind of "deal fixer" to set up an account for me ? Offer a banker a commission, I mean I really don't know how can some companies work with countries in Africa or nowadays even Russia is looking like a risky country.

 

[Martin Everson]

Use banks from those African countries with offices in Europe. For example if you wanted to work with Nigeria there is like half a dozen Nigerian banks in the UK that are more than willing to open you a bank account. You can do the same with Russia, Iran etc the list goes on.

Unfortunately bankers don't call the shots in banks. There is a Chinese wall between your average banker and compliance department. So a banker does not decide the account opening and this is done by an independent compliance department. A banker may want your business as its profitable for him but compliance who get their salary regardless of whether they accept or reject a client will always just reject if it means less work for them rather than look at the merit of the case...lol...fact!!!

Bottom line is lower your expectations and come into the real world. You are not getting a "top prime bank" in fact you may not even get "just any bank". You should be grateful if you get an individual IBAN when conducting high risk business in 2018. However do try the African and Russian banks in Europe firstly.