united-kingdom, partnership, financeThis question is similar to the one asked here but not the same. I am a UK resident and recently formed a LLP partnership for my new venture. I have everything required to open a bank account but the other partner (there are only the two partners) is not a UK resident. This is fine but they do not have three forms of identification for opening the account I had intended - they only have their passport and one other form of identification. They do not have any utility bills etc. in their name.
The other partner does not and will never need access to the bank account, is it possible to obtain a business bank account using details from only one partner? Or do all banks require details of all partners/directors of the business (which would seem logical for money laundering prevention)?
Alternatively, is it possible to set up a personal bank account with an alias? This seems unlikely but I’m not sure.
Or are there any other options for obtaining a bank account that I can give the details of to my clients (to pay invoices) that does not appear to be a personal account.
I am aware of other options such as PayPal but I’m looking in this instance for a bank account that can receive payments.
Any help appreciated, thanks.
Talk to your bank. It is unusual, but not unheard off.
KYC (Know Your Client) means banks take great care to know who they are doing business with. They are more interested in those who will have signatory access.
For your mate living in the UK who lacks ID, tell them to go to a notary public with his passport. They’ll photo copy his passport, rubber stamp the copy and confirm that this person is who they say they are. Make clear to the bank if this person will or will not have access to the banking.
For your mate not living in the UK, tell them to go to the British Embassy and ask them to notarise his passport. They’ll do something similar. Make clear to the bank if this person will or will not have access to the banking.
Notarising something will cost, not hundreds, but tends of pounds.
If the bank still demands to see all officers of the company in the flesh, then your foreign living friend will have to fly, or else step down and become a shareholder without partner/executive position.
I appreciated having my UK company since the language and its laws were more familiar to me, but the banks are hopeless when it comes to service. I have had all sorts of issues so if they demand the impossible from you, it’s possible that they officially have no interest in your business but don’t want to be heard saying that. Both HSBC and Barclays proved unfriendly to me a few year ago when I approached despite I having several tens of thousands to deposit from large well known clients, contracts to match and no debt (on me, or the company).
Best of luck!
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